On October 8, 2025, Spectrum Digital Technology Group reached an agreement with China Real Estate Investment (00736) and Shanghai District Planning Consulting Co., Ltd. to collaborate on development in Hong Kong. According to the framework agreement, Spectrum Digital, China Real Estate Investment, and Shanghai District Planning intend to work together to promote the development of physical asset businesses in Hong Kong, specifically as follows: (i) advance the implementation of physical asset projects focused on the real estate sector and explore pathways for the tokenization of physical assets that comply with applicable regulatory requirements; (ii) establish a fund in Hong Kong (RWA Fund) to provide financial support and resource integration for RWA projects, ensuring a sound and effective level of industry and industrial development. Under the framework agreement, Spectrum Digital will provide digital technology support, including but not limited to the application of blockchain technology, data model construction, and system development. Spectrum Digital will also assist in building and managing the technical platform for the RWA Fund. The main responsibility of China Real Estate Investment is to provide resource support and assist Spectrum Digital and Shanghai District Planning in communicating with external parties to implement RWA-related projects. Shanghai District Planning will provide relevant industry resources to support the RWA program in business expansion, technology application, and funding connections. Shanghai District Planning will also be responsible for the design and optimization of RWA projects, ensuring the feasibility of the RWA pathways and compliance with regulatory requirements. This strong alliance with listed companies in the RWA field, including China Real Estate Investment, will benefit Spectrum Digital's continued development and resource expansion in the RWA sector.