HONG KONG, Oct. 20, 2023 /PRNewswire/ — China Information Technology Development Limited (CITD), a leading technology company listed on the Stock Exchange of Hong Kong Limited (HKEX: 8178), is delighted to announce a significant partnership with Echo International Holdings Group Limited, a prominent player in the global business landscape. This collaboration marks a pivotal step in the evolution of digital ownership and tokenization.
Echo International Holdings Group Limited, headquartered in Hong Kong, has been a listed company in the GEM of the Stock Exchange of Hong Kong Limited since October 11, 2013 (HKEX: 8218). The group intends to develop on its recurring business in providing EMS to international customers while targeting further expansion in its established market, particularly to explore the EMS for consumer electronic products in the PRC market. In its latest move in engaging CITD’s expertise to embark on an ambitious tokenization project aimed at revolutionizing the corporate bond landscape, the project’s primary focus is the tokenization of corporate bonds, which will be designed to enhance efficiency and accessibility in financial markets.
The partnership encompasses a range of services that CITD will provide, including:
- Tokenized Corporate Bonds: CITD will develop tokenized corporate bonds tailored to Echo International Holdings Group Limited’s specific requirements, bringing a new dimension to traditional financial instruments (the Tokens).
- Issuance Size Flexibility: Initially, the token issuance will be up to HKD 180 million, with the provision for further issuances based on market dynamics and demand.
- Legal Compliance: CITD will legally incorporate transaction documents and corporate bonds into the Tokens. A comprehensive Legal Opinion will be provided to ensure the legal validity and enforceability of these documents.
- Regulatory Assurance: CITD will deliver a Regulatory Report to ascertain that the Tokens comply with Hong Kong’s regulatory framework. The report will also identify any additional compliance or internal control measures required.
- LRT Triple Audit: An in-depth audit, encompassing Legal, Regulatory, and Technical aspects (LRT), will be conducted. This audit will assess the legal and regulatory compliance of the Tokens, the integrity of their smart contract codes, and ensure the Tokens are free from vulnerabilities, malicious code, or other potential risks.
Mr. Daniel Wong, CEO and Chairman of CITD, commented on the partnership, saying, “We are excited to join forces with Echo International Holdings Group Limited in this innovative tokenization project. This collaboration exemplifies our commitment to advancing technology’s role in shaping the future of finance. CITD’s cutting-edge technology and expertise in blockchain and Digital Ownership Tokens (DOTs) make it the ideal partner for Echo International Holdings Group Limited’s ambitious project. By tokenizing corporate bonds, the collaboration seeks to create a more accessible, efficient, and secure financial environment, positioning both companies as pioneers in the digital transformation of the financial industry.”
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