Caixin: Overseas RWA emphasizes the "negative list" red line, with the earliest domestic pilot case coming from Ant Financial Technology

Deep Tide TechFlow News, February 21: Caixin published an article titled “Strict Regulation of Offshore RWA,” revealing that the earliest domestic RWA pilot case came from Ant Group’s digital technology arm. They helped companies like GCL New Energy and Langxin Technology complete RWA financing worth tens of millions to hundreds of millions of RMB. Ant Group’s digital technology division uses the income rights of assets under these companies as the underlying assets, splitting them into standardized digital tokens via blockchain technology to assist enterprises in issuing digital tokens for fundraising. These RWA projects follow the paradigm of “domestic assets, Hong Kong registration, global circulation,” and according to Hong Kong regulatory requirements, they are not open to retail investors, only to institutional/professional investors, with no secondary market trading.

Experts familiar with policies indicate that, in principle, any domestic assets that meet regulatory requirements are suitable for offshore RWA, but they must not fall into the categories listed on China’s negative regulatory list.

Some crypto industry insiders point out that high-quality domestic companies capable of an offshore IPO would not choose RWA, as RWA cannot meet Hong Kong listing requirements. For domestic assets to be used in offshore RWA, first, asset, fund, and information security must be confirmed. Cross-border investment, foreign exchange management, and data security procedures must be completed through relevant ministries, followed by filing with the securities regulatory authorities. During the filing process, case-by-case considerations may be made.