Cao Cao Travel partners with Victory Securities, exploring a new financial path for Robotaxi RWA empowerment in the domestic travel industry.

In early August, Cao Cao Travel (02643.HK) officially signed a strategic cooperation memorandum on virtual assets with the Hong Kong licensed broker Victory Securities (08540.HK), focusing on in-depth cooperation in three major areas: RWA, stablecoin payments, and compliance digital money issuance. This is the first time in the domestic travel industry to systematically explore the integration of RWA and digital finance, marking that the traditional real industry is actively embracing on-chain financial transformation, providing a tangible and implementable application model for the RWA industry.

Gong Xin, Executive Director and CEO of Cao Cao Mobility, stated that through blockchain technology and Web3.0 innovative models, the tokenization process of assets in the Robotaxi industry will be accelerated.

As a Hong Kong stock-listed platform under Geely Holding Group, Cao Cao Mobility is accelerating the layout of its Robotaxi business. By February 2025, pilot projects have been launched in Suzhou and Hangzhou, with plans to introduce L4 level customized autonomous driving models and to build an automated operation system that includes maintenance, battery swapping, and energy supply. With high predictability, stable cash flow, and green attributes, Robotaxi naturally aligns with RWA's standards for "measurable, auditable, and divisible" underlying assets.

More importantly, this collaboration extends RWA from financial assets to the travel industry scenario, broadening the industry's understanding of the types of "on-chain assets." Previously, RWA was mainly focused on traditional financial assets such as bonds, real estate, and gold. This attempt demonstrates that operational assets also have the potential for structured on-chain integration, providing a path model for more industrial companies to convert asset liquidity.

Cooperation background: Financial technology reshapes the asset value of mobility.

Robotaxi, as the core scenario for the commercialization of autonomous driving, is entering a rapid growth window. According to industry forecasts, the Robotaxi market in China is expected to grow from $54 million in 2025 to $4.7 billion in 2035. As the largest technology mobility platform in the Hong Kong stock market, Cao Cao Chuxing is continuously expanding its autonomous driving fleet and plans to launch L4 customized models to build an automated operation system that includes maintenance and energy supply. In this process, its operational revenue rights, green carbon reduction assets, and others have on-chain value.

On the other hand, Hong Kong is also actively building compliance financial infrastructure such as stablecoins and RWA. Victory Securities, as one of the oldest comprehensive licensed brokers in Hong Kong, has obtained key qualifications such as Discretionary Account Management (DAMS) and physical settlement of virtual asset structured products by 2025, enabling it to serve institutional clients and develop innovative structures for RWA. The cooperation between both parties is forming a closed loop in technology, regulation, and the asset side, creating a foundation for the implementation of RWA.

The cooperation also signifies the further expansion of RWA application scenarios. This collaboration will promote Cao Cao Travel to package the Robotaxi operating rights, green assets, etc., on-chain, enhancing financing efficiency; introduce stablecoin payments on the service side to simplify the settlement process; at the same time, Victory Securities can use the VictoryX platform to expand its high-net-worth client base and strengthen its competitiveness in the Web3 asset management field.

Significance of Cooperation: Providing a validation paradigm for the RWA industry

This cooperation has three implications for the entire RWA industry:

Verify the on-chain path of real entity operating assets:

Transform Robotaxi-type assets into on-chain tradable financial products, opening up space for large-scale "asset digital nativeization" in the future.

Promote the formation of diversified asset standards:

This case will encourage regulators and the industry to jointly explore compliance standards for new types of underlying assets such as mobility and energy, helping the RWA industry transition from a "single asset structure" to a "composite asset system."

Strengthen the RWA + stablecoin synergy mechanism:

Stablecoin payments, RWA issuance, and the integration of physical asset liquidity provide real business scenario verification for Web3 financial product forms, enhancing the connection efficiency between RWA and the real economy.

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Conclusion

Cao Cao Travel's partnership with Victory Securities is not just a cross-industry collaboration; it may become an important watershed for the Chinese travel industry moving towards on-chain finance. It not only provides a demonstration for the digitization of physical assets but also allows the development of the RWA industry to transition from "conceptual enthusiasm" to "practical scenarios," providing a real path for more traditional enterprises to move towards RWA. As Robotaxi enters large-scale operations, its service capability is gradually transforming into tradable digital assets, and the new era of "travel as an asset" is accelerating its arrival.