TechFlow news, on August 22, Tencent News Qianwang published an article titled "The Stablecoin Boom Drives Chinese-Funded Institutions in Hong Kong to Pour into RWA, Industry Insiders Call for Cooling Down," pointing out that Hong Kong's financial sector is beginning to stratify: foreign-funded institutions focus on research in quantification, hedging, and IPOs, while Chinese-funded institutions are turning to RWA. Chinese-funded financial institutions in Hong Kong are actively experimenting with RWA. A senior fund company executive based in Hong Kong said many institutions have recently received directives from their mainland headquarters to explore commercial opportunities in RWA projects. As with most financial products launched in Hong Kong, these Chinese-funded financial institutions require extensive legal involvement in their RWA explorations, leading to increased business in the crypto sector for certain Hong Kong law firms, including King & Wood Mallesons and JunHe.
In addition, a state-owned enterprise asset management executive stationed in Hong Kong stated, "This current wave is actually top-down; headquarters want their Hong Kong units to experiment with RWA to prepare for ecosystem development following future stablecoin issuance."
