王杰等：内地上市公司赴香港发行代币化证券的合规操作指南

Core Viewpoint - The article discusses the process and advantages of issuing Real World Assets (RWA) in Hong Kong for mainland companies, emphasizing the integration of blockchain technology and cross-border financial innovation to enhance international capital access and reduce financing costs [3][42]. Group 1: Preparation Phase - Companies should establish a special task force including legal, financial, and technical leaders to ensure smooth operations [4]. - Key preparatory tasks include regulatory window guidance, compliance cost estimation, and preliminary asset screening to avoid "red light" assets [4][5]. Group 2: RWA Issuance Process - The total cycle for issuing RWA is estimated to be 18-24 months, involving asset selection and confirmation, cross-border structure setup, technical implementation, compliance approval, token issuance, and ongoing operations [5][20]. - Asset selection is categorized into green light (preferred), yellow light (cautious evaluation), and red light (prohibited) assets, with specific criteria for each category [5][8]. Group 3: Key Participants and Responsibilities - Key participants include domestic listed companies, domestic law firms, Hong Kong investment banks, accounting firms, and blockchain technology providers, each with defined responsibilities and deliverables [27]. Group 4: Advantages and Market Potential - RWA issuance can broaden financing channels, reduce costs by 15%-20%, enhance asset liquidity by over 30%, and improve brand internationalization [28]. - The market for RWA is expected to mature with the implementation of Hong Kong's digital asset policies and ongoing optimization of cross-border financial regulations [42]. Group 5: Case Study - The XXNK photovoltaic project successfully raised $55 million, achieving a financing cost of 4.2%, which is lower than the domestic average of 5.5% [41]. - The project highlights the importance of selecting green assets and initiating data compliance processes early to avoid delays [41].