洪灝：链上股票推动全球价格发现，降低“脆弱性”
The Odaily Planet Daily reported on July 31 that at a Binance offline private meeting, regarding topics such as Binance listing stock contracts for Samsung Electronics, SK Hynix, and Hyundai Motor, as well as the trend of global pricing of core assets, renowned economist Hong Hao stated that exchanges lowering the entry threshold for investors will help these assets become more open, diversify the investor base, make price discovery more efficient, and reduce their vulnerability caused by closed systems and homogeneous investors. "One of the core reasons US stocks have outperformed other markets over the long term is capital openness," Hong Hao commented. He added that "it is a good thing" that more assets can now expand their user base.
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 back to convergence. Unlike assets such as gold and Bitcoin, whose prices are formed through market trading, listed companies can continuously generate cash flow, so their value can be calculated by discounting future earnings. Whether a company trades in South Korea, the US, or other markets, its intrinsic value does not change due to the listing venue. "Arbitrage will continuously eliminate such price differences, driving the same asset toward price convergence across global markets."
When discussing financial innovations such as on-chain stocks, Hong Hao believes that crypto technology is pushing global capital markets toward a 24/7 on-chain trading era, which essentially improves the efficiency of global price discovery and represents a significant manifestation of financial innovation. He also pointed out that financial innovation and regulatory relaxation are two sides of the same coin, and historical experience shows that grand narratives, credit expansion, and regulatory relaxation are the three key factors necessary for a prosperous cycle in financial markets.
