Core Insights - The report titled "RWA Industry Development Research Report: Industry Volume 2025" challenges the overly optimistic view of the "everything can be RWA" narrative, proposing a systematic framework for asset selection [1][4] Group 1: RWA Tokenization Standards - Not all assets are suitable for RWA tokenization; the notion of "everything can be RWA" is deemed a fallacy [4] - Successful assets for large-scale implementation must meet three criteria: value stability, clear legal rights, and verifiable off-chain data [4] Group 2: Current Market Trends - The RWA industry is transitioning from concept validation to practical application, with a total locked value (TVL) of RWA reaching $12.5 billion as of June 2025, a 124% increase from 2024 [5] - Major global banks like Citibank and Standard Chartered are exploring RWA applications in payment settlements, asset management, and cross-border transactions [5] - Ant Group has launched a blockchain platform, Jovay, designed for institutional RWA trading, significantly enhancing throughput and reducing user response time [5] Group 3: Asset Types and Applications - Various asset types are being tokenized, including financial assets like gold and bonds, renewable energy assets like charging stations and photovoltaics, real estate, intangible assets like carbon credits and intellectual property, and computing power assets like GPUs [6] - Renewable energy RWA represents a "Chinese characteristic," showcasing the potential of green finance and real economy financing [6] - Despite exploration in real estate RWA, challenges such as property registration discrepancies and valuation inconsistencies persist [6] Group 4: Regulatory Environment - The rise of RWA is attributed to multiple factors, including the lack of liquidity in traditional assets, advancements in blockchain technology, and changing market demands [7] - Regulatory bodies are adopting a transparent regulatory principle and sandbox testing mechanisms to provide clear compliance pathways for industry innovation [6][7] - Countries are implementing licensing systems to create market barriers while establishing regulatory sandboxes for controlled testing of innovative applications [6][7]

Group 1 - The core viewpoint of the article is that Guanglian Technology Holdings Limited has launched the "Intelligent Body RWA Ecosystem" strategy and secured initial funding of HKD 1 billion through a partnership with High West Capital Partners Limited [2] - RWA refers to the tokenization of real-world assets using blockchain technology, which is expected to facilitate the company's transformation from an "automotive intelligent network operator" to a "digital platform for automotive asset RWA" [2] - The company plans to establish an automotive RWA service platform in Hong Kong, collaborating with digital asset management institutions to integrate a financial ecosystem involving "car owners-vehicles-industry chain assets" [2] Group 2 - Guanglian Technology Holdings intends to extend its services from the intelligent connected vehicle RWA service platform to other intelligent sectors such as robotics and low-altitude economy [2]

Core Viewpoint - The implementation of the Hong Kong Stablecoin Regulation on August 1 is expected to significantly impact the market, with a limited number of licenses anticipated to be issued by the Hong Kong Monetary Authority (HKMA) by the end of the year [1][2]. Group 1: Regulatory Framework - The HKMA has established a licensing system for stablecoin issuers, which includes thorough assessments of applicants' financial status, asset management, and business capabilities [8][19]. - The first phase of licensing will involve issuing a single-digit number of licenses, with various payment institutions and well-known internet companies expressing interest in applying [8][19]. Group 2: HashKey Group's Position - HashKey Group, through its subsidiary HashKey Tokenisation, is actively involved in the virtual asset ecosystem, providing tokenization services and has established a comprehensive business model since its inception in 2018 [5][6]. - The company has achieved significant milestones, including covering 90% of licensed brokers in Hong Kong with its Omnibus account service, and has recorded a cumulative trading volume exceeding HKD 30 billion [2][6]. Group 3: Future Outlook - The implementation of the Stablecoin Regulation is expected to foster innovation and regulation in Hong Kong's financial market, positioning the region as a potential international digital asset hub [20][24]. - HashKey Group aims to support the stablecoin ecosystem by enhancing liquidity and facilitating the integration of stablecoins with real-world assets (RWA) [9][18]. - The company is optimistic about achieving financial balance within the year, driven by the rapid growth of the virtual asset industry across Asia and globally [4][6]. Group 4: Stablecoin Applications - Stablecoins are anticipated to play a crucial role in enhancing financial inclusion by providing low-cost, efficient access to financial services, particularly in cross-border payments and everyday transactions [13][15]. - The combination of stablecoins and RWA is expected to optimize asset management efficiency and enhance liquidity in trading, contributing to the digital transformation of financial markets [18]. Group 5: Regulatory Impact - The new regulatory framework is expected to increase market confidence, attracting stablecoin issuers and fintech companies to establish operations in Hong Kong, thereby enriching the local ecosystem [24]. - The regulatory clarity provided by the Stablecoin Regulation is likely to position Hong Kong as a leader in the global stablecoin landscape, offering a model for other jurisdictions [24].

Core Viewpoint - The stablecoin concept has emerged as the largest and most sustained investment theme in the A-share and Hong Kong stock markets since late May 2025, significantly driving up the stock prices of related companies [1][11]. Market Performance - In the A-share market, companies like Hengbao Co. (002104.SZ) and Sifang Jingchuang (300468.SZ) saw increases of over 220% and 180% respectively within 31 and 23 trading days [1]. - In the Hong Kong market, Lianlian Digital (02598) surged by 125% in three trading days, while Guotai Junan International (01788) experienced a nearly 200% increase in the same period [1]. - CIRCLE, listed in the US, achieved a maximum increase of 864.52% within 12 trading days [1]. Stablecoin Industry Chain - The stablecoin industry chain is divided into three main parts: upstream (issuers, reserve asset managers, blockchain infrastructure), midstream (exchanges, market makers), and downstream (applications like cross-border payments and RWA) [1][2]. - Among 18 companies in the Hong Kong market, 7 focus on application layers, primarily in cross-border payments and RWA [2]. Company Valuations - The market capitalization of companies involved in the stablecoin industry varies significantly, with notable players including: - Guotai Junan International: 604 billion - China Everbright Holdings: 134 billion - OSL Group: 113 billion [3]. - Companies like ZhongAn Online and OSL Group have achieved full-chain layouts, covering issuance, custody, circulation, and cross-border settlement [4][5]. Recent Stock Movements - The most significant stock price increases were observed in companies like Jinyong Investment and Guotai Junan International, with increases of 653.77% and 526.55% respectively [7][8]. - However, some companies with high stock price increases may be subject to speculation, as their business developments are still in the planning stages [9]. Regulatory Environment - The upcoming implementation of the Stablecoin Regulation on August 1 is expected to influence the market dynamics, with a focus on the issuance of stablecoin licenses [11][12]. - Approximately 50 to 60 companies have expressed intentions to apply for licenses, with expectations that only 3-4 licenses will be granted initially [11]. Future Market Potential - The global stablecoin market has surpassed $250 billion as of July 2025, with projections suggesting it could reach $3.7 trillion by 2030, reflecting a compound annual growth rate of 35% [14]. - The RWA market, a key area for stablecoin applications, is projected to exceed $16 trillion by 2030, indicating significant growth potential [14].

Group 1: Market Trends - The cryptocurrency market continues to thrive, with a notable focus on Real World Asset (RWA) tokenization alongside stablecoins [1][3] - Bitcoin reached a historic high of $112,052.24 on July 10, marking a nearly 20% increase since the beginning of the year [1][3] - The stock of Derlin Holdings surged over 70% on July 10 after announcing the tokenization of $500 million worth of real assets [1][3] Group 2: RWA Tokenization - RWA refers to the tokenization of real-world assets using blockchain technology, encompassing both tangible and intangible assets [7][9] - Currently, Hong Kong's RWA offerings are primarily fixed-income assets, with limited access for retail investors due to regulatory constraints [8][9] - The market for RWA is expected to grow significantly, with predictions indicating a market size of $16 trillion by 2030 [11] Group 3: Regulatory Environment - The Hong Kong Monetary Authority is actively exploring RWA tokenization through the Ensemble sandbox program, focusing on traditional financial assets and real-world assets [12][13] - The recent policy declaration by the Hong Kong government emphasizes the importance of stablecoins and RWA in enhancing market efficiency and liquidity [13] - Regulatory frameworks are evolving globally, with stablecoin market capitalization exceeding $240 billion as of mid-2025, indicating a robust growth trajectory [11]

Market Overview - The A-share market experienced low volatility with major indices showing mixed results, where the Shanghai Composite Index fell by 0.21% and the Shenzhen Component Index decreased by 0.70% [2][3] - The total market turnover was 783.06 billion yuan, indicating a significant decrease compared to the previous day, with 2,925 stocks rising and 2,243 stocks falling [4] Sector Performance - The energy sector saw a collective rise, particularly in hydropower and thermal power stocks, with notable gains from companies like Huayin Power and Shaoneng Shares [12][13] - The stablecoin, cross-border payment, and digital currency sectors showed strong performance, with several stocks reaching their daily limit up [9][10] - Conversely, the CPO, CRO, and innovative pharmaceutical sectors experienced a pullback, while 6G and communication sectors faced declines [4][5] Hong Kong Market - The Hong Kong market also faced declines, with the Hang Seng Index dropping by 0.45% and the Hang Seng Tech Index falling by 0.15% [6][7] - Major players in the food delivery sector, such as Meituan and Alibaba, saw significant drops, with Meituan falling over 2% amid intensified competition in the food delivery market [16][17] Stablecoin and Cross-Border Payment Trends - The stablecoin market is rapidly expanding, with a projected transaction volume of $26.7 trillion in cross-border payments by 2024, and the market for Real World Assets (RWA) expected to reach $16 trillion by 2030 [11] - The upcoming implementation of the stablecoin regulations in Hong Kong is anticipated to boost the market, with at least nine institutions expressing interest in obtaining licenses [10][11] Energy Sector Insights - The National Energy Administration reported a record peak electricity load of 1.465 billion kilowatts, indicating a significant increase in demand due to high temperatures [13] - Analysts recommend focusing on hydropower and thermal power stocks that are expected to benefit from the ongoing construction of a unified electricity market [15] Food Delivery Competition - The ongoing "food delivery war" has led to aggressive marketing strategies, including substantial coupon distributions by major players, resulting in a surge in orders for Meituan [21] - Despite the short-term losses, analysts view these marketing expenditures as a long-term investment strategy that may enhance marketing efficiency in the future [21]

Group 1 - The resurgence of RWA (Real World Asset tokenization) in 2024 is driven by the dual transformation of financial infrastructure and macroeconomic environment, particularly in a high-interest and liquidity-constrained global context [1] - RWA enhances the tradability and inclusivity of traditionally illiquid assets like bonds, real estate, and public service facilities by digitizing and fragmenting them through blockchain technology [1][5] - The maturation of underlying blockchain technology enables the entire process of asset confirmation, registration, custody, and circulation to be conducted on-chain, making RWA a key tool for reshaping global financial infrastructure [1] Group 2 - The current RWA trend is fundamentally a competition over global financial infrastructure standards, which define how assets are registered, confirmed, traded, and custodied [2] - RWA technology allows for the digital fragmentation of public service assets, enabling broader participation from individuals and small businesses in the benefits of these traditionally centralized assets [2] - Major players are vying for control over the digital registration, circulation, and settlement standards of these assets, positioning themselves as future gateways and pricing centers in the digital finance landscape [2] Group 3 - The globalization of RWA faces significant challenges from regulatory and technological dimensions, with varying standards across countries regarding cross-border regulation, data sovereignty, and privacy protection [3] - Recent regulatory developments in the US, EU, and Hong Kong have laid the groundwork for RWA, but a unified global compliance framework is still needed to facilitate international circulation [3] - The interoperability of multiple blockchain ecosystems presents a new challenge, requiring mature and secure cross-chain protocols for efficient asset transfer and settlement [4] Group 4 - RWA represents a revolutionary shift beyond being merely the "next ETF," as it reconstructs the underlying protocols for asset confirmation, registration, custody, and cross-border circulation [5] - This transformation allows traditionally centralized and high-barrier asset classes to be fragmented and standardized for global circulation and co-management, establishing a more open and inclusive "value internet" [5] Group 5 - In China, RWA presents a unique opportunity to integrate digital finance with real industries, supported by regulatory encouragement for compliant innovation [6] - The exploration of RWA in China is closely tied to practical applications in areas like supply chain finance, green finance, and urban infrastructure, enhancing liquidity and value realization of traditional assets [6] - To capitalize on this transformation, China needs a multi-faceted approach involving policy improvements, technological advancements, and innovative applications in public assets and industry rights [7]

Group 1: Industry Insights - The Hong Kong government aims to establish the region as a global innovation center for digital assets, as stated in the "Hong Kong Digital Asset Development Policy Declaration 2.0" [1] - The concept of Real World Asset (RWA) tokenization is gaining traction, allowing tangible and intangible assets to be converted into digital tokens on the blockchain, facilitating investment in fixed-income products and asset diversification [1] - Major financial institutions like BlackRock, Citigroup, and JPMorgan are actively participating in RWA projects, promoting the on-chain representation of diverse assets [1] Group 2: Market Trends - Analysts suggest that computing power leasing, similar to charging piles, could become the next integration point in the RWA industry chain, given its characteristics of market growth, clear yield transparency, and defined financing needs [2] - The RWA assets need to possess three key traits: being in a growth phase, having stable and visible yields, and a vibrant market with numerous participants to facilitate trading [1] Group 3: Company Developments - Xichuang Data has established 25 supercomputing centers globally and has signed contracts with major companies like China Mobile International and Yubida, providing services in cloud gaming and cross-border e-commerce [3] - Yitian Intelligent is deeply engaged in the computing power service industry, creating a comprehensive ecosystem that includes "smart hardware + computing power foundation + intelligent services" [4]

Core Viewpoint - The Hong Kong government has released the "Hong Kong Digital Asset Development Policy Declaration 2.0," outlining a new roadmap for the development of digital assets, emphasizing the importance of tokenization, particularly for Real World Assets (RWA) [2][3][4]. Group 1: Policy Framework - The declaration aims to position Hong Kong as a global innovation center for digital assets, transitioning from "virtual assets" to "digital assets," reflecting the industry's maturation [3][4]. - The "LEAP" framework introduced in the declaration focuses on optimizing legal and regulatory aspects, expanding tokenized product categories, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships [3][4]. Group 2: Tokenization and Regulation - The government is establishing a comprehensive regulatory framework for digital asset service providers, including trading platforms and custodians [4][7]. - The declaration includes plans to normalize the issuance of tokenized government bonds and provide incentives for RWA tokenization, such as clarifying stamp duty arrangements for tokenized ETFs [4][7]. Group 3: Market Development and Innovation - The government supports stablecoins and other tokenized projects, exploring the use of stablecoins as payment tools, which is expected to enhance the digital asset ecosystem [5][8]. - The total value of tokenized RWAs on public blockchains has reached nearly $23.4 billion, representing about 10% of the stablecoin market, indicating significant market potential [6][8]. Group 4: Future Directions - The Hong Kong government is actively promoting the tokenization of various assets, including green bonds and carbon credits, to enhance market accessibility and investor confidence [8][9]. - The declaration emphasizes the need for regulatory clarity to facilitate the growth of RWA projects, which are crucial for establishing Hong Kong as a digital asset hub [9].

Core Insights - The first "Web3 Artificial Intelligence and RWA (Real World Asset Tokenization) Industry Investment and Financing Ecosystem Matching Summit" was held in Hong Kong, focusing on the compliance paths and boundaries of asset tokenization [1] - The summit attracted participants from various sectors, including digital assets, real estate, and clean energy, highlighting the growing interest in RWA as a transformative financial technology [1][2] Group 1: RWA Market Potential - RWA is seen as initiating a third liquidity revolution in global financial markets, following securitization and ETFs, by providing new infrastructure through on-chain native protocols [1] - The most promising RWA assets are identified as those with stable cash flows, such as green energy credits and industrial real estate, which must align with jurisdiction-specific compliance protocols [1][2] Group 2: Hong Kong's Position - Hong Kong is positioned as a potential "primary clearing port" for RWA assets in Asia due to its unique legal system and complete financial settlement framework [2] - There is a growing trend of Middle Eastern capital establishing on-chain fund platforms in Hong Kong, indicating its potential role as a bridge between RWA asset tokenization and legal assurance [2] Group 3: Regulatory Challenges - The current landscape shows a mismatch between the rapid development of RWA projects and the slower pace of regulatory frameworks, raising concerns about systemic risks due to overly complex financial engineering [3] - The importance of integrating regulatory participation and judicial enforcement from the outset of RWA platform development is emphasized to mitigate risks [3] Group 4: Future Outlook - The summit reflects Hong Kong's ambition to become a "super connector" and "compliance bastion" in the global RWA landscape, but challenges remain in translating traditional financial and legal advantages into digital asset era benefits [3]