Thesetokensdonotqualifyassecuritiesonlyiftheirsolepurposeistoconferdigitalaccessrightstoanapplicationorserviceandiftheutilitytokencanalreadybeusedinthiswayatthepointofissue.Ifautilitytokenfunctionssolelyorpartiallyasaninvestmentineconomicterms,FINMAwilltreatsuchtokensassecurities(i.e.inthesamewayasassettokens).

目前中国平安、中国人寿、中国D40Y保、新华保险的股价对应2018P/EV分别仅为1.28、0.87、1.04和0.93倍，处于历史低位，我们认为合理估值LS8R在1.5-2倍。