Since 2025, the Hong Kong capital market has sparked an unprecedented "RWA gold rush." Against the backdrop of the accelerated compliance process between the crypto industry and RWA (Real World Assets), a large number of Hong Kong-listed companies with traditional financial licenses, physical assets, or existing business foundations are embedding RWA tokenization into their core strategies, planning to embark on a journey of value reconstruction from "off-chain" to "on-chain." These companies are no longer satisfied with traditional asset operation models but are attempting to leverage blockchain technology to "awaken" dormant assets, endowing them with new liquidity and market value. From property giants to financial service providers and medical technology companies, listed companies across various industries are rushing into the new funding pool of RWA, collectively writing a new financial story.
- RWA Product Issuers: From "Dormant Assets" to "Liquid Tokens"
RWA product issuers anchor their core assets, activating existing assets through tokenization practices, enhancing their liquidity, and exploring new business models.
Coolpad Group: "Asset Activation" Experiment of a Property Giant As a company primarily engaged in the smartphone business, Coolpad Group has faced performance challenges in recent years, but it holds a significant amount of property assets (with investment property valued at up to HKD 3.151 billion by the end of 2024). To address the long-standing issue of its market value being below its net asset book value, Coolpad Group established the "Real World Asset Tokenization Division," planning to tokenize its two core property assets—the Coolpad Building in Nanshan, Shenzhen, and the Coolpad Technology Ecological Park in Songshan Lake, Dongguan. Coolpad's attempt is the most typical "asset activation" case in the Hong Kong stock market, promoting value release by providing a more objective fair pricing for assets through tokenization, indicating that RWA is used as a strategy to reshape valuation and activate dormant assets.
China New City: Focusing on Commercial Real Estate Tokenization China New City is primarily engaged in commercial real estate development, leasing, and hotel management, and its layout in the RWA field is also aimed at activating a large amount of existing assets (with investment property valued at approximately RMB 4.337 billion by the end of 2024). The company adopts a two-step approach: participating in the establishment of the "Hong Kong RWA Global Industry Alliance" and signing a service agreement with the licensed trading platform EXIO in Hong Kong, which will provide end-to-end commercial real estate tokenization services.
Delin Holdings: A Microcosm of Traditional Finance's "On-Chain" Migration Delin Holdings holds Hong Kong Securities and Futures Commission licenses No. 1, 4, 6, and 9, and its entry into RWA is not a new venture but an "upgrade package" for its traditional financial business. By subscribing to equity in the RWA fintech company Asseto, Delin Holdings plans to "go on-chain" with its existing asset management, securities trading, and family office businesses, and plans to tokenize part of its equity in Delin Building and managed fund assets, even exploring a new model of "compliance binding of shareholder identity and digital rights."
Guofu Quantum: A "Securitization" Catcher in Cross-Industry Transformation Guofu Quantum primarily provides financial services and actively lays out the quantum technology industry, formulating a dual-track strategy of "Quantum + Digital Assets." It has indirectly acquired shares in the RWA technology service provider Rtree through a wholly-owned subsidiary to tokenize its assets, including high-value artworks, trade receivables, and supply chain operation assets. Guofu Quantum's layout is not only to expand revenue but also to complete its "full value chain of digital assets."
- RWA Business Service Providers: "Enablers" in the Ecosystem
Business service providers typically span different industries, using tokenization as a tool. They do not stop at tokenizing assets but leverage their advantages in fintech, industrial resources, or compliance licenses to provide key technical and service support for the RWA ecosystem, playing the role of "enablers."
Huajian Medical: Building a Vertical RWA Ecosystem Huajian Medical's RWA strategy is unique; it not only focuses on asset tokenization but is also committed to building a vertical "IVDNewCo Exchange" ecosystem, with "high-tech assets in medical innovation drugs (NewCo)" and "intellectual property of medical innovation drugs" as core assets, and issuing the stablecoin "IVDDollar" (IVDD) to support it. Huajian Medical has established partnerships with BGI Genomics, HashKey Group, and Renhe Pharmaceutical, jointly planning to build the world's first vertical RWA trading platform in the over-the-counter drug field.
Yunfeng Financial: Building Institutional-Level "New Financial Infrastructure" Yunfeng Financial's main business is insurance and fintech, and its entry symbolizes the recognition of RWA by top traditional financial institutions. Yunfeng Financial's strategic route is not to tokenize a certain asset class but to directly invest in underlying public chains (such as Pharos) and collaborate with tech giants (such as Ant Group) to "co-build new financial infrastructure for RWA," exploring RWA tokenization in cutting-edge fields like ESG zero-carbon assets.
Jieli Trading Treasure: "Paving the Way" for RWA Infrastructure Jieli Trading Treasure provides financial trading platform services and holds Hong Kong Securities and Futures Commission licenses No. 1 and 7. Its RWA strategy is to enter the service segment of the RWA ecosystem by establishing joint ventures or partnerships, playing the role of "infrastructure provider." Jieli Trading Treasure plans to establish a joint venture with Frost & Sullivan and Jinzhou Holdings to become an authoritative RWA rating agency under the "Web3 and International Stablecoin Legislative System," and has reached strategic cooperation with Hong Kong-listed new energy company Boleton and licensed virtual asset company GCH to be responsible for the underwriting and distribution of RWA funds.
- The Deep Logic Behind Hong Kong-listed Companies' Rush into RWA
The motivations for Hong Kong-listed companies to enter RWA are diverse and intertwined, collectively forming the underlying logic of the RWA "gold rush."
Asset Activation, Breaking the Valuation and Liquidity Dilemma: A large number of Hong Kong-listed companies have long had market values below their net asset book values, with many physical assets on their balance sheets that have considerable book value but poor liquidity. RWA tokenization will establish a market-based real-time pricing mechanism for originally illiquid physical assets, allowing their value to be more objectively and timely reflected in the secondary market, helping companies reassess their market value and narrow the gap with net assets. At the same time, RWA can break down high-value, indivisible assets into smaller token units, significantly lowering investment thresholds and attracting a broader investor base, thereby enhancing asset liquidity. Essentially, RWA is a "new tool" for market value management.
Strategic Transformation, Weaving a "Lifeline" Amid Performance Decline and Industry Downturn: When a listed company's traditional business growth stagnates, seeking a second growth curve is a common need. RWA, as a frontier field at the intersection of the crypto economy and traditional finance, harbors enormous potential market space. Incorporating RWA into transformation strategies can help companies shed the negative image of their original industry downturn and redraw a new blueprint for "innovation and high growth" in the capital market. Moreover, RWA can not only activate existing assets but also give rise to new business models, such as issuing underwriting fees, asset management fees, and transaction fees, further enriching the company's revenue sources.
A New Narrative of "Backdoor Listing" in the Digital Age: In the Hong Kong stock market, backdoor listings are a common capital operation model. RWA is now giving this model a new narrative. Some small listed companies with lower market values (i.e., "shell companies") are actively entering RWA, not to develop RWA businesses but to use RWA to "reshape their identity." By embracing RWA, such companies can leap from being an ordinary or even poorly performing "shell" to becoming "pioneers in virtual assets" or "innovators in digital finance." This new identity will also attract new capital and shareholders interested in the crypto field, laying the foundation for the company's capital operations and business restructuring. Today, RWA tokenization is seen as a special capital operation model, providing a springboard for a new generation of digital asset projects to enter the capital market.
Conclusion:
RWA acts as a "bridge" connecting traditional finance and the crypto market. In addition to the aforementioned Hong Kong-listed companies, more than a dozen other enterprises, such as New Town Development, Kaisa Group, and Zhongyou Game, are also rushing to enter the field. The collective bet of Hong Kong-listed companies on asset tokenization injects new vitality into the Hong Kong capital market. However, the road from "intention" to "implementation" is still fraught with challenges. Most Hong Kong-listed companies are making "voluntary announcements" and clearly stating that they are "not legally binding" or "still in the exploratory stage," indicating that there are still many uncertainties in the implementation of RWA business, and this new financial path remains long and arduous.
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