疯狂赴港！RWA 成企业新宠：是真融资还是 “炒热度”？

Core Insights - The discussion around "can projects go to Hong Kong for RWA" is gaining momentum in the Greater Bay Area, with various companies exploring the RWA (Real World Asset tokenization) sector, indicating a growing trend towards the tokenization of real-world assets [1][2]. Group 1: RWA Overview - RWA refers to the tokenization of real-world assets, transforming physical assets like charging stations and real estate into tradable digital tokens via blockchain technology, creating a new channel for asset circulation [2]. - As of July 2025, the total market value of global on-chain RWA assets has surpassed $25 billion, with projections suggesting it could reach $10 trillion by 2030 [2]. Group 2: Market Activity - Since the beginning of 2024, 13 institutions have successfully launched RWA projects in Hong Kong, with fundraising amounts ranging from tens of millions to 200 million yuan, covering a wide array of underlying assets [3]. - More companies are lining up to enter the market, including real estate firms and those in the tourism and renewable energy sectors, indicating a broad interest in RWA projects [3]. Group 3: Challenges and Costs - The total cost for issuing RWA in Hong Kong typically exceeds 2.5 million HKD, with additional advisory fees of 3%-5%, and companies must promise returns to investors, with non-standard assets needing to yield over 8% annually [4]. - There is a significant uncertainty in fundraising, with some companies aiming to raise 50 million but only securing 10 million, highlighting the rigorous scrutiny by professional investors [4]. Group 4: Advantages of RWA - RWA can activate "sleeping assets," as it streamlines the process of asset verification and revenue distribution through blockchain and smart contracts, significantly reducing the time and complexity compared to traditional bank loans [5]. Group 5: Asset Suitability - Not all assets are suitable for RWA; the Hong Kong Monetary Authority emphasizes that RWA should focus on fixed income, investment funds, and assets that generate stable cash flows [6]. - Successful RWA assets must meet three criteria: stable value, clear legal rights, and verifiable off-chain data, while also navigating regulatory challenges [6]. Group 6: Market Speculation - The rise of RWA has sparked speculation about its potential to facilitate the return of Chinese concept stocks to Hong Kong, as it may offer a faster and lower-barrier alternative to traditional secondary listings [7]. - However, challenges remain, including regulatory recognition and the need for reliable technology to ensure the correspondence between on-chain tokens and off-chain stocks [7]. Group 7: Market Impact - RWA can enhance international exposure for companies and serve as a foundation for overseas expansion, with notable stock price increases observed following RWA issuances [10]. - For instance, after the issuance of RWA, the stock price of Aorede surged by 10% the next day, and other companies have also seen significant stock price appreciation linked to their RWA activities [10].