CaoCao Partners with Victory Securities to Tokenize Green Mobility Assets in Hong Kong

CaoCao Inc., a leading Chinese electric vehicle (EV) mobility platform, has entered into a strategic partnership with Hong Kong-licensed Victory Securities to tokenize its green mobility assets under Hong Kong’s regulated real-world asset (RWA) tokenization framework. The collaboration, formalized on August 6, spans three key areas: asset-backed token issuance, stablecoin payment facilitation, and compliant digital currency development [1]. This initiative aligns with CaoCao’s broader strategy to integrate digital finance with its physical mobility assets and expand the reach of its green transportation services [2].

The partnership will leverage CaoCao’s growing fleet of renewable energy vehicles and its extensive network of battery-swapping stations. These assets, which contributed to the reduction of over 3.1 million tons of carbon emissions, are now being positioned as RWA candidates under the tokenization framework. By converting these assets into digital tokens, the company aims to optimize capital efficiency, enhance liquidity, and build a scalable infrastructure for future autonomous mobility services [3].

Victory Securities, which holds fund management and virtual asset custody licenses in Hong Kong, will assist in the structuring and issuance of asset-backed tokens linked to CaoCao’s EV fleet and green infrastructure. The company emphasized that this approach will enable transparent reserve management and attract international investors seeking exposure to ESG-focused opportunities [4].

CaoCao’s recent expansion of its Robotaxi operations—piloted in Suzhou and Hangzhou—also plays a crucial role in this initiative. The platform is planning to deploy L4-level autonomous vehicles and establish a fully automated system for fleet maintenance and energy supply. These operational advancements, combined with RWA tokenization, position CaoCao to offer a new model of sustainable urban mobility with financial flexibility [5].

Gong Xin, CaoCao’s Executive Director and CEO, highlighted the significance of the partnership in advancing the company’s digital transformation. “By connecting physical assets to digital finance through RWA, we can not only optimize capital efficiency and enhance liquidity, but also build innovative payment and value-exchange infrastructure for a future travel service network that is highly automated and intelligent,” he stated [6].

The RWA market has shown substantial growth, reaching a peak valuation of $24.31 billion in June 2025, according to industry reports. This strategic move by CaoCao is expected to further accelerate the adoption of tokenized real-world assets in the mobility and transport sectors [7].

CaoCao, which reported 598 million ride-hailing orders in 2024 and a 51.8% year-on-year increase in Q1 2025, operates 435 battery-swapping stations across China. These stations generate recurring revenue and support the company’s expanding autonomous fleet. The tokenization of these assets is projected to unlock new financing channels and provide greater transparency for investors [8].

The initiative could also set a precedent for other EV platforms in Asia, encouraging the adoption of blockchain-based financing models that align with global sustainability goals. If structured effectively, tokenized green assets may also find integration with carbon credit markets, further enhancing their financial and environmental value [9].

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[1] EV Platform CaoCao Taps Hong Kong’s RWA Boom to Monetize Green Mobility Assets (https://cryptonews.com/news/ev-platform-caocao-taps-hong-kongs-rwa-boom-to-monetize-green-mobility-assets/)