TechFlow News reports that on February 21, Caixin published an article titled “Strict Oversight of Offshore RWAs,” revealing that the earliest domestic RWA pilot cases originated from Ant Group’s Digital Technology division. It has assisted companies including GCL-Poly Energy Holdings and Langxin Technology in completing RWA financings amounting to tens of millions or even hundreds of millions of RMB. Ant Group’s Digital Technology used the revenue rights over these companies’ underlying assets as the foundation, tokenizing them into standardized digital tokens via blockchain technology to facilitate corporate fundraising through digital token issuance. All these RWA projects follow the “domestic assets—Hong Kong-based title confirmation—global circulation” model. In compliance with Hong Kong regulatory requirements, none of these RWAs are offered to retail investors; access is restricted exclusively to institutional or professional investors, and no secondary market trading is permitted. Regarding which types of domestic assets are suitable for offshore RWAs, policy insiders indicated that, in principle, any asset compliant with regulatory requirements qualifies—except those explicitly prohibited under China’s domestic regulatory negative list.
Industry insiders noted that high-quality domestic enterprises capable of pursuing an overseas IPO would not opt for RWAs, as choosing RWAs inherently means failing to meet Hong Kong listing requirements. For offshore RWAs involving domestic assets, it is essential first to ensure the security of the assets, capital, and information involved. This requires sequential approvals from relevant ministries overseeing cross-border investment, foreign exchange management, and data security, culminating in filing with the securities regulatory authority. During the filing process, case-specific considerations may further apply.
