According to BlockBeats news on August 17, as reported by Caixin, the issuance of overseas RWA fundraising is booming, behind which is the varying quality of underlying assets, doubts about transaction structures and pricing, as well as ambiguous operations regarding the inflow and outflow of funds. The earliest RWA cases in China came from Ant Group, all following the 'domestic assets - Hong Kong rights confirmation - global circulation' model, which, according to Hong Kong regulatory requirements, is not open to retail investors and is limited to institutional/professional investors without secondary market trading.
Insiders say that in terms of underlying assets, the Hong Kong Monetary Authority encourages RWA cases such as new energy and shipping financing, and does not support real estate projects. The main investors are private equity firms, family offices, and wealth management institutions from Hong Kong, while international capital is relatively scarce, and Chinese investors find it easier to understand these projects.
Additionally, according to Caixin's understanding, many RWA projects currently have limited fundraising capabilities. However, due to the fast issuance process and low threshold of RWA, many companies are eager to trace hopes of forming 'coin-stock linkage.' Observers point out that the current equity sharing mechanism of RWA does not consider the cost of related assets, which could violate basic economic logic.
