TechFlow news, August 17 — According to Caixin, overseas RWA fundraising has gained momentum, but underlying issues include inconsistent asset quality, questionable transaction structures and pricing, and ambiguous cross-border capital flows. The earliest domestic RWA cases originated from Ant Digital Technologies, all following the model of "onshore assets - Hong Kong verification - global circulation." In compliance with Hong Kong regulatory requirements, these offerings are restricted to institutional/professional investors without retail access or secondary market trading. Industry insiders say that the Hong Kong Monetary Authority encourages RWA projects in areas such as new energy and trade finance, but does not support real estate projects. Investors are primarily Hong Kong-based private funds, family offices, and wealth management institutions, with one insider noting, "There is limited international capital involvement; Chinese investors find these projects easier to understand."
According to Caixin, many current RWA projects can only raise limited funds. However, due to the fast issuance process and low entry barriers, numerous companies are retroactively pursuing RWA issuance in hopes of achieving a "token-stock linkage." Observers point out that current RWA models for profit sharing do not account for the costs associated with the underlying assets, potentially violating basic economic logic.
