Alloco (@alloco_fi)

🎧 RWACast Ep.1: Pre-IPO Onchain: What You're Actually Holding When You Buy a Pre-IPO Token "Some of them buy real shares. Some hold fund units. And some have nothing at all. They just make you a promise." This week on RWACast, we sat down with Robert, Executive Director at Tiantu Asset Management HK (SFC Type 9, ex-ISI), to unpack how the pre-IPO allocation market really works, and why most onchain buyers can't tell which of the three kinds of pre-IPO tokens they own. If you've bought a pre-IPO token, or you're about to, you shouldn't miss this episode. 🎙 w/ @Kristian_cy Mandarin with English subtitles. 🧵 Episode Timeline: 00:00 Welcome to RWACast with Robert, Tiantu Asset Management HK 00:27 Robert's background: ISI, Evercore, Tiantu 04:17 Where pre-IPO returns come from: access first, price second 08:01 How a star deal flows from the cap table down to the market 13:50 When secondary beats primary: $8B round vs $5.5B employee shares 15:31 Where deals break: structure and hidden fees, rarely valuation 22:20 Economic exposure vs legal ownership, and the TRS nobody notices 28:47 Three kinds of pre-IPO tokens: real shares, fund units, or a promise 32:24 Can a company block a token of its own shares? 37:25 What's the fair price: last round, secondary, broker quote, perp 43:40 Conflict of interest: one platform doing everything, no SEC 47:31 The unsolved problem: distribution 50:04 CFIUS, SpaceX excluding China 59:31 Moving tokenization earlier: Anthropic from under $10B to $1T+ 1:07:56 Hong Kong: regulatory innovation and the sandbox window 1:15:34 Final thoughts: platforms have to be the referee Full episode in the comments 👇