马宏伟等：RWA浪潮下上市公司的合规重塑与风险防控

Group 1 - The core viewpoint of the article is that the tokenization of real-world assets (RWA) is reshaping the global financial ecosystem, presenting significant opportunities for public companies in terms of financing innovation, efficiency improvement, and valuation reconstruction, with compliance being a crucial prerequisite for exploring RWA [2] Group 2 - RWA refers to the mapping of ownership or income rights of physical assets (such as real estate, bonds, and commodities) onto the blockchain in the form of tokens, enabling fragmentation, tradability, and high liquidity [3][4] - Stablecoins serve as a key bridge between traditional finance and decentralized finance, providing low-volatility trading mediums and foundational settlement tools for RWA transactions, thereby enhancing the credit basis and application scenarios for stablecoins [4] Group 3 - The regulatory landscape is rapidly evolving, with the U.S. focusing on stringent regulations for securities-like RWA, emphasizing asset authenticity, information disclosure, and investor suitability management [5] - Hong Kong is actively promoting the development of RWA and stablecoins, aiming to establish itself as an international Web3 financial hub, with a sandbox system for stablecoin issuers requiring full reserve coverage and regular audits [6][7] - Mainland China has adopted a cautious approach, prioritizing risk prevention while exploring the potential of stablecoins, with a focus on digital currency as a core component of its digital payment ecosystem [8] Group 4 - Public companies are motivated to explore RWA due to the need to reduce costs and enhance financing structures, as traditional asset transactions are often complex and costly [10] - Engaging in RWA is seen as a sign of embracing financial technology innovation, attracting new investors and significantly enhancing company valuation and market image [11] - Companies are also preparing for regulatory expectations by conducting technological reserves and compliance explorations to adapt to the evolving regulatory environment [12] Group 5 - Companies face unprecedented challenges in compliance with traditional financial regulations and securities laws when exploring RWA, necessitating precise identification and adherence to compliance boundaries [13] - RWA projects must ensure legal fundraising practices, as any unauthorized fundraising activities could be classified as illegal financial activities [14] - The emergence of "pseudo-RWA" projects poses risks, including questionable asset authenticity and the potential for fraud [15] Group 6 - The misuse of stablecoins in illegal fundraising activities increases the difficulty of regulatory tracking and accountability [16] - Companies must be cautious of market manipulation risks associated with RWA and stablecoin concepts, including information manipulation and selective disclosure [17][19] - Insider trading risks are heightened due to the diverse and hidden nature of insider information generated during RWA project development [22] Group 7 - Companies must adhere to dual compliance principles, ensuring licensed operations and risk isolation through independent entities in compliant jurisdictions [26] - Establishing a value management risk control system is essential, requiring strict adherence to information disclosure principles and transaction monitoring mechanisms [29] - Companies should prioritize substance over form in their disclosures, ensuring clarity and transparency to avoid misleading investors [31]