On July 30, 2025, the Global RWA Data Industry Conference and the Launch Ceremony of the Hong Kong RWA Global Industry Alliance were grandly held at the Cyberport Conference Hall in Hong Kong, China. This conference was hosted by the Blockchain Professional Committee of the China Communications Industry Association, the Artificial Intelligence and Metaverse Industry Working Committee of the China Mobile Communications Association, the Token Economy Working Committee of the China International Economic and Technological Cooperation Promotion Association, the Hong Kong RWA Global Industry Alliance, the World Trade Joint Fund Association, and the Top 100 Listed Companies Forum, co-hosted by Shengna (Hong Kong) International Group Co., Ltd., and co-organized by Zhuhai Fudan Innovation Research Institute, Hong Kong Blockchain Association, Hong Kong Belt and Road International Cooperation Promotion Association, Guangdong-Hong Kong-Macao Greater Bay Area Biotechnology Alliance, MINAX Brand Exchange, and AIOT Research Institute, with support from Digital Economy Community, Maiyou Cloud Chain (Shenzhen) Technology Co., Ltd., Techub News, and Shanghai Jingzhi Information Technology Co., Ltd. The event, guided by the China Mobile Communications Association and the China Communications Industry Association, focused on "Real Asset Tokenization (RWA)", gathering global experts, entrepreneurs, and policymakers to discuss the compliant development, technological innovation, and international cooperation of RWA, aiming to promote the deep integration of physical assets and the digital economy, and to create a pioneering platform for global RWA ecological exchange and implementation. For those who could not attend the event in person, this article will review the day's activities, presenting its exciting moments and far-reaching significance.

**Speech by the Executive President of the China Mobile Communications Association: *Ni Jianzhong*

Ni Jianzhong delivered a speech on behalf of the China Mobile Communications Association, congratulating the successful holding of the Global RWA Data Industry Conference. He pointed out that RWA, through its transparent and efficient characteristics, breaks down the barriers to the flow of traditional assets, transforming the future cash flows of physical assets into divisible, priceable, and globally circulating digital certificates, reconstructing the logic of global value exchange, and becoming a new high ground for financial technology. As an international financial center and innovation hub, Hong Kong is an ideal soil for nurturing the RWA industry ecosystem. He emphasized that technology needs to be combined with scenarios and compliance, and proposed three suggestions: first, to establish a unified language across jurisdictions and technologies, elevating Hong Kong's experience to global rules; second, to promote renewable energy and carbon credits with a green foundation, reducing financing costs and supporting carbon neutrality; third, to achieve inclusiveness, allowing small and medium investors to share in the development dividends. The China Mobile Communications Association is willing to cooperate with the alliance, utilizing computing power networks, blockchain, and other technologies to transform real-world value into credible new momentum, and looks forward to the alliance integrating policy, technology, capital, and scenario forces to contribute Hong Kong and China's wisdom to the digitalization of global assets.

**Speech by the Vice President of the Hong Kong-ASEAN Economic Cooperation Foundation: *Feng Zhijian*

Former Legislative Council member of Hong Kong, Vice Chairman of the Stock Exchange, Executive Director of Bank of China International, Honorary President of the Gold Exchange, and Vice President of the Hong Kong-ASEAN Economic Cooperation Foundation Feng Zhijian spoke on behalf of the Honorary Chairman of the Hong Kong RWA Global Industry Alliance, thanking the organizers, guiding units, and global co-builders. He pointed out that RWA transforms the cash flows of traditional assets into divisible and globally circulating digital certificates, reshaping the logic of value exchange. Hong Kong, with its common law system, status as a free port for capital, and the upcoming stablecoin regulations, has unique advantages; the mainland has a complete industrial chain and data market, and the two interact to form a "Northern Data Flowing South, Hong Kong Standards Going Global" digital corridor, providing compliant and efficient financial support for the globalization of national industrial technology. The core of fintech lies in serving the real economy; RWA can activate traditional assets, reduce financing costs for small and medium enterprises, and drive global capital attention to green projects. The alliance will establish cross-jurisdictional technical standards, prioritizing the on-chain of renewable energy, carbon credits, and high-end manufacturing, helping Chinese technology and assets to go global in digital form, supporting the dual carbon strategy and new industrialization. As a "super connector" for the country's opening up, Hong Kong and Macao will serve as a bridgehead for the alliance, linking the Greater Bay Area to create a full-process service system, upgrading Hong Kong's experience to international rules, and contributing Chinese solutions to the digitalization of global assets. He wished the conference great success and hoped the alliance would connect globally and share the future.

Inauguration Ceremony of the Hong Kong RWA Global Industry Alliance

Dou Jun, Executive Secretary-General of the Blockchain Professional Committee of the China Communications Industry Association, introduced that the alliance relies on nearly a decade of accumulation by the China Communications Industry Association, which was established in 2016 as the first national-level blockchain industry association. In 2019, the association's representatives were interviewed by "Focus Interview," and in 2018, it initiated "Chain Reform," promoting the empowerment of the real economy by blockchain technology, closely related to the current RWA. Due to domestic policy restrictions on the financial attributes of blockchain, the alliance chose to develop in Hong Kong, leveraging its loose policies and the 2022 Virtual Asset Declaration 1.0 and 2023 Digital Asset Exchange License Policy to achieve the legalization and internationalization of mainland chain reform projects. In the second half of 2024, Ant Group and the Shanghai Digital Exchange project will boost RWA's popularity, and on December 5, when the alliance was established, Bitcoin broke through $100,000, marking a milestone in the industry. The alliance is now registered as the first RWA non-profit organization, with nearly 200 founding units and nearly a hundred experts with doctoral degrees, establishing 13 secondary committees dedicated to standard-setting and industrial regulation development.

Members of the Hong Kong RWA Global Industry Alliance Presidium and core members of the alliance pose for a group photo.

Core members of the Hong Kong RWA Global Industry Alliance pose for a group photo.

Keynote Speech: Co-Chair of the China Communications Industry Association, Blockchain Professional Committee — Yu Jianing

Yu Jianing, Co-Chair of the Blockchain Professional Committee of the China Communications Industry Association and President of Uweb, delivered a keynote speech at the Global RWA Data Industry Conference, focusing on the development trends of the RWA industry and the topic of Hong Kong Registered Digital Asset Analysts (RWA Talent Certification). He reviewed that since the release of the Virtual Asset Declaration in Hong Kong in 2022, the total market value of digital assets has increased from $800 billion to $4 trillion, with an additional wealth of over $3 trillion, making it one of the most promising growth areas after AI. The policy support and licensing regulation in Hong Kong have brought about approximately $1 trillion in capital inflow to the local market, but the implementation effect still needs to be strengthened. Yu Jianing believes that the establishment of the Hong Kong RWA Global Industry Alliance is a key node in promoting the empowerment of digital assets and blockchain technology for the real economy and facilitating the implementation of the industry. He analyzed that the RWA boom stems from the dual integration of "tokenized securities" and "securities tokenization," driving innovation in issuance methods, shifting from retail speculation to institutional allocation, and predicted that by 2030, the market value of digital assets could reach $20-30 trillion, Bitcoin may exceed $10 trillion, and the scale of stablecoins may increase to $3.7 trillion.

He emphasized that RWA enhances asset liquidity at low cost, transforming high-quality undiscovered assets into globally circulating "liquid gold," and through the logic of integrating consumption and investment, promotes new paths for enterprise growth and capitalization. The Hong Kong government promotes green bonds, and institutions like Bank of China International are laying the foundation for RWA development. He introduced that Uweb focuses on Web 3.0 and digital asset education, launching the Hong Kong Registered Digital Asset Analyst exam, co-operated by the Hong Kong Examinations and Assessment Authority and the association, covering financial content related to digital assets, distinguishing it from the technology-oriented exams in the mainland. This exam is offered in both Chinese and English, supporting employment and entrepreneurship, and through training, cultivates professional talent, helping Hong Kong become a global digital finance hub. Yu Jianing predicts that RWA will reshape the financial system, calling for the industry to pursue regularization and professionalization, and looks forward to collaborating with the alliance to launch research and training, congratulating the establishment of the alliance.

Signing Ceremony for Educational Training Cooperation between Uweb and the RWA Global Industry Alliance

At the signing ceremony for educational training cooperation between Uweb and the RWA Global Industry Alliance, President Yu stated: Talent is the cornerstone of industrial development, and the signing marks the beginning of profound cooperation between both parties. Yu Jianing signed an educational cooperation agreement with the alliance's co-secretary-general Shang Kun, indicating that the RWA industry is entering a new stage, which will promote the empowerment of blockchain for the real economy and drive the social and economic upgrade of Hong Kong, the Greater Bay Area, and even the global community. He thanked the alliance for its support, pointing out that the vigorous development of the RWA industry relies on the joint efforts of ecological partners, and every step from technological research and development to compliance construction requires collaboration. He looks forward to cultivating more talent through this cooperation to support the prosperity of the industry.

Award Ceremony: Chain Reform 2.0 - RWA Comprehensive Ecological Partner Award Ceremony

During the award ceremony for "Chain Reform 2.0 - RWA Comprehensive Ecological Partner Award," Secretary-General He Chao presented honorary plaques to several RWA ecological partners, including RWA Education and Training Base (Lunsha Technology Hua Qun, Shengna Group Yu Yueqiang, Jingzhi Information Zhao Lijing), RWA Project Due Diligence Center (Zhongzhou Law Firm Zhou Sheng, Huashang Law Firm Wen Ting, Yingke Law Firm Zhang Bin), RWA Industry Incubator/Accelerator (RWA GIC Li Haiming, Lunsha Technology Mu Xuan, Chengdu Science and Technology Innovation Employment Promotion Association Xie Hongmei), RWA Industry Incubation Fund (Lafite Capital Mao Zhibang, Ruiwa Technology Huang Yiming), RWA Issuance Trading Platform (RWA Group Fu Rao), and RWA Promotion Matrix (Al Chain Zhang Song, Shitou Culture Sun Jingwei, MetaEra Aron), marking a solid step forward in the construction of the ecological system.

Award Ceremony: Hong Kong RWA Global Industry Alliance Australia-New Zealand Center Award Ceremony

During the award ceremony for the Australia-New Zealand Center of the Hong Kong RWA Global Industry Alliance, Secretary-General Dou Jun and Deputy Director of the International Cooperation Committee Ms. Wen Hua took the stage together to witness the birth of the Australia-New Zealand Center. Secretary-General Dou officially presented the award to Ms. Wen and took a commemorative photo, marking another important milestone in the alliance's global layout.

**Keynote Speech: On-chain Data as the Core Driver of Web3 and RWA Development — *Liu Chen*

Liu Chen, Chairman of Shengna (Hong Kong) International Group Co., Ltd., Co-Chairman of the Hong Kong Blockchain Application Technology Association, and Vice President of the Hong Kong RWA Global Industry Alliance, pointed out in his keynote speech "On-chain Data as the Core Driver of Web3 and RWA Development" that data is the core value of the Internet era, especially in the decentralized era of Web3.0, where data has upgraded from an information carrier to a production factor, with its security, authenticity, and traceability laying the foundation for trust. Web3.0 has gone through four stages: conceptual germination (2008-2014), foundational construction, verification, and the current scenario expansion stage, aiming to lower technical thresholds and achieve mass application. On-chain data analysis, as a production tool, enhances productivity by making data transparent, breaking down information silos, and transforming passive records into active creation, serving as the basis for application implementation, scenario calibrator, and risk control firewall, balancing technological innovation and regulatory needs.

Liu Chen analyzed that on-chain data solves the trust issues of traditional asset tokenization, ensuring asset authenticity, reducing cross-chain collaboration costs, and promoting the efficient circulation of RWA within a compliant framework. In the AI field, data quality determines accuracy, and on-chain data analysis can also verify the authenticity of AI decisions. Shengna Group focuses on on-chain data analysis, developing a one-stop data on-chain system, analysis tools, and conference promotion platform to help enterprises achieve transformation from Web2.0 to Web3.0, design economic models, and optimize sales channels, supporting the development of RWA projects.

Inauguration Ceremony of the RWA Global Industry Alliance Brand Committee

At the inauguration ceremony of the RWA Global Industry Alliance Brand Committee, Wang Jianggong, Founder and CEO of Asiabrand Group and Founder of MINAX, Liu Xiaoying, Chairman of the Board of Long-term Holdings and Founder and Executive Chairman of MINAX, Zheng Xiaojun, Secretary-General of the World Free Trade Zone Federation and Economic Envoy of the President of Antigua and Barbuda, Lu Jun, Executive Director of the China Internet Association and Vice President of the Application Innovation Committee, Wang Ping, Executive Consultant of Realcoin and Chairman of the Asia-Pacific M&A Fund, Alihan Ekesan, Head of Payments at Klickl, and Deng Di, CEO of MINAX Trading Group attended together, marking an important step in the alliance's brand building and integrating industry resources to enhance the influence of the RWA brand.

Launch of the AIOT Global Artificial Intelligence and Internet of Things Industry Alliance

The launch ceremony of the AIOT Global Artificial Intelligence and Internet of Things Industry Alliance was grandly held, with Hu Guangyi, Executive Dean of the Hong Kong AIOT Research Institute and Chairman of Huashang Global, Ni Jianzhong, Founding Executive President of the China Mobile Communications Association, Xia Chuo, Strategic Consultant of Shutu Blockchain, Liu Xiaoying, Chairman of the Board of Long-term Holdings and Founder of MINAX, Li Jianwu, Brand Representative of Philips and Partner of Eagle Fund, Zhang Junyong, Chairman of the Goethe Foundation and Honorary President of the Hong Kong Blockchain Association, Deng Yongqiang, Deputy Director of the Artificial Intelligence Committee of the China Association of Small and Medium Enterprises, and Lu Jun, Executive Director of the China Internet Association and Vice President of the Application Innovation Committee participated together, marking a new starting point for the deep integration of artificial intelligence and Internet of Things technology with the RWA industry.

China Mobile Communications Association X Hong Kong AIOT Research Institute X Long-term Holdings

At the signing ceremony between the RWA Global Industry Alliance and MINAX Capital, both parties aim to promote efficient docking of industrial resources and global expansion of brand value. Deng Di, CEO of MINAX Capital, and Li Haiming, Deputy Chairman of the Ecological Committee of the Hong Kong RWA Industry Alliance, took the stage to sign the agreement and took a commemorative photo, marking a new starting point for their cooperation.

RWA Global Industry Alliance X MINAX Capital

At the signing ceremony among the China Mobile Communications Association, Hong Kong AIOT Research Institute, and Long-term Holdings, Hu Guangyi, Executive Dean of the Hong Kong AIOT Research Institute, Liu Xiaoying, Chairman of the Board of Long-term Holdings and Founder of MINAX, and Ni Jianzhong, Founding Executive President of the China Mobile Communications Association appeared together, and the three parties signed a cooperation document, marking the breaking down of barriers between industry, academia, and research, accelerating the implementation of communication technology and smart IoT innovations. Subsequently, the three guests exchanged cooperation documents amid warm applause and took a commemorative photo, highlighting a new starting point for win-win cooperation.

Keynote Speech: Development and Reflections on RWA and Stablecoins — Wu Jianlin

Wu Jianlin, Vice President of the Green Development Research Institute and General Manager of the Green Technology Center, pointed out in his keynote speech that RWA transforms physical assets (such as real estate, bonds, and commodities) into programmable, divisible, and tradable digital tokens through blockchain technology, breaking through traditional financial thresholds and enhancing transparency and efficiency. Compared to the T+2 settlement and high thresholds of traditional finance, RWA achieves 24/7 trading with a minimum threshold of $1 and reduces reliance on third-party audits through on-chain transparency. The market size of RWA is rapidly growing, increasing from $5 billion to $25.3 billion in 2023 (excluding stablecoins), with private credit accounting for $15.1 billion, commodities $1.8 billion, U.S. Treasury bonds $6.8 billion, and stablecoins approximately $250 billion also falling within the RWA scope. Assets suitable for RWA need to be data-driven, standardized, and legally secured, with competitive yields. Technical challenges include privacy protection, cross-chain security, and smart contract vulnerabilities, which require industry collaboration to resolve. Wu Jianlin predicts that in the next 1-3 years, RWA will standardize products such as private credit and bonds, with long-term expansion into carbon credits and intellectual property, undergoing four stages: pilot, regulatory shaping, technical standardization, and market popularization.

Roundtable Forum: RWA Standards, Regulation, and Future

Moderator Zhou Sheng pointed out in the roundtable forum that the forum focuses on RWA standards, regulation, and future development, inviting regulatory experts, technology pioneers, and industry practitioners to discuss core issues. Guests shared insights from different dimensions: Lawyer Wen Ting emphasized that the mainland of China prohibits token issuance financing (Announcement 94), and domestic enterprises issuing RWA in Hong Kong need to establish SPVs, facing compliance challenges such as cross-border data, capital flow, and legal rights; Lawyer Yu Peiheng introduced from the Hong Kong perspective that RWA development needs to combine traditional finance (such as QFLP) with innovative models, gradually exploring compliance paths and focusing on investor safety; Ms. Liu Muxuan shared the RWA case of Zalen Technology incubating the Zhiji Automobile in China, achieving legal implementation through promotion and data compliance, emphasizing privacy computing and data going overseas from free trade zones; Mr. Wang Xiang proposed that RWA is not only a financial play of assets but can also be combined with industrial applications, using Web3.0 technology and smart contracts to promote a decade of industrial upgrading, indicating the compliance progress of stablecoins and RWA tokens in Hong Kong in August. The forum provided diverse perspectives on the legal, compliance, and industrial application of RWA development.

Launch Ceremony of the Trusted Assets and Digital Chain Finance Professional Committee of the China Mobile Communications Association

The launch ceremony of the Trusted Assets and Digital Chain Finance Professional Committee of the China Mobile Communications Association was grandly held as the concluding event of the morning agenda, marking a new starting point for the collaborative development in the field of trusted assets and digital chain finance. President Ni Jianzhong and Mr. He Chao were invited to the stage for a photo together, witnessing this important moment and laying the foundation for the future construction of the professional committee.

Chain Reform 2.0 - RWA Practical Book Topic

Representatives of the Expert Committee: He Chao, Zhou Sheng, Dou Jun

Mr. Zhou introduced at the release ceremony of the "Chain Reform 2.0 - RWA Practical Book Topic" that the book focuses on RWA, exploring how real-world assets achieve digital transformation through blockchain technology, bringing opportunities and challenges to finance and social economy. Chain Reform 2.0 promotes RWA tokenization, breaking traditional trading barriers, activating assets (such as new energy charging piles, smart manufacturing equipment, accounts receivable, and real estate rights), opening up financing channels, and attracting more investors to participate. As a carrier of Web 3.0 and decentralized finance, RWA enhances data-driven decision-making efficiency, connecting the real and digital worlds.

The book is divided into nine chapters: the first chapter elaborates on the characteristics of digital assets; the second chapter analyzes the characteristics of RWA; the third to fourth chapters discuss asset value and regulation; the fifth to seventh chapters focus on operations, ecological construction, and risk management; the eighth chapter showcases applications through case studies; and the ninth chapter looks to the future and proposes a roadmap. The book aims to provide a systematic perspective for finance practitioners, technology developers, scholars, and investors, promoting the integration of traditional industries and the digital economy. The book will be pre-sold on the RWA Industry Alliance mini-program. Mr. Zhou thanked the team and guests for their support, looking forward to the book becoming a guide for exploring RWA and witnessing the changes it brings together.

Release of the RWA Industry Development Self-Regulation Initiative

Lawyer Shao, Jiang Libing, Zhang Fei, Yu Peiheng, and other guests emphasized at the launch ceremony of the RWA Industry Development Self-Regulation Initiative that RWA serves as a bridge between the real economy and digital assets, and its compliance, security, and credibility are crucial to the vitality of the industry and global market confidence. The initiative was jointly guided by the Hong Kong RWA Global Industry Alliance and regulatory bodies (such as the China Communications Industry Association) and industry associations, integrating Hong Kong regulations with the needs of new economic development, aiming to standardize the healthy development of RWA.

Keynote Speech: The RWA Path of Traditional Chinese Medicine Industry — Mao Fengfeng

Mao Fengfeng, former researcher at the University Hospital Hamburg, Asia-Pacific partner of the National Center for Cell Activation in Germany, and Chairman of Changshengyuan Biotechnology, shared in his keynote speech the practice and thoughts of integrating traditional Chinese medicine into RWA (digitalization of real-world assets). The company uses ginseng as a breakthrough point, combining traditional medicine, modern medicine, and biotechnology to innovate products and structures based on land assets, addressing the challenges faced by traditional Chinese medicine in keeping pace with industrialization due to issues in the planting, processing, and standardization of medicinal materials. By acquiring over 1 million acres of wild ginseng bases and collaborating with Beijing Tongrentang, they ensure quality stability by adopting domestic and international standards (such as EU standards, GDP 18765-2015 version), developing standardized products and futures trading, using a 1/50 price model to evaluate assets, and enhancing returns through a model of proxy planting, management, processing, and sales. Mao emphasized that RWA needs to break down patent and national barriers, promote scientific progress, and reshape production relationships through technological iteration and social consensus, viewing RWA as a tool for recording civilizational progress.

Keynote Speech: The Path of RWA Going Global — Qin Guanhao

Qin Guanhao, founder of WOFE and ArtiMAX Sustainable Co-Creation Circle, shared his experiences and challenges in the global development of RWA in his keynote speech "The Path of RWA Going Global." As a former global strategy leader at HP and chairman of the Chinese Information Network Association in Silicon Valley, he combined Web3 and RWA to propose three trends: domestic dynamics, international changes, and conclusions. The global RWA market has reached $800 trillion, covering artworks, securities, real estate, etc., enhancing liquidity through on-chain rights confirmation and tokenization, but facing compliance and fragmentation challenges. Domestic cases such as Langxin charging piles and roadside grapes are driving the RWA boom, but the focus is on "Tokenization" rather than just the assets themselves. Qin reminded that RWA is not a panacea and must comply with local laws to avoid being misunderstood as a speculative tool. Internationally, the U.S. Genius Act and Hong Kong policies are leading, with Robinhood launching 24/7 asset securitization, and the EU carbon border tax (starting in 2026) affecting the flow of green assets. Stablecoins may potentially replace the digital dollar, allowing companies like Tesla or Walmart to control supply chains through stablecoins, showcasing a new model in the industrial chain. Qin analyzed the legal barriers between domestic alliance chain data and foreign public chain mapping, proposing that SPV bankruptcy isolation combined with ABS/STO (such as Hong Kong Bond Connect 2.0) could enable asset globalization, but cross-chain compliance needs to be addressed. Referring to the NFT staking model of Centrifuge from 2014 to 2017, he suggested that China could learn from overseas experiences. The conclusion, combined with Web3.0, emphasized the semantics and cloud studies of Tim Berners-Lee, the founder of Ethereum and the World Wide Web, driving AI and communication, supporting the industrial cloud universe (accounting for 70% of global value) and digital twins, thereby achieving data asset and financial innovation.

Keynote Speech: Analysis and Interpretation of Hong Kong's RWA Policies — Huang Mengying

Huang Mengying, President of the Blockchain Arbitrators and Experts Association, shared the policy framework and practical experience of Hong Kong's RWA development in her keynote speech "Analysis and Interpretation of RWA Policies." As a representative of Hong Kong's first blockchain-focused law firm, Huang mentioned that her team, through years of persistence, won the world's first large-scale blockchain lawsuit and was invited to share the case at the Legislative Council. She emphasized that RWA involves not only issuing tokens but also long-term cross-border legal regulation and community maintenance, requiring careful execution.

Lawyer Huang interpreted the types of tokens in Hong Kong: security tokens are regulated under the Securities Law, initially limited to institutional investors, and the secondary market requires certification; virtual assets may lack physical asset backing and must comply with the Anti-Money Laundering and Counter-Terrorism Financing Ordinance. Issuing RWA requires consideration of the project's location, the jurisdiction of the technical team and investors, and building a compliant legal framework, especially as Chinese assets need to cross borders through trust forms. Case one: Durian RWA is divided into three models—limited NFT purchases, future harvest tokenization, and land revenue rights, emphasizing market demand and continuous returns; case two: Dubai real estate RWA expands through rental income cycles, attracting investment; case three: biopharmaceutical patent RWA invests in clinical trials and obtains patent rights, ensuring long-term value.

Lawyer Huang suggested that RWA projects need to have continuous returns, cornerstone investor support, and community foundations; otherwise, they should not be recklessly advanced. She emphasized that Hong Kong's policies are gradually opening up, but the key to success lies in market acceptance and compliance design, welcoming further exchanges of flowcharts and details with interested parties.

Roundtable Forum: RWA Financing, Issuance, and Trading

In the roundtable forum "RWA Financing, Issuance, and Trading," moderator Zhao Lijing (Deputy Secretary-General of the Global RWA Industry Alliance and Founder of Valuechain) discussed RWA trading and issuance with guests Liu Xiaoying (Chairman of the Board of China Long-term Holdings and Executive Chairman of Minax), Sun Nan (Partner of Hong Kong Digital Asset Alliance Limited), Fu Rao (CEO of Shucang China and Deputy Director of the Technical Committee of the Hong Kong RWA Global Industry Alliance), and Zhang Fei (Executive Secretary-General of the Blockchain Committee of the China Communications Industry Association and Director of the Tianli Lithium Energy Digital Asset Center). Zhao Lijing pointed out that RWA achieves efficient circulation through asset digitization, breaking traditional investment barriers and allowing ordinary people to participate in core asset investments, similar to a non-traditional IPO listing model.

Regarding mainland enterprises issuing RWA in Hong Kong, Sun Nan proposed a path: through SPV (bankruptcy isolation) and QFLP structure, with costs around $150,000, initially limited to qualified investors in the primary market. Fu Rao added that non-financial RWA (such as ginseng and liquor) can reduce regulatory sensitivity, suitable for early markets, emphasizing the balance between returns and liquidity. Zhang Fei suggested that the association coordinate the asset rights confirmation and revenue stability of enterprises, promote benchmark cases, and connect with government regulation.

Liu Xiaoying analyzed institutional participation, emphasizing that Minax Exchange achieves brand asset tokenization (such as Tesla), combining stablecoins with fan economy to realize 24/7 global trading, requiring compliance and a long-term holding mindset. Regarding the liquidity challenges in the secondary market, Zhang Fei believed that market education, benchmark cases, and technological integration are needed, along with government communication to promote implementation; Fu Rao estimated that it would take 10 years to form a consensus; Sun Nan emphasized regulatory compatibility and valuation differences, advocating for steady progress; Liu Xiaoying promoted brand RWA to activate fan participation, relying on compliant exchanges to enhance circulation. The forum sparked intellectual collisions, promoting the development of RWA.

Launch Ceremony of the RWA Industry Fund

The launch ceremony of the RWA Industry Fund was grandly held in Hong Kong. Witnessing guests Sun Nan (Partner of Hong Kong Digital Asset Alliance Limited), Liu Xiaoying (Chairman of the Board of China Long-term Holdings and Executive Chairman of Minax), Pan Jinyuan, and Mao Zhibang participated in the sharing. Sun Nan emphasized that the fund will assist in the development of quality projects and explore quantitative arbitrage in the secondary market, requiring compliant participation; Liu Xiaoying pointed out the opportunity for traditional finance to enter, with the fund serving as a second profit point; Pan Jinyuan stated that Hong Kong's stablecoin policy is favorable for RWA; Mao Zhibang viewed the fund as a Pre-IPO tool, promoting 24-hour global exposure. Participants jointly promoted industry development.

Release of RWA Education and Training Program & Certification Ceremony for the First RWA Instructor Class

Shang Kun (representative of the RWA Education and Training Committee) introduced that offline training (in cities like Beijing, Shanghai, Guangzhou, Shenzhen, Hong Kong, etc.), study tours (in Hong Kong, the Middle East, Southeast Asia, Australia), and RWA instructor classes will be launched in the second half of the year, with details to be announced on the alliance mini-program. Subsequently, Shang Kun awarded certificates to the first batch of outstanding instructors, including Zhou Sheng (lawyer), Fu Rao (Deputy Director of the Technical Committee), Wen Hua, and outstanding lecturers Wang Xiang (RWA planner), Xiang Jun, Wen Ting (lawyer), Yang Chunyan, and Zhao Lijing (Deputy Secretary-General of the Alliance), marking a new step in talent cultivation and promoting the standardized development of the RWA industry. Attendees warmly congratulated and looked forward to more industry professionals participating.

Long Table Meeting on "Social Major Products and RWA Public Infrastructure"

And Launch of the Cooperation Topic on "Digital Economy and Internationalization of Chinese Product Technology"

Lawyer Shao (Executive Dean of the Wharton Economic Research Institute) defined social major products as inclusive finance and cross-border trade trust mechanisms at the launch ceremony of the long table meeting on "Social Major Products and RWA Public Infrastructure," emphasizing that RWA, as public infrastructure, can break down data barriers, enhance circulation efficiency, and improve the lives of billions. As the host, he, along with Chen Yihan (Executive Vice Chairman of the Guangdong-Hong Kong-Macao Greater Bay Area Biotechnology Alliance), promoted the integration of industry, academia, and research with digital infrastructure, launching a research topic focused on digital economy and technology internationalization. Lawyer Shao invited experts such as Wang Yu, CFO of Hong Kong Cyberport, and Wang Junyu from Fudan University to participate, emphasizing industry-academia-research cooperation, and thanked the support from associations in Beijing and Hong Kong, aiming to promote market economy and public utility development through RWA infrastructure and legal research.

At the "Social Major Products and RWA Public Infrastructure" long table meeting, moderator Chen Yihan (Executive Vice Chairman of the Guangdong-Hong Kong-Macao Greater Bay Area Biotechnology Alliance) and Shao Lu (Executive Dean of the Wharton Economic Research Institute) promoted RWA as public infrastructure to enhance inclusive finance, cross-border trade trust, and data circulation efficiency. Liu Yemin (CFO of Hong Kong Cyberport) introduced that Cyberport supports 280 Web3 companies, with a funding program of 500,000 HKD to promote tokenization and talent training. Wang Yu (Research Assistant Professor at City University of Hong Kong) promoted the "Kaise Road" project, using Web3 and AI to break tumor data silos and build a health management platform. Song Zhiguang (Professor at Tongji University) developed the A3 Chain, aiming for TPS over 100,000 and reducing on-chain costs. Professor Sun (Secretary-General of the China Mobile Communications Association) promoted Ephedra RWA, focusing on cybersecurity. Yang Zicong (from the payment industry) transformed machines into RWA, collaborating across multiple industries. Zhou Zhichong (Board Member of the Hong Kong Biomedical Innovation Association) emphasized that Hong Kong's regulatory framework supports the RWA ecosystem. Wang Junyu (Professor at Fudan University) ensured asset authenticity through the Internet of Things, promoting talent cultivation.

Launch Ceremony: Release of RWA Industry Development Guide 2.0

During the event of the "Hong Kong RWA Industry Alliance Artificial Intelligence Committee," Huang Yiming (Director) released the "RWA Industry Development Guide 2.0." He introduced that Guide 1.0 was globally launched on February 5, 2025, and is now upgraded to 2.0, integrating AI capabilities and focusing on three directions: policy interpretation, cross-border framework design, and case library disassembly. Director Huang suggested that attendees obtain the electronic version of 1.0 by searching for the "RWA Industry Alliance" mini-program, and the 2.0 version will further guide industry implementation, serve the general public, and promote RWA development.

Roundtable Forum Three: RWA Empowering Real Industries and Project Incubation

At the "RWA Empowering Real Industries and Project Incubation" roundtable forum, moderator Liu Chen (Chairman of Shena (Hong Kong) International Group Co., Ltd.) and guests Li Haiming, Xiang Jun, Hua Qun, and Xu Jingfei discussed how RWA can empower real industries. Core issues included: how pre-RWA enterprises should prepare and adapt to changes; how RWA can customize solutions based on the characteristics of industries such as manufacturing, agriculture, and cultural tourism to address pain points (such as depreciation risks in manufacturing, uncertainty in agricultural production, and seasonality in cultural tourism); and the impact of RWA on operational models, organizational structures, and corporate adjustment strategies.

Li Haiming (Head of Hong Kong RWA IC Incubation Institution) emphasized that RWA is not universal and requires customized incubation to address heavy asset depreciation and unstable revenue risks, needing investment advisory services to support transformation. Xiang Jun (Deputy General Manager of Shengda Hong Kong Group) believed that RWA expands participation and suggested that enterprises enhance awareness, embrace industrial upgrades, and reduce trial-and-error costs. Hua Qun (Hangzhou Lusa Technology) promoted RWA thinking, viewing it as a tool to change production relationships and achieve co-creation and shared prosperity. Xu Jingfei (Director of Zhuhai Fudan Innovation Research Institute) shared AIoT and green computing projects, emphasizing the combination of technology and scenarios to promote asset on-chain and data value realization. Participants explored the path for RWA implementation together.

RWA Trading Infrastructure Construction Planning and Release

Yuan Feng, Deputy Director of the Development Research Department of the Software Institute of the Chinese Academy of Sciences, released the "RWA Trading Infrastructure Construction Planning." Yuan Feng emphasized that RWA must ensure asset authenticity, traceability, and verifiability, and the technical platform should reduce issuance costs and provide full-process regulatory support, achieving low-cost, high-reliability services from asset selection to trading circulation through the Internet of Things and blockchain. He showcased mature technologies with examples such as food traceability and smart lamp posts, and highlighted the importance of transparency and data synchronization to enhance traditional financial risk control efficiency. Dou Jun, Secretary-General, added that RWA 2.0 focuses on financial product tokenization, and RWA 3.0 will promote the on-chain of physical assets, predicting that the market will reach $16 trillion by 2030, relying on cooperation with the Software Institute of the Chinese Academy of Sciences, Zhuhai Research Institute of Fudan University, and inviting participation from all sectors.

From Wall Street to On-Chain Street - RWA Reshaping the Global Asset Market

At the book launch ceremony "From Wall Street to On-Chain Street - RWA Reshaping the Global Asset Market," Hong Kong RWA Industry Alliance expert Li Zhengwen and Dou Jun (Secretary-General) appeared together. Li Zhengwen introduced that the book is divided into five chapters, approximately 200,000 words, providing a comprehensive overview from compliance perspectives, technical aspects, international cases, and future outlook, aiming to lead a revolution in RWA thinking. The book is available in both Chinese and English versions, covering paper, digital, and NFT formats, with global pre-sales through the Hong Kong RWA Industry Alliance mini-program. He likened the RWA trading infrastructure to the Hong Kong-Zhuhai-Macao Bridge connecting on-chain Wall Street, emphasizing its potential to reshape the global capital market and expressing the honor and excitement of sharing this innovation with attendees.

Keynote Speech: Spatial RWA Operating Model — Zhang Tao

In the keynote speech on the "Spatial RWA Operating Model," Zhang Tao, co-founder of Dream Alliance, revealed the core concept of the "Spatial RWA Operating Model." He pointed out that we are currently in the "Li Huo Yun" era of transitioning from industrial civilization to digital civilization, where RWA transforms real estate into tradable assets through asset fluidity, replacing traditional real estate appreciation models. Zhang Tao introduced the concept of spatial RWA, combining land, buildings, consensus, products, services, communities, and industries, using trusted DID or NFT identifiers and employing a multi-dimensional data matrix for recording. Space is defined as a fusion of physical, energy, and information, emphasizing cognitive enhancement and human-machine-object collaboration. He used the example of a 680-acre project in Lijiang to construct a digital nomad space, integrating game engines and stablecoin models to achieve value distribution and a closed loop. He predicted that by 2035, the market value of spatial RWA will reach $20 trillion, accounting for two-thirds of the total RWA market value, promoting ecological economic development and inviting participation from all sectors.

Keynote Speech: Digital Finance RWA and the Millet Economy — Chen Hanjing

In the keynote speech on "Digital Finance RWA and the Millet Economy," Professor Chen Hanjing, the first trustee of Fudan University, international auction house senior advisor, and advisor to the Green Bank Financial Alliance, shared in Cantonese, discussing RWA applications aimed at attracting millennials. He explained that the "Millet Economy" originates from secondary dimension peripheral products, citing Peckmat (valued at $240 billion) as an example of the world's third-largest IP company, predicting that its combination with metaverse technology will reach a trillion-dollar market value. Chen emphasized the high gross profit margin (64%) of the millet economy and national policy support, proposing the concept of "Cosmic Millet Economy," combining his team's experience in creating the world's first green financial bank alliance in Amsterdam and packaging experience in Thailand's new energy IWA. Unlike high-cost IWA, the millet economy benefits from the simplicity of MFT regulations and faster cash returns.

Xie Weijun: Hong Kong Leads RWA Asset Tokenization with Compliance and Technological Advantages

Hong Kong Legislative Council member Xie Weijun stated that the tokenization of real assets injects new momentum into the global financial landscape through blockchain technology. Hong Kong, with its mature financial system, comprehensive legal framework, and professional talent advantages, will become a core leader in this field. He emphasized that the Hong Kong stablecoin regulations will officially take effect in 2025, laying the foundation for the compliant development of digital assets in Asia; green finance, carbon credits, and cross-border data circulation have become highlights of Hong Kong's innovative practices.

Xie Weijun pointed out that Hong Kong will continue to promote regulatory innovation, creating a safe and vibrant ecosystem, and through industry-academia-research cooperation and international standard formulation, break through technological bottlenecks and expand its voice in the field of real asset tokenization. He called for global cooperation to jointly write a new chapter for the industry.

Conclusion

The establishment of the Hong Kong RWA Global Industry Alliance marks a new stage of standardization and internationalization for the RWA industry. The alliance will use Hong Kong as a bridgehead, linking resources from the Greater Bay Area and globally, promoting the formulation of RWA standards, technological innovation, and cross-border cooperation, facilitating the deep integration of real assets and the digital economy. In the future, the alliance will continue to explore the application of RWA in areas such as green finance, carbon credits, and real estate, contributing Chinese wisdom and Hong Kong solutions to the digitalization of global assets through compliance innovation and technological empowerment.

The Global RWA Data Industry Conference and the launch ceremony of the Hong Kong RWA Global Industry Alliance were successfully held, establishing a high-end dialogue platform for government, business, and academia, promoting global cooperation and practical implementation of the RWA industry. The successful conclusion of the conference is not only a new starting point for the development of the RWA industry but also a milestone in the integration of the digital economy and the real economy. We look forward to the alliance and global builders joining hands in the future to create a brilliant future for the RWA industry!

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