According to Caixin reports, behind the overseas RWA fundraising frenzy lies uneven asset quality, questionable structures and pricing, and gray operations for capital inflows and outflows. Ant Group's digital technology is one of the earliest cases in the country, with a model of "domestic assets - Hong Kong rights confirmation - global circulation," limited to institutional investors, with no secondary market. The industry claims that the Hong Kong Monetary Authority encourages projects in new energy, maritime trade financing, etc., but does not support real estate, with investors mostly being local private equity and family offices. Currently, many RWA projects can actually raise limited funds, but due to the fast issuance process and low thresholds, many companies are attracted to hope to form "coin-stock linkage."