[Finance: Three Types of Cross-Border RWA Businesses Feasible – Debt-Oriented, Equity-Oriented, and Gold-Based] According to *Caijing* magazine, the *Notice on Further Preventing and Handling Risks Related to Virtual Currencies* defines RWA tokenization as a new type of securities activity. This implies that securities intermediaries licensed in both mainland China and Hong Kong are likely to benefit. Analysts have pointed out that three types of cross-border RWA businesses are feasible: 1. Debt-oriented RWA tokenization, which refers to the tokenization of external debt. Its core characteristic is a clear term, with principal and interest repaid upon maturity. 2. Equity-oriented RWA tokenization, which is based on domestic equity and involves overseas quasi-asset securitization with equity-like characteristics. This typically includes dividends but does not have a fixed maturity date. 3. Other types of RWA tokenization, such as RWA tokenization businesses based on gold.