Summary of the Fifth Live Broadcast of "Digital Asset Analyst Elite Forum": Legal Dissection of RWA Issuance and Prospects for Implementation in Mainland China

Content Source: Fifth Live Broadcast of "Digital Asset Analyst Elite Forum"

Content Organizer: Peter_Techub News

In the fifth live broadcast of the "Digital Asset Analyst Elite Forum," co-hosted by the Hong Kong Digital Asset Analyst Association (HKCDAA) and Uweb, Executive Secretary General Wang Hongbin hosted an in-depth dialogue with Lawyer Liu Honglin, founder of Shanghai Mankun Law Firm. The theme focused on the legal key points of RWA (Real World Assets) issuance, sharing the RWA issuance framework, considerations, and cases in Hong Kong and the United States during the public session, while the analyst-exclusive session explored the feasibility of RWA implementation in mainland China and asset selection. The broadcast emphasized the core role of compliance in the Web3 ecosystem, attracting numerous industry participants.

Public Session: RWA Issuance Framework and Global Practices

Lawyer Liu Honglin categorized RWA into three models based on market observations to help the audience clarify concepts. The first model is security tokenization, primarily linked to capital markets, such as mapping publicly listed company stocks to on-chain tokens (as practiced by the U.S. platform Meatpie), employing different compliance strategies for domestic and overseas clients to ensure tokens correspond to stock rights. The second model is a common practice in Hong Kong, based on high-quality mainland assets (such as Ant Group, Trip.com New Energy, and charging projects), which uses a "two chains and one bridge" structure to put data on-chain and issue tokens to qualified investors in Hong Kong (such as family offices or funds) as subscription certificates. The underlying assets of this model are non-standard physical assets, with weak secondary liquidity, primarily serving financing needs. The third model is more grounded, combining commodity pre-sales or membership rights, such as the Nanjing charging pile project issuing NFTs corresponding to consumption quotas, or Hainan Huatie Company distributing dividends to token holders, essentially a form of membership marketing rather than a pure financial product.

Regarding the issuance processes in Hong Kong and the United States, Lawyer Liu pointed out that Hong Kong provides a sandbox space, emphasizing the restrictions on qualified investors under SFC (Securities and Futures Commission) regulation, KYC/AML compliance, and data transparency on-chain. The U.S. framework is more mature, regulated by the SEC, and requires attention to securities laws (such as the Howey test to determine whether an investment contract exists), with processes including asset evaluation, token design, smart contract auditing, and exchange listing. Considerations include cost control (initially 7-8%, now reduced to 3-5 million RMB), risk disclosure, and avoiding illegal fundraising. In case studies, Ant Group projects achieved data digitization through IoT chips, successfully attracting overseas funds, but secondary circulation still needs improvement. Lawyer Liu suggested optimization directions: reducing structural costs, enhancing token liquidity (such as listing on exchanges), and warned that mainland listed companies without real business support are likely to face inquiries from the securities regulatory authority.

Wang Hongbin added that RWA needs to balance innovation and regulation; early high costs stem from institutional caution, but future improvements in circulation efficiency will drive widespread adoption. The broadcast also introduced the HKCDAA examination system: the third exam will be held on October 25, with a talent exchange event in the afternoon; registration for the fifth exam has started, scheduled for January 2026, with certificates issued by former SFC Chairman Liang Dingbang, and strong global job demand (over 10,000 new Web3 positions in Asia by 2025).

Analyst Exclusive Session: Feasibility of RWA Implementation in Mainland China and Asset Selection

The internal discussion shifted to mainland scenarios, where Liu Honglin believed opportunities still exist. Although regulations have tightened (such as restrictions on brokerage participation), the Shanghai Free Trade Zone is exploring funding channels, and under a stablecoin framework, foreign trade enterprises can experiment. He suggested that mainland enterprises should focus on strategic layout rather than short-term financial goals: if there are overseas projects (such as in Dubai), there is more freedom; domestically, they should start from user activation, avoid equity linkage, and shift to marketing expense subsidies to mitigate illegal fundraising risks. An example is the integration of cross-border payment tools with USDT receipts, using custodial wallets to achieve fiat-crypto conversion, serving B2B foreign trade.

Regarding asset selection, Lawyer Liu maintained a reserved attitude towards the idea that "everything can be tokenized," emphasizing three standards: first, projects that are easy to digitize (such as new energy charging piles and photovoltaics, which can be put on-chain through IoT chips); second, financial model validation (such as annualized cash flow returns of 10-20%, ensuring fundraising confidence); third, non-high-risk assets, avoiding abstract physical assets (such as farmland). He prioritized the new energy sector, which aligns with national strategy and has transparent data. Wang Hongbin agreed that equity tokenization will be a future highlight, but the current fixed income model is more conservative and requires patience to accumulate experience.

Conclusion: Compliance Drives Talent Transformation in Web3

This session highlighted the potential of RWA as a new financing tool, but compliance is a prerequisite. Mankun Law Firm's business covers criminal defense, dispute resolution, and commercial consulting, serving listed companies going overseas and the establishment of startup funds, with the team expanding to 50 members, indicating a significant gap. HKCDAA calls on practitioners to pursue certification to promote learning and seize the institutionalization wave. Participants can scan the code to register for the exam or contact assistants to jointly promote the construction of Hong Kong's Web3 ecosystem. The next session will discuss the financial and tax system, so stay tuned.

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