Caixin: The earliest RWA pilot case in China comes from Ant Group's Digital Technology.

ChainCatcher News, Caixin published an article titled “Strict Regulation of Offshore RWA” revealing that the earliest RWA pilot cases within China originated from Ant Financial Science and Technology, which successively helped companies like GCL New Energy and Langxin Technology complete RWA financing worth tens of millions to hundreds of millions of RMB. Ant Financial Science and Technology used 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 “domestic assets, Hong Kong confirmation, global circulation” model and, in accordance with Hong Kong regulatory requirements, are not open to retail investors, only to institutional or professional investors, and there is no secondary market trading.

Regarding what types of domestic assets in China are suitable for offshore RWA, industry insiders familiar with policies stated that, in principle, any assets that meet regulatory requirements are eligible, but they must not belong to asset categories listed on China’s negative regulatory list. Some experts in the crypto field pointed out that high-quality domestic companies in China with conditions for offshore IPOs would not choose RWA, as RWA would inevitably fail to meet Hong Kong listing requirements. For domestic assets to be used in offshore RWA, it is necessary to first 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 be considered on a case-by-case basis.