Article / Peter_Techub News | Source: Uweb Live Sharing Class
Amid the heat of Hong Kong FinTech Week, the Hong Kong Registered Digital Asset Analysts Association (HKCDAA) and Uweb jointly hosted the eighth live broadcast of the "Digital Asset Analyst Elite Forum" on November 6 from 8:30 PM to 9:30 PM. This online event attracted hundreds of digital asset practitioners, candidates, and investors, focusing on the currently hot topic of Real World Assets (RWA). The host was Wang Hongbin, the Executive Secretary-General of the association, and the special guest was Dr. Wu Dayou, CEO of Youxu Group, distinguished expert at the National Strategic Research Institute of National Chiao Tung University, and visiting lecturer at the Chinese University of Hong Kong.
Dr. Wu, with his unique identity as a "practitioner + academic expert," analyzed the dual-track regulatory framework for Hong Kong's RWA, a complete implementation roadmap, and market evolution trends, combining domestic data asset exploration with Hong Kong's RWA implementation experience. After the public session, the exclusive segment delved into the case of HSBC's gold tokenization, revealing how traditional financial giants embrace Web3. Below are the core highlights of this sharing, distilled from a media perspective, aimed at providing forward-looking insights for industry practitioners.
Hong Kong RWA Dual-Track Regulation: Compliance First, Prudent Opening
As a global Web3 hub, Hong Kong is steadily advancing RWA development with a "dual-track" regulatory model. Dr. Wu hit the core point at the beginning: unlike the cautious "window guidance" for mainland Chinese securities firms, Hong Kong's RWA regulation emphasizes a dual-track path of "primary market issuance + future secondary market trading," aiming to balance innovation and risk prevention.
"Track One" focuses on primary market issuance, viewing RWA as "new types of bond issuance" or "pre-IPO." Before issuance, companies must complete strict structural designs, including capital structure assessment, asset authenticity verification, and debt repayment capability proof. Dr. Wu emphasized: "Compliance is the threshold; lawyers and review units are indispensable." The on-chain process must ensure that smart contracts and oracles have no penetration risks, and data and capital flows must break through the compliance barriers between the mainland and Hong Kong. Ultimately, the issuance plan is submitted to the Hong Kong Securities and Futures Commission (SFC) for review, a process that is time-consuming and requires multiple proofs, often necessitating the construction of an asset pool, drafting of fundraising documents, finding underwriters, and signing domestic and foreign legal documents.
"Track Two" targets secondary market virtual asset trading (VATP). Dr. Wu revealed: "Hong Kong has recently explored opening the secondary market, which may start as early as the beginning of next year or at the latest mid-year." The licensing system is key: the enhanced Type 9 license (asset management) is the mainstay for RWA issuance; enhanced Type 1 (securities trading) and Type 7 (providing automated trading services) are applicable to private/public offerings; the VATP license will pave the way for future virtual currency trading. Dr. Wu warned: "Licenses are not panaceas; the head effect dominates the market. Issuers prefer large institutions like HashKey and OSL due to their stronger asset capabilities and experience."
Unlike the mainland's "cautious view," Hong Kong's "dual-track" reflects a "full-force" push. Dr. Wu quoted a recent statement from the People's Bank of China: "There is no prohibition, only prudence." This injects confidence into RWA, avoiding the blind craze of "everything can be RWA," and shifting towards asset effectiveness and stable cash flow.
RWA Implementation Roadmap: From Data Assetization to Digital Financialization
The implementation of RWA is not a "quick success." Dr. Wu outlined a clear roadmap: readiness > compliance review > issuance execution > market circulation. The core lies in the "underlying narrative"—whether the asset carries the interests of investors and generates actual dividends.
Step One: Asset Assessment and Digital Transformation. Dr. Wu candidly stated: "Out of 10 companies inquiring, 9 fail self-assessment." Insufficient issuance volume is a pain point; for example, a company with an annual profit of only ten million may find the issuance fee (which reached 10 million HKD in the Harmonize case) a stumbling block. High-quality RWA requires an annual yield of >10% (6% is not discussed) and must possess "digital twin" characteristics: operational data is linked to the chain in real-time, penetrated by oracles, achieving risk prediction rather than traditional financial post-execution. Photovoltaics and charging piles are easy to implement due to their strong real-time data; agricultural products and IP need to complete digitization first (e.g., global vending machine data aggregated into consumption index APIs to form stable income).
Step Two: Compliance and License Connection. Domestic assets need to establish a carrier platform, ensuring cross-border data/capital flow compliance. Dr. Wu shared his practice: "We engage daily with gold mine and computing power projects, with the core question: Is the asset in place? Is the cash flow stable?" Listed companies can use RWA for market value management (e.g., Kaisa's stock price soared by 350%), but small and medium-sized enterprises must first achieve industrial digitization and digital industrialization.
Step Three: Issuance and Circulation. The primary market targets qualified investors (individuals with 8 million HKD deposits, companies with 40 million assets), facing significant liquidity challenges. Dr. Wu optimistically predicted: "After the secondary market opens, RWA will shift from 'one-time issuance' to continuous trading, avoiding the game of hot potato." The preparation for enterprises is not a funding issue (funds can lead), but rather vision: evolving from "Real World Assets" to "Real Idea Assets" (RIA), covering music copyrights, game IP, and intangible cultural heritage products—the premise being digitization + stable income.
Dr. Wu emphasized: "RWA is a mainstream narrative for 20 years, with Blackstone predicting a 30 trillion market. But China's path is steadier: real entity digital transformation, obtaining real data and profit-sharing rights for issuance." This aligns with the national policy of "finance + entity," avoiding the financial logic of "securities tokenization" seen in the U.S., and shifting towards sustainable empowerment.
RWA Market Evolution and Trends: From Scarcity of Quality Assets to Secondary Market Rollout
The RWA market is evolving from a "frenzy" to "maturity." Dr. Wu analyzed: currently, quality projects are limited (photovoltaics, gold, etc., have been fully tapped), and Hong Kong is opening non-standard products (such as accounts receivable) while exploring the gold secondary market. Three trends:
Policy and Technology Orientation First. Green finance, nuclear fusion, and space computing are highly favored in cutting-edge fields. Charging piles/photovoltaics are attractive in the short term, but may shift to new energy in two years. Agricultural products can be issued (e.g., Moutai), but require stable cash flow + data penetration.
Digital Twin Drives Liquidity. RWA liquidity stems from asset quality, not "pulling illiquid assets." The secondary market will support "secondary trading," driving cash flow circulation. Dubai has matured, and Hong Kong's follow-up will become a milestone in financial innovation.
Long-Term Optimism, China's Advantages Highlighted. Bitcoin hovers around 100,000 USD, Ethereum shifts, quantum algorithms threaten cryptocurrencies, and the global trend is towards the tokenization of real assets (stablecoins pegged 1:1). China's path of "industrial digitalization + digital industrialization" is more likely to gain confidence in the secondary market. Dr. Wu predicted: "In five years, RWA will transform into RIA, with IP/game tokenization becoming a new category. Enterprises will transform, utilize subsidies, and naturally gain funding."
Market pain points? Concentration at the top, national teams entering the field. Dr. Wu teased: "The core pain point is solving the difficulties in the issuance process, not licenses/exchanges." Innovators like Didi solve information asymmetry; RWA needs similar innovations.
Analyst Exclusive: HSBC Gold Tokenization—A Conservative Giant's Web3 Experiment
Shifting to the inner circle, Dr. Wu focused on HSBC's gold tokenization, dissecting this "conservative bank's" pioneering practice. HSBC's Hong Kong app launched a gold token product early, pegged to physical gold, enabling on-chain transactions and real-time settlements. Dr. Wu interpreted: "This is not just an experiment, but a strategic reserve exploration."
Background: Global gold prices fell back to 4,300 USD/ounce, but Eastern countries frequently act on reserves, and the concept of Hong Kong's "gold corridor" (gold + offshore RMB) is brewing. HSBC's model: physical gold is linked to the chain, with price/inventory data penetrated by oracles, ensuring 1:1 redemption. Advantages: KYC + centralized design, compliance risk avoidance; challenges: the secondary market is not open, and liquidity awaits the unbinding of secondary VATP.
Dr. Wu shared: "Gold RWA is not a short-term speculation, but a digital bridge to traditional reserves. In the future, it may link with CBDC, becoming a tool for RMB internationalization." This provides analysts with a practical benchmark: from asset assessment (gold cash flow stability) to issuance (SFC review + Type 9 license), costs are around several million HKD, with yield potential >10%.
Conclusion: RWA is More Than Financing; It is Industrial Upgrade
This elite forum served as a timely rain, reaffirming the essence of RWA amid market turbulence (U.S. stock stimulus, BTC correction): legitimate, transparent financial products, not speculative tools. Dr. Wu's sharing echoed Secretary-General Wang's viewpoint: "Regulation is not excessive, but rather to prevent explosions and protect investors. Industrial transformation + compliant issuance is the long-term path."
The HKCDAA announced simultaneously: the secondary/primary exams on January 31 are fully booked, and online training (basic knowledge + Hong Kong RWA practical) is hot on Saturdays/Sundays, with the Shenzhen offline workshop limited to 20 people. In the wave of digital assets, professional certification becomes the key to career advancement. Hong Kong's RWA is moving from "primary exploration" to "secondary prosperity"; those who grasp digital transformation will lead the trillion-dollar track.
Digital Asset Analyst (HKCDAA) Qualification Certification Exam Introduction
The Digital Asset Analyst (HKCDAA) qualification certification exam launched by the Hong Kong Registered Digital Asset Analysts Association aims to provide authoritative certification for practitioners in the digital asset field. The exam covers areas such as basic theories of digital assets, blockchain technology, investment analysis, trading tools, risk management, regulatory laws and regulations, and professional ethics, cultivating and certifying professionals with a global perspective in digital assets.
The exam has now been officially incorporated into the professional/vocational examination system recognized by the Hong Kong Examinations and Assessment Authority (listed on the Authority's official website) and is administered by the Hong Kong Examinations and Assessment Authority, alongside international authoritative exams such as HKDSE, CFA, and FRM, under a unified management system. This marks the exam's official authoritative recognition by the Hong Kong Examinations Authority, establishing its irreplaceable authoritative position in the digital asset industry and laying the foundation for the standardization and professionalization of talent in the digital asset field, which will inject more reliable professional strength into the Web3.0 industry.
The career development path after certification is broad, including directions such as financial institutions and investment companies, digital asset exchanges and Web3.0 enterprises, regulatory agencies and compliance departments, digital asset investment and wealth management, education and research institutions, etc. The applicable audience includes practitioners in financial institutions, digital asset practitioners, digital asset investors, regulatory agencies and compliance personnel, as well as students and beginners.
The fourth phase registration discount is here, with a fee of 9,000 HKD, and the registration fee is waived (a reduction of 300 HKD). Those who complete registration by September 12 will also receive a "High-Frequency Exam Point Online Course" (valued at 15,000 HKD). Registration is open until September 30, 2025, with the exam date set for December 20, 2025.
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