Dr. Xiao Feng: RWA is Hong Kong's opportunity to become the world's second-largest financial center On February 12, Dr. Xiao Feng, Chairman and CEO of HashKey Group, pointed out at the 2026 Crypto Finance Forum held at the University of Hong Kong that Hong Kong's development of RWA is currently limited by the "exclusive rights" restriction on equity securities under Article 19 of Hong Kong's Securities Ordinance. He bluntly stated that if these restrictions are not amended to break the bottleneck, the market cannot grow significantly. Dr. Xiao emphasized that RWA is the key opportunity for Hong Kong to transform from "New York-London-Hong Kong" to "New York-Hong Kong-London," surpassing London to become the world's second-largest financial center. Additionally, he suggested that integrating DeFi would be highly beneficial, as expanding the market requires turning asset securitization into "tokenized asset securitization." He remarked that if Hong Kong misses out on the RWA wave, it would be a great pity to lose this chance for an upgrade.