Zhu Weisha October 21, 2025
Mr. Xiao Shengkuan is a senior figure in China’s collection circle, a leading authority in bronze ware collection in China, whose knowledge is endorsed by the China Association of Collectors.
There are many problems in China’s collection world. Mr. Xiao is using new technologies to integrate various appraisal methods within the industry, uniting with partners to change the established rules of the antique market, willing to forge a new path for China’s collection community, thereby enhancing the overall value of Chinese antiques. This aims to make collections truly become a new growth point for the Chinese economy following real estate.
He has brought out the heavy artifact he has treasured for decades, the “Hong Kong Nine Ding,”Sufficient to attract global attention. The Hong Kong Nine Ding, serving as the underlying asset for the issuance of the Nine Ding Coin, adopts the method of Real World Assets (RWA) on-chain, issuing globally through a chainless-transparent platform.
Consequently, he has received praise from renowned antiques of industry institutions like the China Association of Collectors, who fully support his innovative exploration.
I. Organization of the Cultural Relic Appraisal
In his article “New Explorations in Cultural Relic Appraisal and Inheritance,” Mr. Xiao pointed out: “The Hong Kong Nine Ding lacks a precise excavation site. Its ‘small yet refined’ form, and the fact that historical texts yield no origin from the ‘Zhou Royal Capital,’ make it easily falsifiable.” Therefore, expert appraisal of the cultural relics is an indispensable step.
To advance research, Mr. Xiao has released recently taken 500x microscopic photographs of the bronze patina and full video recordings from the Hong Kong Polytechnic University for inspection by industry colleagues and appraisal committee experts.
According to the requirements of third-party independent appraisal, the China Glorious Cause Foundation acts as the host unit, with the China Association of Collectors, the China Great Wall Collection Culture Research Association, and the Huaxia Cultural Heritage Foundation as co-organizers, to convene an appraisal meeting for the Hong Kong Nine Ding, unveiling the mystery of the Nine Ding. National Treasure Management Co., Ltd. is the provider of the “Hong Kong Nine Ding.”
● The head of the appraisal team is General Yan Changxiong, Vice President of the China Association of Collectors, antique appraisal expert, and collector.
● The deputy head is Professor Sun Xin, Executive Vice President of the China Great Wall Collection Culture Research Association, Professor at Ningbo University, antique appraisal expert, and collector.
Other members include:
● Professor Wang Dexun, Dean of the School of Social Archaeology at Hong Kong Tat University, expert on Sanxingdui script and Liangzhu civilization script, responsible for script decipherment.
● Professor Du Gangjian —— Executive Dean of the World Academy of Sciences of Wisdom, expert on the origins of civilization, to discuss the decipherment by Professor Wang Dexun.
● Mr. Huang Weigang —— China’s leading expert in authentication and dating using QRS Quantum Resonance Spectrometer. Internationally Registered Art Appraiser and Art Evaluator (ICAA certified).
II. Preliminary Decipherment of the Inscriptions Inside the Ding
Starting from October 15, 2025, Mr. Xiao first time cleared the patina covering the interior of the Nine Ding. The inner base of all nine Dings has 16 characters, identical on each. On October 17, Professor Wang Dexun’s interpretation:
“正月既望甲午王周师量宫格万年宝用”
General meaning of the inscription: In the first month, on the Jiawu day when the sun and moon are facing each other, the King arrived at the Shi Liang Palace in the Zhou capital. (May sons and grandsons) treasure and use it for ten thousand years. See Photo 1.
The outer base of the Ding also has 8 characters meaning: “Zhou Wang Gong Du Zi Sun Bao Yong” (Zhou Royal Capital, for sons and grandsons to treasure and use). These characters were deciphered earlier. See Photo 2. The four characters above the image are the royal palace of the Zhou dynasty, and the four characters below are treasures for descendants.
III. Valuing the Nine Ding
There are three valuation methods for the Nine Ding: valuation as the Hong Kong Nine Ding, valuation as the Zhou King’s Nine Ding, and valuation as the National Treasure Nine Ding.
1. Valuation as the Hong Kong Nine Ding
Valuation follows the ideas in the article “Redefining the Valuation Indicators for Antiques.”
1) Valuing the Bronze Ware Itself Using the Comparative Method
Mr. Xiao’s “New Explorations in Cultural Relic Appraisal and Inheritance” mentions that the Luoyang Ding and the No. 2 Ding of the Hong Kong Nine Ding have almost identical dimensions. Archaeology suggests the Luoyang Ding was unearthed from a feudal lord’s tomb, a status just below the Son of Heaven, and the Ding’s dimensions conform to the regulations of that time.
For Western Zhou bronze ware, “the collection world has always said ‘one square (Ding) tops ten round (Ding),’ square Dings were often owned by high-ranking nobles, and very few have been unearthed to date.”
The Luoyang Ding is housed in the Luoyang Museum, a national first-class cultural relic museum with over 20,000 items in its collection. The Luoyang Ding, also called the Animal Mask Pattern Bronze Square Ding, is one of the Luoyang Museum’s top ten treasured artifacts.
In recent decades, Zhou Dynasty bronze ware has fetched auction prices ranging from 10 million to over 200 million RMB. Prices are lower in Hong Kong and higher in European and American markets. Bronze ware with inscriptions commands higher prices.
Valuation comparison for the Hong Kong Nine Ding is conducted without considering natural appreciation.
Using the market-familiar Luoyang Ding as a reference benchmark, and comprehensively considering its status as a museum’s treasured artifact, setting a hypothetical valuation reference point of 50 million RMB for it provides room for discussion. Based on this, and considering factors like the No. 2 Ding of the Hong Kong Nine Ding having inscriptions, we attempt a valuation extrapolation using the comparative method:
● DeepSeek Unwilling to Value
When asking DeepSeek about the Luoyang Animal Mask Pattern Bronze Square Ding, its response was: “If ‘Salvator Mundi’ is worth $450 million, then as one of the core symbols of Chinese civilization, the hypothetical, symbolic valuation of the ‘Animal Mask Pattern Bronze Square Ding’ would be an astronomical figure far exceeding that of ‘Salvator Mundi’.” Historically auctioned bronze ware is not as valuable as the Luoyang Ding because the number of excavated bronze Dings is extremely small. At the same time, the noble status of the Luoyang Ding is linked to the Zhou Dynasty’s Ding.
“as one of the core symbols of Chinese civilization.” This is the reason DeepSeek is unwilling to provide a valuation.
● Comparison with Historical Auction Records
Note that the Luoyang Ding has no inscriptions. Having inscriptions increases value. In the limited number of international auctions, bronze ware with inscriptions has fetched hundreds of millions. Because they possess historical, cultural, and documentary value, the decipherment of the Hong Kong Nine Ding’s inscriptions might contain significant historical contributions.
Is an 80 million RMB valuation for Hong Kong’s No. 2 Ding, which has inscriptions, reasonable? The following valuations are purely subjective. Following this logic:
● Valuation of the Bronze Ware Itself
• No. 1 Ding valuation: 120 million
• No. 2 Ding valuation: 80 million
• No. 3 Ding valuation: 60 million
• No. 4 Ding valuation: 40 million
• No. 5 Ding valuation: 30 million
• No. 6 Ding valuation: 20 million
• No. 7 Ding valuation: 10 million
• No. 8 Ding valuation: 5 million
• No. 9 Ding valuation: 2.5 million
Total Valuation: 347.5 Million RMB
2) Valuation of the Intangible Assets of the Nine Ding
The idiom “A word is as good as nine tripods” is well known to everyone, and its cultural influence itself is a huge intangible asset. If one were to build a brand with equivalent recognition through market actions, the cost would be astronomical and difficult to span three thousand years. Therefore, we tentatively quantify this “astronomical number” intangible asset here as 500 million RMB.
At this point, adding just the value of the bronze ware itself and the intangible assets, the valuation of the Hong Kong Nine Ding could already exceed 100 million USD. The above valuation is very conservative.
3) Valuation of Liquidity
Discussed in the section “5) Issuance method makes the valuation different for each phase.”
4) Valuation of Future Growth Potential
Valuing growth potential is a common method in stock market valuation. If the Hong Kong Nine Ding is confirmed to be the Zhou King’s Nine Ding, it must be revalued. This valuation should refer to the valuation of internationally renowned antiques. The value would exceed tens of billions of USD.
Here, we hypothetically assign a one-fold growth potential valuation, bringing the overall valuation of the Hong Kong Nine Ding to 200 million USD.
5) Issuance Method Makes the Valuation Different for Each Phase
The Hong Kong Nine Ding will be issued in ten rounds. The first round of prices is one-tenth of the final price, which is $0.1. The valuation for the first five rounds is approximately 100 million USD, reaching the value of a 3000-year-old bronze artifact. By this time, the research results on the inscriptions will have become apparent, which will determine the direction for the Hong Kong Nine Ding.
After the first round of sales is completed, reaching the second round’s sales price, the second round automatically opens. At this point, the first round’s issuance price becomes the price floor, similar to the principle of Bitcoin’s price floor constituted by computing power. As it is a DeFi issuance, purchases in each account are fully transparent.
It involves putting Real World Assets (RWA) on-chain. Only antiques approach the characteristics of Bitcoin, possessing good potential for price appreciation. The drawback is the lack of standardization in the antique market. This point is similar to Bitcoin’s early days.
Regarding the third point “Valuation of Liquidity,” the author did not assign a value. The issuance method used here, besides the expectation of future appreciation, is also a method of liquidity consensus. The initial low price also reflects Satoshi Nakamoto’s thinking: “Let early entrants profit.” Thereby creating a wealth effect and establishing liquidity consensus.
2. Valuation as the Zhou King’s Nine Ding
1) Research on the Inscriptions of the Nine Ding
The inscriptions are key data for identifying the Zhou King’s Nine Ding. Mr. Xiao hired Professor Wang Dexun, a domestic Zhou Dynasty inscription expert, to decipher them before the appraisal meeting.
Professor Wang also raised some questions for discussion with national Zhou Dynasty inscription experts. Mr. Xiao expressed that he would reward valuable research papers.
2) Comparison with the World-Famous Antique Mona Lisa
If confirmed as the Zhou King’s Nine Ding, its comparable counterparts shift to the top treasures of human civilization. Compared to the “Mona Lisa,” the Nine Ding possess profound historical origins and craftsmanship heritage, are not inferior in terms of scarcity and intangible assets, and furthermore possess liquidity premium and future growth potential which the “Mona Lisa” lacks.
3) Valuing the Zhou King’s Nine Ding
The tumultuous restoration history and authenticity controversies of da Vinci’s “Salvator Mundi” itself added to its legendary status and market attention. “Salvator Mundi” was sold at auction for $450 million (2017). The historical status, fame, and cultural influence of the “Mona Lisa” far exceed that of “Salvator Mundi.” We might as well let AI perform a valuation. The level of AI represents the medium-to-high level of the market and can serve as a reference.
Input the question to DeepSeek: “Can you judge the market valuation of da Vinci’s Salvator Mundi and the Mona Lisa?”
Its response was: The Mona Lisa is a “priceless treasure, cannot be measured by market value, its valuation is more symbolic.” “If forced to assign a value (purely theoretical speculation): the art world and insurance industry generally believe that if the ‘Mona Lisa’ were forced to be insured, its insurance valuation would be an astronomical figure, far exceeding the $450 million of ‘Salvator Mundi’. Common speculation ranges from $800 million to $2.5 billion or even higher.” Grok’s reply conforms to this speculation, while Doubao gave a highest valuation of $5 billion.
AI does not yet understand the principle of natural growth valuation for antiques. It makes valuations based on comparisons with available data.
Referring to the AI’s theoretical valuation range of $8 billion to $50 billion for the “Mona Lisa,” and comprehensively considering the advantages of the Nine Ding in historical depth and craftsmanship uniqueness, anchoring the valuation of the Zhou King’s Nine Ding above $2 billion is plausible.
3. Valuation as the National Treasure Nine Ding
There are too many legends in history about the Zhou King’s Nine Ding. One legend says that after the fall of the Zhou Dynasty, the Nine Ding were buried. The appearance of the Zhou King’s Nine Ding supports this legend. This is only a possibility and requires further research.
Mr. Xiao expressed that he would reward contributing archaeologists and scholars.
If a unified, or basically unified, viewpoint is formed within the archaeological community, the historical rumors of China will be clarified.
The Zhou King’s Nine Ding would then become the National Treasure Nine Ding, a deserving national treasure, a priceless treasure. If forced to assign a value, assigning $20 billion would not be an overestimation. This might set a value record for Chinese antiques.
Thanks to every organization and individual who contributed to this; this history will become a permanent memory of Chinese culture.
IV. Postscript
1. Important Statement
We have inspected the original purchase documents for the Ding from Mr. Xiao, as well as lawyer-witnessed documents regarding the Nine Ding not being used for mortgage and Mr. Xiao’s personal guarantee. The issuance model of the Hong Kong Nine Ding Coin differs from traditional antique auctions and complies with relevant laws and regulations.
Before issuance, ownership of the Hong Kong Nine Ding will be transferred to National Treasure Management Limited. This company is controlled by Mr. Xiao, currently manages only this set of Nine Ding, and promises not to use them for mortgage. The company is in a debt relationship with Mr. Xiao; Mr. Xiao still has guarantee responsibility and bears custody responsibility.
The chainless platform for issuance and trading does not bear the responsibility for authenticating the Nine Ding; this responsibility is borne by National Treasure Management Company. The platform code has been audited by two world-renowned professional institutions. To balance security and transparency issues, the code is temporarily not public.
2. Risk Warning
Appraisal Risk: The appraisal results mentioned in this article are based on the opinions of specific institutions and experts and testing with specific instruments. Different experts or institutions may hold different views.
Valuation Risk: All valuations in this article are theoretical deductions and forward-looking prospects based on a series of assumptions and are full of subjectivity.
Market and Liquidity Risk: As an innovative attempt, the Nine Ding Coin may face huge fluctuations in market acceptance, liquidity, and market price.
Technical Risk: Although the issuance platform has been audited, potential technical risks such as hacker attacks cannot be completely ruled out.
Regulatory Risk: Regulatory policies in the digital asset field are still evolving, creating uncertainty due to potential future policy changes.
None of the content in this article constitutes any investment advice.
