$ESG $ESG #代币化资产趋势 Looking back at the development of tokenized assets over the past few decades, it is not hard to see a recurring pattern - from innovation to bubbles and then back to rationality. The Hong Kong SAR government plans to issue digital bonds for the third time, which reminds me of the ICO boom in 2017. At that time, various projects issued tokens one after another, but most of them ultimately turned out to be illusions. In hindsight, government-led digital assets are the truly sustainable direction. Hong Kong's choice of multi-currency digital green bonds this time not only aligns with the ESG trend but also broadens the investor base, achieving a win-win situation. However, any new thing requires time to prove itself. We must maintain a cautious attitude and continuously monitor the actual performance and risks of such innovative financial products. History has shown us that truly valuable innovations often need multiple iterations to mature.