State Capital Meets Public Blockchain Hong Kong has issued its first tokenized bond — and it’s backed by Chinese state-linked capital. The issuer, EXIO Group, in partnership with CITIC Trust (a subsidiary of China’s state-owned CITIC Group), launched the EXCB-25 token on Ethereum. It’s a real-world asset (RWA) backed by convertible preferred bonds — the kind of hybrid instrument typically reserved for institutional balance sheets. But the real story isn’t the token mechanics. It’s the fact th...