We have initiated coverage on NVT Group (private company) — a Hong Kong-based, full-stack RWA tokenization platform operating at the intersection of regulated capital markets and digital asset infrastructure.
Key findings from our initiation report:
→ Indicative equity value: US$250M (32x 2026E P/E, Not Rated)
→ 2026E revenue of US$12.8M; net profit ~US$8M per management guidance
→ End-to-end platform covering issuance, distribution, custody, and secondary trading
→ Established mandates with GF Securities, Cinda International, CLSA, CMB International, and China Life Franklin AM
→ Positioned to benefit from China's February 2026 PBOC/CSRC RWA regulatory framework
NVT operates in a market where tokenized RWA capitalization grew ~208% in 2025 to ~US$18.9Bn, with long-run forecasts ranging from US$16T to US$30T by the early 2030s.
All financial forecasts are derived from management guidance. This report does not constitute investment advice.
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