Research on the Chinese RWA Trilogy—Langxin Technology Project 3 (Financing Cost Related)
Research on the Chinese RWA Trilogy—Langxin Technology Project 2 (Exploration of Project Defects)
Research on the Chinese RWA Trilogy—Langxin Technology Project 1 (On-chain Path)
This is the Chinese RWA trilogy—industrial standard asset case, the final part of Langxin Technology.
This kind of pure research on on-chain compliance paths is not very popular in the cryptocurrency world where everyone pursues hotspots, but through these three case studies, it can genuinely study the real ecology of China's RWA and voice for Build!
1⃣ Let's first take a look at the typical differences in on-chain aspects between different assets compared to the Malu project.
Basically, the current practice of China's RWA presents two differentiated paths.
One is the cross-border tokenization of the income rights of physical assets represented by Langxin Technology, and the other is the localization packaging of agricultural data assets led by the Malu grape project.
As for the tokenization projects of financial products, these types of assets were originally the most suitable for on-chain, but due to regulatory red lines, they have basically not appeared domestically.
Although both are crowned with the name 'RWA,' they form a distinct divergence in asset anchoring logic, compliance strategies, and liquidity design, reflecting the regulatory adaptability and industry compatibility differences unique to China.
(1) Asset anchoring: cash flow rigidity vs data premium elasticity
Langxin takes verifiable physical income rights as the core of token value, while Malu separates income rights into SPV equity structure, with its NFT only serving as consumption certificates, forming a disjointed state of 'income rights belong to shareholders, usage rights belong to users.'
(1) Liquidity mechanism: cross-border capital circulation vs local closed circulation
Malu sacrifices the financial attributes of the token in order to avoid (preventing the risk of token issuance financing announcement), with its NFT circulation restricted and lacking profit distribution functions; although Langxin is restricted by Hong Kong's SFO regulations (6-month lock-up period), it retains the possibility of on-chain transactions.
(3) Governance structure: on-chain automation vs centralized decision-making
The 'on-chain governance' touted by the Malu project is actually traditional centralized decision-making, while Langxin reconstructs the financing credit system for small and medium-sized operators through IoT data.
The Langxin paradigm verifies the feasibility of 'cross-border income rights isolation + off-chain compliance mapping,' at the cost of liquidity discount (10% issuance cost).
🏹 Both point to the core proposition of China's RWA—technology must serve the creation of real value under the regulatory framework, rather than idealized financial liberalization.
2⃣ Finally, let's look at the meaningful aspects.
Although it is sorry for the typical RWA projects, the current domestic projects are more like a castrated version of RWA, making it difficult for most native cryptocurrency residents to show interest, as it is more about capital participation, and ordinary people have no opportunity to participate.
But from another perspective, we can also see the positive side.
👊 The Langxin project provided key sandbox samples to the Hong Kong Securities and Futures Commission, directly promoting institutional updates.
Based on this project case, the Hong Kong Securities and Futures Commission revised the (Guidelines for the Issuance of Security Tokens) in March 2025, adding 'simplified disclosure provisions applicable to new energy infrastructure income rights' (Article 7.5b).
This lowers the tokenization threshold for new energy assets (such as charging piles), allowing for simplified information disclosure, thereby accelerating the cross-border securitization process for similar assets.
👊 The project successfully verified the compliance of cross-border capital flows, prompting the mainland foreign exchange management bureau to adjust policies.
The foreign exchange management bureau raised the pilot quota for Hainan QDLP (Qualified Domestic Limited Partner) to $5 billion (new policy in 2025).
Expanded the scale of offshore capital inflow, providing institutional support for cross-border financing of more domestic physical assets (especially in the new energy sector).
Nevertheless, I personally believe that China's RWA will definitely carve out a different path for the tokenization of real assets under strong regulation, which may not necessarily be globally open and circulating like typical RWAs such as ONDO.
But it can carve out a path that conforms to China's national conditions, after all, our ultimate goal is 'utilitarianism'.