[Caixin: Overseas RWA Emphasizes 'Negative List' Red Line, First Domestic Pilot Case from Ant Group] Deep Tide TechFlow reports that on February 21, Caixin published an article titled 'Strict Regulation of Overseas RWA,' which revealed that the earliest domestic pilot RWA case came from Ant Group. Ant Group successively assisted companies such as GCL Energy Technology and Longshine Technology in completing RWA financing projects worth tens of millions to billions of RMB. Ant Group used the income rights of these companies' assets as underlying assets, tokenized them into standardized digital tokens through blockchain technology, and helped enterprises issue digital tokens for financing. These RWA projects followed the model of 'domestic assets—Hong Kong confirmation—global circulation.' According to Hong Kong regulatory requirements, they were not open to retail investors and were limited to institutional/professional investors, with no secondary market trading. Regarding what types of domestic assets are suitable for overseas RWA, individuals familiar with the policies stated that, in principle, any asset that meets regulatory requirements can qualify, but it must not belong to the asset categories listed on the domestic regulatory negative list. Some in the crypto community pointed out that high-quality domestic enterprises capable of pursuing overseas IPOs would not choose RWA; opting for RWA inherently means they cannot meet the listing requirements in Hong Kong. For domestic assets to engage in overseas RWA, it is necessary to first ensure the safety of the assets, funds, and information. Cross-border investment, foreign exchange management, and data security must pass through multiple relevant departments, and finally, the securities regulatory authority must approve the filing. During the filing process, case-specific considerations may also be taken into account.