Author: Nancy, PANews
In the current wave of global asset tokenization, Hong Kong is becoming a key experimental ground for on-chain asset deployment. Recently, the on-chain layout is also entering a period of accelerated evolution: on one hand, the Hong Kong government has launched multiple measures to promote tokenization experiments; on the other hand, several internet and traditional financial companies, including JD Technology, Futu Securities, Ant Group, and Guotai Junan, are actively advancing their RWA (Real World Asset) layouts.
According to PANews, many domestic companies holding physical assets are also taking action, seeking to put their assets on-chain for tokenized financing. The most common compliant solution is to confirm domestic assets on a consortium blockchain, then establish a holding entity in Hong Kong to control the domestic assets before issuing tokens for financing. These companies span agriculture, new energy, and real estate, and the essence of exploring RWA is still for financing, but currently, the RWA industry in Hong Kong is still feeling its way forward.
Hong Kong Accelerates RWA Development, Multiple Institutions Speed Up On-Chain Layout
The on-chain transformation of real assets is becoming a key pivot for the deep integration of TradeFi and crypto finance, with a "mutual pursuit" financial revolution accelerating in Hong Kong. In recent months, companies such as JD Technology, Ant Group, Guotai Junan International, China Carbon Neutral, and HashKey Chain have been deeply involved in RWA innovation and implementation through various paths, including stablecoin issuance, traditional asset tokenization, and RWA infrastructure development.
JD Technology: Issuing Stablecoins in Hong Kong, Advancing RWA Layout
According to Zero One Think Tank, JD Technology Group recently posted multiple RWA-related job openings on BOSS Zhipin, positioning it as a "strategic layout in the field of new energy and blockchain." The job openings include positions for Director of Asset Management System Products and Director of Solutions, primarily responsible for the design of asset management systems for new energy assets RWA, asset acquisition, and industrial implementation. Notably, JD has explicitly required that product design must seamlessly connect with JD's stablecoin and digital RMB. Additionally, JD Technology Group is also hiring for a position focused on "Overseas Financial Business Development," emphasizing the promotion of stablecoin business implementation.
In July last year, JD announced its entry into the stablecoin sector, planning to issue a stablecoin JD-HKD pegged 1:1 to the Hong Kong dollar. The reserves for this stablecoin consist of highly liquid and trustworthy assets, which will be securely stored in independent accounts at licensed financial institutions, with the integrity of the reserves verified through regular disclosures and audit reports. Currently, the project has officially entered the Hong Kong Monetary Authority's stablecoin sandbox pilot.
It is worth mentioning that JD's subsidiary, JD Coinlink Technology (Hong Kong) Limited, has also reached a cooperation agreement with Tianxing Bank, jointly established by Xiaomi Group and Shenchang Group. As a licensed virtual bank, Tianxing Bank will provide financial compliance support for JD's exploration of cross-border payment solutions based on stablecoins within the framework of the Monetary Authority's stablecoin sandbox. The bank is 50.30% controlled by Xiaomi Group and 44.11% owned by Futu Group.
To further advance its stablecoin strategy, JD announced in March this year the recruitment of a stablecoin policy researcher, requiring a strong financial background and policy research capabilities, focusing on domestic and international stablecoin policies and regulations, and maintaining communication with regulatory agencies.
Regarding the issuance of stablecoins, Dr. Shen Jianguang, Vice President of JD Group, pointed out in a recent speech that stablecoins represent a decentralized commercial issuance at the company level, with minimal fluctuations influenced by macroeconomic factors. The issuance of stablecoins by JD aims to further enhance JD's global supply chain and cross-border payment capabilities. Once approved for issuance in Hong Kong, stablecoins are expected to be implemented in multiple countries and regions, but must still comply with different national regulatory rules, such as the EU's MiCA requiring local company establishment and licensing applications, while Japan may accept issuance from Hong Kong. JD will actively promote global compliance layouts and build stablecoin infrastructure.
Ant Group: Advancing Technology and Scenarios, Accelerating RWA Layout
Starting in 2024, Ant Group has begun to accelerate its layout in the RWA field. In May, as one of the first participants from the private sector, Ant Group joined the Hong Kong Monetary Authority's Ensemble project sandbox, participating in the technical testing of tokenized deposits, exploring asset tokenization scenarios, and formulating industry standards, and subsequently hiring RWA architects in Hong Kong. Following this, Ant Group has frequently made moves in RWA applications, such as collaborating with Sui to promote RWA tokenization in the ESG (Environmental, Social, and Governance) field, successfully completing the first domestic RWA case involving 200 million RMB based on photovoltaic physical assets in partnership with green energy service provider GCL-Poly, participating in China's first green energy battery swap asset RWA project in collaboration with Conflux, and providing technical support for the global first battery swap physical asset RWA for Xunying Group.
While continuously expanding application scenarios, Ant Group is also deepening its technological foundation. For instance, in October last year, Ant Group publicly launched its "Two Chains and One Bridge" platform designed for RWA business, aimed at helping more domestic new energy assets go to Hong Kong for RWA, achieving technological empowerment of physical assets. In April this year, Ant Group's open-source next-generation blockchain virtual machine DTVM integrated the large language model development framework SmartCogent, while being fully compatible with the Ethereum ecosystem, eliminating language barriers for RWA scenario developers in cross-platform development.
Earlier this month, Ant Group launched the Layer2 blockchain Jovay for overseas markets, a high-performance trusted blockchain platform specifically designed for RWA transactions, supporting 100,000 TPS and 100 milliseconds response time. Jovay employs a dual proof system of TEE and zk, seamlessly connecting with Layer1 blockchains like Ethereum, facilitating the conversion of global new energy assets into tradable digital assets.
Guotai Junan International: Officially Launching Tokenized Securities Business Layout
On May 11, Guotai Junan International announced that, according to the Hong Kong Securities and Futures Commission's "Circular on Intermediaries Engaging in Tokenized Securities-Related Activities," it has submitted relevant business plans for tokenized securities distribution and digital bond issuance, both of which have been confirmed by the regulatory agency with no further issues.
The institution stated that Guotai Junan International submitted a wealth management-related business plan to the Hong Kong Securities and Futures Commission on January 21, 2025, intending to distribute tokenized securities or provide advice on tokenized securities to clients based on its existing securities trading foundation. The planned types of tokenized securities include structured products linked to multiple underlying assets (such as structured notes, over-the-counter derivatives), SFC-recognized funds and non-recognized funds, as well as bonds. The Hong Kong Securities and Futures Commission sent a confirmation email on May 7, 2025, indicating no further issues with the plan. Additionally, Guotai Junan International submitted a digital bond issuance business plan to the Hong Kong Securities and Futures Commission based on its existing bond issuance business, and in the future, it will be capable of serving as an overall coordinator, syndicate capital market intermediary, or settlement agent in digital bond issuance projects. The Hong Kong Securities and Futures Commission confirmed on April 2, 2025, that there were no further issues with this plan.
China Carbon Neutral: Planning to Promote Green Asset Tokenization
Earlier this month, China Carbon Neutral, a Hong Kong-listed company, announced that it has signed a strategic cooperation framework agreement with Gaolijie Holdings Limited (Gaolijie Group) to engage in equity cooperation, business collaboration, and other multi-field cooperation. According to the agreement, China Carbon Neutral will consider a strategic investment in Gaolijie Group's securities token issuance platform CSpro and jointly explore the development of innovative financial instruments in the green asset field under Hong Kong's legal and regulatory framework, promoting the implementation of green asset tokenization projects, including carbon assets.
HashKey Chain: Has Reached RWA On-Chain Cooperation with Over 200 Institutions
In March this year, HashKey Chain announced that the tokenized US dollar money market fund CPIC Estable MMF, initiated and managed by China Pacific Insurance Investment Management (Hong Kong), has been successfully deployed to HashKey Chain, with a subscription scale of 100 million US dollars on its first day of operation. Through deployment on HashKey Chain, CPIC Estable MMF can provide digital asset allocation tools for institutional investors. In the same month, HashKey Group announced that the tokenization plan for Hong Kong dollar and US dollar money market ETFs, jointly launched with Bosera Funds (International) Co., Ltd., has been approved by the Hong Kong Securities and Futures Commission (SFC). This is the world's first tokenized money market ETF and an important project for innovative exploration of RWA tokenization within the Hong Kong Monetary Authority's (HKMA) Ensemble sandbox project.
According to HashKey Eco Labs CEO Kay, as of now, the HashKey Chain team has engaged in in-depth connections with over 200 institutions, reaching RWA on-chain cooperation intentions across various fields, including traditional financial institutions, asset management companies, technology enterprises, and Web3 native projects. They are exploring the tokenization of traditional financial products such as money market funds (MMF), ETFs, and bonds, aiming to achieve 24/7 global market access, real-time trading, and enhanced capital efficiency through blockchain.
Wall Street Accelerates On-Chain, How Can Hong Kong Seize the New Heights of RWA?
Currently, the main driving force behind global tokenization innovation still comes from the United States. Traditional financial institutions on Wall Street, represented by BlackRock, Goldman Sachs, and JPMorgan Chase, are accelerating the inflow of traditional funds onto the chain through Bitcoin spot ETF channels and traditional asset tokenization.
At the same time, the U.S. is taking the lead in providing policy support, including the new SEC Chairman Paul Atkins, who recently stated at a crypto roundtable that the migration of securities from off-chain systems to on-chain systems is akin to the evolution of audio recordings from vinyl records to cassette tapes to digital software decades ago. This change is expected to fundamentally transform the securities market through new methods of issuance, trading, holding, and usage. The SEC must keep pace with innovation and assess whether the existing regulatory framework needs adjustment to accommodate the development of on-chain securities and other crypto assets. Additionally, regulatory agencies should establish a reasonable regulatory framework for the crypto asset market, formulating clear rules to regulate issuance, custody, and trading, while continuously cracking down on illegal activities.
In contrast, Hong Kong enterprises are relatively cautious in their development pace in the RWA tokenization field. However, it is well known that Hong Kong itself possesses rich financial resources, and its financial infrastructure, mature capital markets, and efficient regulatory system make it one of the global financial centers. As an innovative financial tool, tokenization, once RWA is promoted on a larger scale in Hong Kong, will demonstrate tremendous growth potential in traditional finance, further driving the deepening and globalization of Hong Kong's financial market.
The conservative attitude of Hong Kong institutions towards RWA tokenization mainly stems from the strictness of compliance requirements. The Hong Kong financial regulatory system emphasizes stability and compliance, ensuring that financial innovation does not compromise market stability and transparency. Therefore, how to achieve innovation while complying with Hong Kong's legal framework and regulatory policies is an important challenge faced by local institutions. As mentioned at the beginning of the article, some compliant paths have already been explored in practice; beyond compliance, the industry's focus on regulatory attitudes is due to the fact that policy trends directly influence the flow of funds. Currently, RWA assets are poised for action, and the situation of funds in the market is what everyone is paying more attention to.
However, Hong Kong is actually taking a proactive approach to tokenization policies. For example, the Hong Kong Monetary Authority (HKMA) has launched the Ensemble project, which aims to explore the feasibility of tokenized assets in practical application scenarios through sandbox testing, which is significant for promoting market understanding and application. In addition, Hong Kong is exploring a Hong Kong dollar stablecoin and is focused on establishing a regulatory framework for stablecoins, including the "Stablecoin Bill," which is scheduled for a second reading debate in the Legislative Council meeting on May 21. If the bill is passed, the Monetary Authority will expedite the approval process for stablecoin-related licenses, providing a clearer regulatory environment for the market. Moreover, Hong Kong government officials hold an optimistic view on the prospects of tokenization. For instance, the Secretary for Financial Services and the Treasury, Christopher Hui, has indicated that Hong Kong not only hopes to promote the tokenization of assets like gold but is also committed to integrating the real economy through digital finance.
Hong Kong also supports blockchain technology at a technical level. For example, according to news from the ThreeDAO public account, Dr. Xiao Feng, founder of Wanxiang Blockchain, suggested in a private conversation with Ethereum founder Vitalik that the Ethereum Foundation establish an office in Hong Kong. Dr. Xiao pointed out that blockchain developers are mainly concentrated in the English-speaking and Chinese-speaking worlds, and losing the Chinese market means losing important global developer resources. The technical departments, government agencies, and developer communities in China hold a respectful attitude towards Ethereum technology and suggest that the foundation should not distance itself from the Chinese market.
Now, with the participation of several leading companies mentioned earlier, it may bring confidence to more Hong Kong enterprises that are in a wait-and-see state, providing them with references and motivation for advancement.
In summary, as more and more global institutions accelerate the tokenization of financial assets, the development space for RWA is being further opened up, presenting important policy opportunities and development windows for Hong Kong. Therefore, in the face of increasingly clear policy directions and continuously maturing technological pathways, Hong Kong should moderately release innovative experimental space while ensuring financial stability and compliance, encouraging more traditional institutions to move from observation to practice, guiding more traditional financial capital into the market, and accelerating the localized development of the RWA ecosystem and its integration with the global landscape.
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