Caixin: The earliest RWA trial cases within China come from Ant Group's Digital Technology

Caixin published an article titled "Strict Regulation of Offshore RWA" revealing that the earliest RWA trial cases within China come from Ant Group's Digital Technology, which has helped companies like GCL Energy Technology and Langxin Technology complete RWA financing worth tens of millions to hundreds of millions of RMB. Ant Group's Digital Technology uses the income rights of these companies' assets as the underlying assets, splitting them into standardized digital tokens via blockchain technology to assist enterprises in issuing digital tokens for financing. These RWA projects follow the "domestic asset confirmation in Hong Kong with global circulation" model, and according to Hong Kong regulatory requirements, they are not open to retail investors, only to institutional or professional investors, with no secondary market trading.
Regarding what types of domestic assets in China are suitable for offshore RWA, industry insiders familiar with policies say that, in principle, any assets that meet regulatory requirements are eligible, but they must not fall into the asset categories listed on China's negative list for regulation. Some experts in the crypto field point out that high-quality domestic companies in China with conditions for offshore IPOs would not choose RWA, as RWA would likely fail to meet Hong Kong's listing requirements. For domestic assets to be used in offshore RWA, it is essential first to confirm asset, fund, and information security, ensure compliance with cross-border investment, foreign exchange management, and data security requirements, and finally obtain filing approval from securities regulatory authorities. The filing process will also be considered on a case-by-case basis.