New Pathways for Chinese Assets: How Hong Kong Leverages RWA Globalization?

Written by: Deep Tide TechFlow

Original Title: On-chain Hong Kong, where are the opportunities?

That familiar Hong Kong is back!

Once known as the "financial wasteland," Hong Kong has made an astonishing comeback in just one year.

The Hong Kong stock market is buzzing with activity, with 43 new stocks listed in the past six months, raising a total of HKD 106.71 billion, reclaiming the top spot in global IPO fundraising. Giants like CATL and Hansoh Pharmaceutical have crowded in, while Pop Mart, Mixue Ice City, and Laopu Gold have taken turns igniting a bull market in consumer stocks.

Along with the recovery of the capital market, there is also a wave of digital assets.

In May, Hong Kong passed the "Stablecoin Regulation," establishing a licensing system for stablecoin issuance, which will officially take effect on August 1.

In June, the Special Administrative Region government released the "Digital Asset Policy Declaration 2.0," paving the way for the development of stablecoins and real-world assets (RWA). Just today, the Hong Kong Polytechnic University signed a contract with Ant Group to jointly establish an AI+Web3 laboratory, adding the latest note to this revival.

In the coffee shop in Central, the familiar scene reappeared: on one side, investment banking elites excitedly discussing investment opportunities in Hong Kong stocks and US stocks, while on the other side, entrepreneurs and lawyers were fervently discussing stablecoins and RWA issuance, as well as cross-border settlement.

The aroma of coffee is mixed with various financial terms, as if we have returned to the vibrant golden era of Hong Kong.

In the era of "On-Chain Hong Kong", where are the opportunities for entrepreneurs?

Digital Asset Policy Declaration 2.0

Following the release of the first policy declaration by the Hong Kong SAR government in October 2022, the "Hong Kong Digital Asset Development Policy Declaration 2.0" was officially launched on June 26, reaffirming the aim to establish Hong Kong as a global innovation center for digital assets.

It is particularly noteworthy that the new version of the declaration upgrades the term "virtual assets" to "digital assets". This is not merely a superficial change; it signifies that the regulatory perspective is not limited to cryptocurrencies and stablecoins such as Bitcoin and Ethereum, but also encompasses token forms closely tied to real-world assets, which are the RWA (real-world assets) that have recently garnered widespread attention.

To more clearly express the policy vision, the Hong Kong SAR government has specially adopted a dynamic English abbreviation "LEAP" in the new version of the declaration, representing four strategic pillars: Legal & Regulatory Optimization, Expanding tokenised products, Advancing use cases & collaboration, and People & Partnership.

In terms of laws and regulations, Hong Kong will be led by the Securities and Futures Commission to establish a unified regulatory system covering key areas such as digital asset trading platforms, custodial services, and stablecoins; at the same time, the Treasury and the Monetary Authority will also promote legal reforms to support the registration, settlement, and issuance of physical assets such as bonds and gold on the chain.

In the field of tokenized products, the government has clearly stated that the tokenization of government bonds should become a "normal operation" and has provided stamp duty incentives for ETF tokenization products. In addition, the policy also encourages the tokenization of various real assets such as precious metals (e.g., gold), non-ferrous metals, and even renewable energy (e.g., solar equipment).

In terms of practical application, this policy declaration has clarified a key timeline: starting from August 1, stablecoin issuers can officially apply for licenses. The government also particularly encourages the pilot application of stablecoins in real business scenarios such as payments and cross-border settlements, and has set up a special fund to support the implementation of blockchain projects.

At the "On-chain Hong Kong 2.0" ecological roundtable event, Ant Group Vice President and President of Ant Digital Blockchain Business Bian Zhuoqun pointed out: "I see three key words in the new policy: digital assets, legal framework, and infrastructure. If we have such a large compliance framework for our technological infrastructure, and then introduce more assets, including industrial assets and financial assets, based on our own advanced leading technology, we can form a new digital asset exchange that can gather excellent assets and funds from around the world to Hong Kong."

Qi Haiying, the CEO of Guotai Junan International, pointed out that the new version of the declaration has achieved global leadership in three dimensions: regulatory framework, market mechanism, and tax incentives. She specifically mentioned stablecoins and RWA as the "two pillars" of digital assets, reflecting the foresight and inclusiveness of Hong Kong's regulatory authorities.

Stablecoins and RWA, where are the opportunities?

Li Yuan, a serial entrepreneur from Shenzhen, has recently been frequently traveling between Shenzhen and Hong Kong.

He used to run a manufacturing company, and now he is involved in the new energy charging pile sector and has started to explore RWA. After the Hong Kong government released the "Policy Declaration 2.0", he quickly set out to study each statement within it, trying to find his own "runway".

Among the various policies, the one he is most concerned about is undoubtedly the part regarding the combination of "stablecoins" and "RWA" (real-world assets).

"The issuance of stablecoins is a game for the giants, but the practical application is an opportunity for ordinary entrepreneurs," said Li Yuan.

In his view, stablecoins serve as a medium, and RWA as a carrier, which means that China's industrial assets, especially in sectors like green energy and infrastructure that are currently facing capacity pressure, have the opportunity to reach the global market through "on-chain going overseas". He even likens RWA to "a new round of Chinese asset going overseas", a new export system supported by blockchain technology and using stablecoins as a channel.

This way of thinking is also becoming a consensus.

The CEO of Huaxia Fund in Hong Kong, Gan Tian, stated: "In the next 5 to 10 years, traditional financial assets will move on-chain, and RWA will address the current pain points in the market. Hong Kong will play a leading role in redefining the global asset circulation pattern."

This policy direction has been clearly articulated in policy documents in Hong Kong, with multiple contents encouraging the tokenization of real-world assets, and specifically mentioning the new energy sector:

"We actively encourage innovative application scenarios, including the tokenization of traditional financial products (such as money market funds and other funds) and the revenue streams of real-world assets (such as electric vehicle charging stations)."

"The government will intensify efforts to expand tokenization schemes, ... including diverse applications of precious metals (such as gold), non-ferrous metals, and renewable energy (such as solar panels)."

In this field, Fei Zhi, the vice chairman of the energy company Xiexin Group, has firsthand observations and experiences. He pointed out that photovoltaic assets possess characteristics such as legality and compliance, clear cash flow, clear property rights, and adherence to ESG standards, making them the most representative type of "on-chain assets." Through RWA, these green assets can provide solid value support for stablecoins.

Yang Leiming, the Chief Financial Officer of Hong Kong and China Gas, also pointed out that RWA can not only help energy companies manage fixed income assets through tokenization, enhancing asset liquidity, but also, in conjunction with stablecoins' international settlement functions, is expected to expand the global trade landscape.

In the practice of new energy RWA, Ant Group is at the forefront of the industry.

Since August 2024, Ant Group has successively collaborated with several new energy companies to put assets such as charging piles and household photovoltaics on the blockchain, converting them into tradable RWA assets.

The first project landed in Hong Kong in partnership with Longshine Technology, using approximately 9,000 charging piles as underlying assets to complete financing of about 100 million RMB. Subsequently, in December 2024, Ant Group collaborated with Xiexin Energy Technology to launch the country’s first photovoltaic green asset RWA project, with financing exceeding 200 million RMB. In March 2025, they again partnered with Xunying Group to tokenize battery swap cabinets and lithium battery assets on-chain, involving a funding scale of tens of millions of HKD.

Under the Ensemble sandbox program led by the Hong Kong Monetary Authority, Ant Financial has connected over 15 million energy devices using blockchain + IoT technology, creating the world's largest on-chain asset platform for new energy.

As power generation assets, energy storage systems, and green financial instruments are gradually tokenized, a cross-border on-chain financial ecosystem has quietly taken shape. In the future, renewable energy RWA is expected to give rise to credit products, financial derivatives, and carbon asset trading, building a global digital financial system anchored by power assets.

Chinese Assets, Hong Kong On-Chain

For Li Yuan, Hong Kong is not just a city, but a bridge to the world.

With the legal system of Hong Kong, its financial openness and international environment, he can more efficiently connect with international capital and compliance institutions, which is the best channel for "going abroad" in the era of digital assets.

With the release of the "Digital Asset Development Policy Declaration 2.0", Hong Kong is transitioning from a local financial center to a global output hub for digital asset regulations, creating an Eastern model for stablecoins and RWAs.

"We have positioned Hong Kong as the overseas headquarters of Ant Group, radiating to the Middle East and Europe, while also serving Chinese enterprises going abroad, ultimately bringing funds and trust back to Hong Kong." This is how Bian Zhuoqun, Vice President of Ant Group, defines Hong Kong's strategic role.

In fact, Hong Kong's accumulation in blockchain infrastructure construction is not a short-term endeavor.

Since 2016, Hong Kong has been promoting the application of blockchain technology in trade finance, payment clearing, and virtual asset regulation, with the establishment of Cyberport laying the foundation for ecological development. In 2020, the Hong Kong government successively launched virtual bank licenses and the "Guidelines for the Operation of Virtual Asset Trading Platforms," providing a clear regulatory path for digital asset trading. In 2023, the "Digital Hong Kong Dollar" project was launched to explore the synergy between central bank digital currencies (CBDC) and tokenized assets.

In 2024, Ant Group's digital technology division launched the "Two Chains and One Bridge" RWA platform to facilitate the on-chain and trading of new energy assets in Hong Kong. Langxin Technology, Xiexin Energy Technology, and Xunying Group successfully went on-chain for energy in Hong Kong, completing cross-border financing.

In June 2025, after the release of the "Policy Declaration 2.0", Ant Group will simultaneously open Layer 2 networks, large model tools, blockchain + IoT architecture, and institutional-level Web3 wallets. In July, a strategic cooperation will be established with the Hong Kong Polytechnic University to create a global source of technological innovation centered around AI and Web3 technologies.

It can be said that Hong Kong has become a pioneering demonstration zone for China's new energy asset "on-chain - financing - trading - cross-border circulation."

For mainland entrepreneurs like Li Yuan, Hong Kong is no longer just a traditional financing hub but a stronghold that can push their technology and assets into the global market. "Chinese assets, on-chain in Hong Kong, heading towards the world" may become a new choice for Chinese entrepreneurs.

In this emerging digital economy landscape, Hong Kong is both the starting point and the destination.