Sunrise 執行長 Saeed：亞洲下一個出口是資本市場

0:00亞洲新出口：資本市場的崛起

0:00大家好，我是 Saeed，Sunrise 的執行長。今天我想跟大家聊聊亞洲下一個重要的出口產業——資本市場。過去二十年，亞洲一直是全球商品出口的主力，製造業出口從不到一兆美元成長到現在超過九兆美元。這背後是亞洲企業專注打造具全球競爭力的產業龍頭，主導了世界各地的不同領域。Hello, I'm Saeed. I'm the CEO of Sunrise, and I want to get started by talking about Asia's next big export. Traditionally, Asia has, for the last 20 years, dominated exporting goods. Its manufacturing sector has gone from less than a trillion dollars in exported goods to over 9 trillion in the last 30 years. We've seen this kind of focused approach to building valuable companies that can export and dominate different sectors around the world.

0:44現在我們來到新加坡，和這裡的企業討論下一步。東亞、東南亞經濟體未來的成長動能會從哪裡來？回顧這段歷史，有些國家不只改變了全球貿易模式，也徹底翻轉了金融和資本流動的方式。像日本，80 年代 Toyota 等車廠崛起，徹底改變全球貿易格局，至今仍然領先。韓國也是如此，不僅當年，現在依然是資本市場的關鍵角色，許多產品都離不開韓國的技術。And now we come to Asia, we come to Singapore, and we talk with the companies here and we ask, what's next? What's next for the East Asian economies, the Southeast Asian economies? Where is the growth going to come from? So when you look at that timeline, you kind of look at some of the countries that have made major players and have really changed not only the way global markets trade, but also the way finance trades, the way that capital moves. If we look at Japan, obviously Toyota and their car companies, they rose in the 80s to the number one. They've maintained a dominant position in those markets. That moment fundamentally changed how global trade happened. Korea with memory. Not just then, but now, still at the forefront of how capital markets are working and a core component to all of the products that we use today.

1:46這些例子都說明，過去三十年亞洲孕育出極具價值的企業，成為各自領域的領頭羊。台灣也是很好的例子，TSMC（台積電）是過去三十年科技進步的基石，也是未來 AI 時代價值匯聚的核心。中國則是另一個獨特且極具影響力的案例，過去三十年全球每四美元製造產值就有一美元來自中國。現在，全球超過三成的 AI 代幣也產自中國。這個區域過去三十年成長爆炸性，未來五年、三十年又會如何？這就是「資產代幣化」要解決的問題，等下我會深入說明。Again, this is to illustrate that in Asia, over the last 30 years, we have built phenomenally valuable companies. And they've been category leaders and kind of leading the future right now. Taiwan, another great example, right? TSMC is the backbone of all of the technological advancement that we've enjoyed over the last 30 years. It's also a core component to what we expect where value will be accruing in the future with AI. And then China, a very unique case, but a very, very dominant case over the last 30 years. One in four manufacturing dollars were produced in China. Today, over 30% of AI tokens are produced in China. So this region has had explosive growth over the last 30 years. What does the next 30 years look like? What do the next five years look like? And that's where tokenization comes to play, and I'll get to that in a little bit.

2:44資本市場價值落差與市場機會

2:44這裡有另一個圖示，來幫助大家理解這個差距。如果你從GDP的角度來比較東亞經濟體和美國，其實兩者幾乎是不相上下的。但如果你比較他們的股市價值、資本市場價值，你會發現有一個非常巨大的差距，這個落差非常明顯。這其實很不合理，因為東亞不僅過去孕育出全球最有價值的一些公司，根據普遍共識，這些公司未來也會非常重要，並且大家都預期全球市場的發展方向會與這些公司息息相關。東亞的資本市場規模是35兆美元，而美國單單一國就有69兆美元，這個差距非常巨大。Another illustration here to kind of show the gap, right? If you compare the East Asian economies against the United States from a GDP perspective, they're pretty much neck and neck. If you compare their stock market values, their capital market values, you have this huge, huge discrepancy, this huge gap. It really doesn't make any sense for you to be producing some of the world's most valuable companies, not only in the past, but also what the general consensus, these companies will also be very, very important to the future and where everyone expects the global market to go. This gap between the 35 trillion capital market for East Asia and 69 trillion for just the U.S.

3:29如果我們把歐洲也納入考量，這個差距會變得更大，而這正是代幣化以及將股票上鏈所試圖利用的機會。這是在試圖揭示這是一個市場效率不彰的現象。這其實說不通。造成這種情況有很多原因，但現在已有技術可以解決這個問題。現在也有一些公司已經解決了這個問題。Sunrise 就是其中之一，還有許多其他在這個領域努力的公司，你們很多人可能在這次活動中已經遇見過他們。If we added Europe into that, the discrepancy would be much larger, is really the gap that tokenization and bringing on-chain equities is trying to exploit. It's trying to show that this is a market inefficiency. It doesn't make sense. There are a lot of reasons for it, but there is technology today. There are companies today that have solved this problem. Sunrise is one of those, as well as a bunch of other companies that are working in this space that many of you guys have probably met during this event.

4:05亞洲經濟體快速成長，但全球投資人卻很難參與。以台灣為例，只有 0.04% 的外國個人投資人有交易 TSMC，這麼低的比例很不合理，畢竟 TSMC 是全球科技創新的基石。東亞前十大企業有七家根本沒在美國上市，這些市場對全球投資人來說幾乎是封閉的。As Asia has boomed, the global investing public hasn't been able to invest in it. If you look at Taiwan, only 0.04% of foreign individuals trade TSMC. That's a pretty low number. It doesn't really make sense for one of the companies that's underpinning the backbone of technological innovation and AI advancement and, you know, one-of-a-kind chip development. Seven of the ten largest companies in East Asia are not listed in any U.S. market, so that market is completely off limits to them.

4:42穩定幣啟示：需求只有開放市場才看得見

4:42要理解這個故事，可以從穩定幣的發展來看。很多人當初不懂為什麼穩定幣會成功，關鍵在於：你永遠不知道市場真正的需求，除非你真的把市場打開。沒人預料到像 Tether 這樣的加密公司，會成為全球前十大美國債券買家，甚至超越許多歐洲大國。這一切都源自於對金融產品或貨幣需求的低估。And I guess, like, I would say to fully understand this story, we want to look at the progression of stablecoins. A lot of people didn't really understand why stablecoins would do well, and it was based on this fundamental principle that you really don't know what demand is out there unless you actually open up the markets, right? No one could predict that a crypto company like Tether would shoot up to the top 10 in U.S. debt buyers in the world, beating out countries, major European countries, major economies around the world. All of that was on this lack of understanding of where demand is for your financial products or your currency or any of these things.

5:26當技術出現後，穩定幣讓全球任何人都能取得數位美元，這才真正測試出市場的需求。六年前，全球穩定幣規模只有 270 億美元，如今已經暴增到 3080 億美元。這其中有三分之二的活動都發生在亞洲。這個現象讓我們思考：既然穩定幣能這樣成長，資本市場的資產代幣化為什麼不能？So once technology came, right, once a stablecoin technology came out and basically allowed for anyone in the world to have access to a digital dollar, you could really test what does demand for this market actually look like? What does demand for this asset actually look like? And then if you look at the trajectory, only six years ago, you know, we have 27 billion of stablecoins. It's been absolutely accelerating to 308 billion today. A lot of that activity happens in Asia. Around two-thirds, people estimate. So. Again, it's further taking you to understand why, why has this progression happened with stablecoins and why wouldn't it happen with capital markets, right?

6:08資產代幣化：從穩定幣到股票、商品

6:08現在我們看到資產代幣化的趨勢逐漸成形，企業、政府、機構都開始參與。當年他們不理解為什麼大家需要穩定幣，覺得現有金融體系已經夠用了。但市場和產業證明這個想法完全錯誤。現在同樣的故事正在資產代幣化、鏈上股票、商品等領域上演。美國雖然領先一步，但亞洲對這類產品的需求非常強勁，尤其是本地企業的資產。As you kind of see this tokenization meta play out, companies are getting involved, governments are getting involved, institutions are getting involved. They're getting involved mainly because they watched the progression of stablecoins and at the time. They really didn't understand it. They didn't understand why people would want it. They really believed that the infrastructure and the financial system that was in place at the time sufficiently served all or most of the demand cases out there. The market and this industry has proved that that was categorically false. The same story is playing out in tokenization and equities and commodities and other financial assets. It's starting slowly in the U.S. U.S. is a little bit ahead, but there's a tremendous amount of demand for it in Asia, and specifically for these Asian companies that are here and made available.

6:58這就是 Sunrise 的切入點。我們專注協助企業、資產發行人把資產帶上鏈。我們和像 Backpack 這樣的公司合作，發行股票、商品等金融產品的代幣化資產，直接和上市公司 CEO 與董事會合作，讓他們的股票可以在 Solana 上鏈並公開交易。Sunrise 上線不到一年，資產成交量已經達到 140 億美元，持有人數從零成長到 650 人，上市資產數量還在持續增加。This is where Sunrise comes in. Our main focus is to help companies, asset issuers, bring their assets on chain. We work with companies like Backpack. To issue tokenized equities, commodities, and other financial products, we work directly with the CEOs and boards of these publicly traded companies to bring their stocks on-chain and make them available on Solana. Sunrise, over less than a year, in just less than a year, has already seen 14 billion in volume for its assets. Its holder count, so the amount of individuals that are holding these assets from zero to 650 in a very short amount of time, and the listings are continuing to grow.

7:44東南亞案例：SK Hynix 上鏈全球化

7:44舉個和東南亞觀眾很有關的例子：SK Hynix。這家公司在 Nasdaq 上市的同一天，也同步在 Solana 上鏈，分發到整個 Solana 生態系。我們已經看到超過 5 億美元的交易量，持有人數超過一萬人。這證明全球對這個區域資產有強烈需求，重點是你能不能把它們帶上鏈，並且做到合規、符合法規？答案是可以，而且已經有很多公司在做，這個趨勢只會越來越快，我們也希望持續扮演重要角色。One example I think is very relevant to the Southeast Asian audience is SK Hynix. You know, we want to showcase. That there is demand globally for some of the companies that are being built here in Singapore, in Korea, in Japan, in China, in Vietnam. SK Hynix listed on Nasdaq. Same day it was also listed on Solana, distributed to the entire Solana ecosystem. And we saw, so far we've already seen half a billion of volume traded. The holder counts are above 10,000. There is a global audience for assets in this region. The question is, can you bring them on-chain? Can you do it with regulatory clarity and compliance? Yes, you can. It is being done. It's being done by many companies, and we see this trend continuing to accelerate, and we hope to continue to play a big role in this trend.

8:40鏈上股票爆發：數據與監管趨勢

8:40你知道，我最後想說的是，代幣化股票和代幣化股權現在是一個很熱門的詞彙。大家都在討論這個話題，但其實有數據可以支持為什麼這個敘事這麼火熱。你看，光是在2025年初，也就是不久前，鏈上代幣化股權的規模還只有三千兩百萬美元。不到一年半的時間，這個數字就暴增到三十二億美元。這個增長速度正在加快，而且相關法規也越來越明確。各國政府都希望吸引外國直接投資。我們在中國、日本都看到這樣的情況，韓國也將在2027年2月推出新的監管規範。You know, the last thing I would say is that tokenized stocks and tokenized equities is a big buzzword. Everyone's talking about it, but there is data to back up why there is a lot of narrative around this. You know, if you just look at the beginning of 2025, not too long ago, you were sitting at 32 million in tokenized equities on-chain. Over less than, you know, a year and a half, that's ballooned to 3.2 billion. The acceleration is picking up, and regulations are becoming more clear. Governments want to attract foreign direct investment. This is something that we're seeing in China, we're seeing in Japan, we're seeing in Korea with new regulations coming online in February in 2027.

9:25他們希望吸引外國直接投資進入他們的資本市場，因為就像我一開始給你們看的那張圖表一樣，美國資本市場和東亞資本市場之間存在著高達50%的巨大差距。They would like to attract foreign direct investment into their capital markets, because just like I showed you that chart in the beginning, there is a massive 50% gap between the U.S. capital markets and the East Asian capital markets.

9:41資本市場數位化的關鍵障礙

9:41這並不是因為缺乏公司。這也不是因為缺乏創新或價值。單純只是因為那些進入資本市場的基礎設施、橋樑以及障礙，還沒有轉型，也還沒有被塑造成適合網路時代的樣貌。我認為美國在這方面做得稍微好一點，這也是為什麼他們的資本市場會有溢價。因此，就我們Sunrise而言，這正是我們對於代幣化未來發展的核心主題。It's not because of a lack of companies. It's not because there's a lack of innovation or value. It's simply because the rails and bridges and barriers to access those capital markets haven't transformed and haven't been molded to fit the age of the internet. I think the U.S. has done a little bit of a better job at that, and that's where you see the premium on their capital markets. So. As far as we are at Sunrise concerned, this is our big theme for what's going to happen with tokenization.

10:18我們認為亞洲將會扮演一個重要的角色，而且我認為亞洲經濟體將開始把他們的資本市場輸出到全世界，這將成為未來10年、20年、30年價值增長的一個極其巨大的推動力。所有的基本面條件都已經具備。We think Asia is going to play a big role, and I think Asian economies are going to start exporting their capital markets to the world, and it's going to be a massive, massive driver for value over the next 10, 20, and 30 years. All of the fundamentals are there.

10:36亞洲資本市場出口的未來

10:36剩下的就看在座的各位和你們今天遇到的公司，能不能真的把這件事做起來。我們 Sunrise 會是其中一員，也很期待和大家一起推動這個新時代。謝謝大家！It's just up to people in this room and some of the companies that you guys are meeting with today to really make it happen. We're one of those companies, and we're excited to work with a bunch of others. Thank you very much.