Surge! Buyback! Syndicate! IVD MEDICAL's "Stablecoin Blueprint" Realized?

According to Zhitong Finance APP, on July 29, a notice from IVD MEDICAL (01931) caused ripples in the market: its wholly-owned subsidiary, Wistar Medical Equipment (Shanghai) Co., Ltd. (hereinafter referred to as "Wistar"), successfully completed the fundraising for a medium to long-term sustainable development-linked revolving syndicated loan. The total amount of this loan reached several hundred million RMB, led by the Shanghai branch of Bank of East Asia (China) Limited, with participation from international and regional financial institutions including Korea Exchange Bank, Chang Hwa Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Shengjing Bank, and Busan Bank of Korea.

The choice of banks is by no means accidental. Just two weeks before the announcement, IVD MEDICAL's stock price experienced a surge. From July 14 to 21, its stock price soared by 75%, reaching a historical peak of HKD 4.66. Even though there was some subsequent volatility, the market capitalization remained stable above HKD 6 billion, far exceeding the level at the beginning of the year.

Behind the bullish market sentiment is a strategic "nuclear bomb" thrown by IVD MEDICAL—on July 17, the company announced the establishment of the world's first Web3 exchange ecosystem focused on high-tech assets for medical innovative drugs, named "IVDNewCo Exchange," along with the issuance of a proprietary stablecoin, IVDDollar (IVDD). A revolutionary on-chain transformation that disrupts traditional pharmaceutical financing rules has officially begun.

1. Bank Syndicate's Favorite, Jointly Casting Trust Votes

In the current environment of normalized credit tightening, the approval of several hundred million RMB revolving credit for Wistar is particularly precious. According to the announcement, this syndicated loan agreement was officially signed on July 10, 2025, adopting a revolving model that allows for repeated withdrawals during the drawdown period, providing Wistar with a flexible and ample medium to long-term funding pool, while also creating positive conditions for IVD MEDICAL's subsequent financing needs, further optimizing the capital structure and helping to seize industry growth opportunities.

The choice of banks essentially represents a bet on a company's fundamentals and future prospects.

Looking back at its fundamentals: since its listing in 2019, IVD MEDICAL has seen continuous growth in both revenue and profit. Even in the face of a year-on-year decline in net profit expected in the first half of 2025 due to rising labor costs and technical service fee expenditures (with profits attributable to the parent company expected to be no less than 33 million RMB), the confidence of financial institutions remains unshaken.

The trust votes from banks place greater emphasis on the future. In the past month, IVD MEDICAL has been active in the capital markets: from announcing the launch of a dual listing in Hong Kong and the U.S. to disclosing its disruptive "Web3 + Innovative Drug" strategy, each step has precisely aligned with the global wave of integration between healthcare and financial technology.

2. High-Price Buyback, A Declaration of Confidence from Management

When a company's stock price reaches a historical high, what will the management do? IVD MEDICAL's choice is unexpected—buyback against the trend.

From July 23 to 28, the company executed three consecutive stock buybacks: on July 23, it repurchased 141,000 shares at an average price of HKD 3.16; on July 25, it repurchased 1.414 million shares at an average price of HKD 3.59; and on July 28, it repurchased 166,000 shares at an average price of HKD 3.67. The total expenditure exceeded HKD 6.13 million, with the buyback average price approaching historical highs This is not an ordinary market support. On May 8, the company announced a repurchase plan of HKD 50 million, but at that time, the stock price was still at a low level. The repurchase in July occurred after the stock price surged by 75%, with the transaction price nearly double the year's low. The courage to buy at a high price conveys the management's strong optimism about the strategic outlook.

This confidence is supported by strategic implementation. On July 20, IVD MEDICAL registered a wholly-owned subsidiary, IVD GROUP INC., in New York, USA, and quickly initiated the process of applying for a stablecoin license with the SEC and CFTC. Just three days later, the company began repurchasing at a high price—strategic layout and market confidence advancing simultaneously, with precise timing.

Real cash repurchases are more convincing than any roadshow. When management dares to spend their own money at high stock prices, investors read it as an endorsement of the "Web3 + innovative drugs" strategy.

III. Strategic Ambition: The On-Chain Revolution of Medical Assets

What kind of game is IVD MEDICAL playing? The announcement on July 17 painted a disruptive picture: building a Web3 exchange ecosystem called "IVDNewCo Exchange," deeply integrating innovative medical drug assets (NewCo) with blockchain technology.

The traditional pharmaceutical R&D model has a fatal pain point: the development of a new drug takes 10 years, with 80% of the funding concentrated in the clinical phase, leaving ordinary investors shut out. IVD MEDICAL's solution is to use RWA (Real World Assets) tokenization technology to convert innovative assets such as ADC drugs and gene therapies in Phase II clinical trials into divisible tradable digital certificates.

This ecosystem consists of three main pillars: RWA tokenization platform: converting high-value medical IP into on-chain assets; decentralized exchange: supporting 24/7 global trading; stablecoin IVDD: serving as a universal payment medium within the ecosystem.

Its disruptive nature lies in the value distribution mechanism. In the traditional model, 90% of a new drug's value is harvested by capital after it is listed; through RWA tokenization, early-stage investors can share in the milestone profits of successful clinical trials. IVD MEDICAL aims to create a "Nasdaq + Uniswap" in the medical RWA field, ensuring compliance while achieving decentralized liquidity efficiency.

The vision is promising, but whether the strategy can be realized depends on whether the market will accept it.

IV. Realization Possibility: Technological Waves and Market Scrutiny

IVD MEDICAL's ambition faces dual scrutiny: Is the technology mature? Will the market accept it?

From a technological trend perspective, RWA is entering an explosive period. By June 2025, the global RWA asset scale is expected to reach USD 245.5 billion. Boston Consulting Group (BCG) and ADDX jointly predict that by 2030, this market will swell to USD 16.1 trillion, accounting for 10% of global GDP. Medical assets, as high-value IP, are naturally suitable for tokenization.

The stablecoin market is also poised for growth. The total market value of global stablecoins has reached USD 263.6 billion, becoming a bridge between fiat currency and crypto assets. China International Capital Corporation (CICC) points out that stablecoins can simplify payment processes, achieving "payment equals settlement," and have the potential to become a new type of financial infrastructure The policy window is also opening: Hong Kong's "Stablecoin Ordinance" will take effect on August 1; the EU's "Regulation on Markets in Crypto-assets" has completed legislation; and the US "Genius Act" establishes a regulatory framework for stablecoins.

Regulatory breakthroughs clear obstacles for IVD MEDICAL. After Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to provide virtual asset trading services in early July, its stock price surged 198% in a single day, highlighting the market's desire for compliant crypto financial channels.

The pain points of the innovative drug industry further highlight the value of IVD MEDICAL's solutions. The financing and monetization cycle in the traditional innovative drug industry is too long, and capital sees no way out, making it hesitant to gamble on a billion-dollar game.

If IVD MEDICAL's Web3 ecosystem succeeds, it will open new financing channels for these "trapped" medical assets. By lowering investment thresholds and enhancing liquidity, it will lead the previously closed innovative drug research and development towards an open ecosystem.

The capital market's attitude is intriguing. On one hand, the stock price remains strong above historical highs, indicating that investors are willing to pay a premium for the "Web3 + innovative drugs" narrative; on the other hand, the increased trading volume accompanied by significant volatility shows that short-term speculative funds are also betting on the uncertainties of policy and technology. This contradiction reflects the market's complex mindset towards disruptive innovation: a fear of missing out on the next unicorn while also worrying about being the last one holding the bag in a game of hot potato.

The global RWA market is expanding at an astonishing rate, expected to exceed $16 trillion by 2030. In the wave of medical asset tokenization, if IVD MEDICAL's "Nasdaq + Uniswap" dream can be realized, it will reshape the liquidity rules of trillion-dollar medical assets.

Syndicated loans are trust tickets, rising stock prices are expectation tickets, and buyback actions are confidence tickets. With all three tickets in hand, IVD MEDICAL's disruptive experiment just awaits the answer of time