Author: Ye Kai, Huaxia Digital Capital

Treat the "cold wave" as a window period for secondary structuring, connecting assets and funds with a Web2.5 approach.

As winter arrives, the snow in the north and the cold winds from Hong Kong and Shenzhen remind us: market sentiment has indeed cooled down. The same goes for RWA. Since the rumors of "pausing RWA" began, the mainland has entered winter, and Hong Kong feels a bit of autumn chill. Some friends who were once very optimistic have started to become pessimistic: are RWA and stablecoins really not that optimistic anymore?

A more realistic problem is also in front of us: the compliance threshold is not low, and the market is not yet fully developed. Issuing an RWA can easily cost four to five million; for private enterprises, financing may not be in place, and they first have to pay a large "startup cost," which is hard on both their psychology and cash flow. This is not an isolated case. To be honest, several projects guided by Huaxia Digital Capital are stuck at the starting line, and at the root of it all is still a money issue: difficult financing + high upfront costs.

At this time, we need to set aside our emotions and return to the study of cycles. Any new paradigm will go through the Gartner curve: early overheating → necessary correction → entering a rational development period. Today's "cold" is not a retreat, but a "structured window period after the bubble has been squeezed out." The real question is not whether to do it, but how to do it now.

First, get the order right: do it correctly off-chain, and do it broadly on-chain

Over the past year, we have mentioned many times: the correct order for RWA is to first do it off-chain, then on-chain.

Clean up the assets, make them transparent and auditable, and use ABS/private REITs to package "off-balance sheet, layering, credit enhancement, custody" into a regulatory box; then extend this "daytime asset," which can be accepted by regulators and institutions, into a "24/7 liquidity network" through tokenization.

In summary: REITs turn "houses" into "stocks," and RWA further turns "stocks" into "global 7×24 digital assets." The first half is the work of traditional finance, and the second half is the work on-chain; only by combining the two can we create a replicable financing and trading path.

Don't just focus on breakthroughs in private enterprises: let "large assets" enter the market first, and costs will naturally come down

This round of "cooling" has coincidentally led to a stratification of client structures. Our target clients are shifting from mainly private enterprises to central state-owned enterprises and listed companies as anchors.

The reason is very practical: central state-owned enterprises and listed companies have large asset pools, more stable cash flows, ample credit enhancement space, and professional teams. Once they bring large-scale assets on-chain, both the RWA asset pool and the funding pool will be expanded simultaneously. Once the scale is up, the costs for issuance, legal, auditing, custody, and market-making will be shared; when the "highway is built," small and medium-sized enterprises can then come on board, making costs and risk control more friendly.

More critically, the internationalization of the digital renminbi is moving forward. The tokenization of physical assets in manufacturing and infrastructure is not only the foundation of RWA but also the real-world anchor for digital currencies and stablecoins. If this chain is firmly welded, the challenges of cross-border settlement and asset allocation will be broken down into controllable segments.

The pain points of funding and costs are not solved by "optimism," but by "structure"

The upfront costs of four to five million have stalled many projects. Instead of complaining, it is better to do a "same-direction binding" structural transformation of "costs—risks—transactions": package "due diligence—legal—auditing—rating—registration—market-making" into "segmented milestones + partial success deferral"; link the coupon rate/discount rate/market-making depth with the payment rhythm of service fees; incorporate credit for placement and co-investment arrangements into the terms; create a "shared responsibility and shared benefits" closed loop among intermediaries, issuers, and investors, just like ASB or REITs.

This is not idealism, but rather transplanting the experience of "success fees + sponsorship responsibilities" from the past investment banking world into the new RWA track.

Don't fear the "cold": cold means cleaner selection and purer signals

Looking back at 2023, when we were promoting RWA, almost everyone was hearing about it for the first time. Now it’s different; the foundational understanding in the market has been established. The current cold is not a return to zero, but an entry into "phased, step-by-step selection and implementation."

Those willing to do their homework in winter will get a head start in spring. Many central state-owned enterprises are now "doing without talking," researching and actively preparing; after the Two Sessions, the policy window is not expected to bring "slogans," but to push replicable processes and standards to a larger scale. At that moment, those who truly take off are the ones who persist in building their foundations during winter.

The Web2.5 approach: returning from capital markets to industry, then back to capital markets

We call this approach Web2.5: traditional finance in one hand, digital assets in the other, with an auditable structured bridge in between. Assets complete "daytime securitization" in REITs/ABS, and achieve "24/7 secondary expression" in RWA; exchanges discover prices during the day, while on-chain activities involve splitting, collateralizing, and rebalancing 7×24; stablecoins and digital renminbi handle cross-border settlements and collateral metrics.

This is not a conceptual action, but rather placing the efficiency of the secondary market and the sustainability of industrial cash flows on the same profit and loss statement. Risk control, compliance, returns, and liquidity are integrated into a structure familiar to traditional finance, making scale and replicability possible.

Replace "impulse" with "resonance": shift from doing a single deal to creating a production line

Instead of spending time and effort on a single deal that can be publicized as a "demonstration battle," it is better to set up a product factory—modularizing evaluation templates, legal terms, whitelist strategies, secondary market paths, and disclosure standards.

In this way, central state-owned enterprises/listed companies can generate "series assets" by industry or region; institutional funds can allocate "series shares" based on duration and risk preference; market-making and clearing can be continuously optimized based on unified indicators. What we pursue is not a "hit product," but stable production capacity on an assembly line.

Action is the best way to keep warm: take an extra step in the "cold wind"

During the market cooling period, it is most suitable to build in-depth content and standardized frameworks. Don't stop offline either: this Thursday (November 27), the Shenzhen RWA seminar will continue, and next month we will go to Hong Kong and Beijing.

The event registration page is attached at the end of this article. This forum focuses on "regulatory compliance—investment banking services—industrial upgrading—digital infrastructure," discussing the compliance issuance path for RWA, the integration of the Hong Kong capital market with the real economy; in the evening, there will also be an RWA "Resonance Night Talk." You are welcome to join us, and let’s warm each other up as we prepare for spring, so that when it arrives, we can all take off together.

Winter has come, but is spring far behind?

This is not a motivational piece, but rather an iron law of industry and capital. Cooling does not mean a cold scene; it simply turns down the noise, allowing the structured real issues to surface.

Huaxia Digital Capital will continue to focus on RWA: solidifying the foundation with ABS/private REITs, extending liquidity radius with RWA, and truly connecting traditional finance with digital assets through Web2.5.

When spring arrives, looking back at this winter, your mindset and actions will determine your standing. We are willing to work with you to light up the production line in the cold wind and create the next round of certainty in advance.

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