洪灝：链上股票推动全球价格发现，降低“脆弱性”

Odaily News, July 31 — At a Binance offline private meeting, renowned economist Hong Hao commented on topics including Binance listing stock contracts for Samsung Electronics, SK Hynix, and Hyundai Motor, as well as global pricing trends for core assets. He stated that exchanges lowering entry barriers for investors will help these assets become more open, diversify investor structures, improve price discovery efficiency, and reduce their vulnerability caused by closed systems and homogeneous investor bases. "One of the core reasons US stocks outperform other markets is capital openness," Hong Hao remarked, adding that enabling more assets to expand their user base is "a good thing."

Hong Hao also pointed out that the value of listed companies is ultimately determined by their profitability, and arbitrage mechanisms in global markets will drive prices toward convergence. Unlike assets like gold and Bitcoin, whose prices are formed through market trading, listed companies continuously generate cash flow, allowing their value to be calculated through discounted future earnings. Regardless of whether a company trades in Korea, the US, or other markets, its intrinsic value does not change based on listing location. "Arbitrage activities will continuously eliminate these price differentials, driving the convergence of prices for the same asset across global markets."

Regarding financial innovations such as on-chain stocks, Hong Hao believes that cryptocurrency technology is propelling global capital markets into an era of 24/7 on-chain trading, which fundamentally enhances the efficiency of global price discovery and represents a significant manifestation of financial innovation. He also noted that financial innovation and regulatory relaxation are two sides of the same coin, and historical experience shows that grand narratives, credit expansion, and regulatory easing are the three key factors essential to prosperous cycles in financial markets.