Produced by PANews | Dialogue with Wang Yi, Deputy CEO and Chief Investment Officer of Southern Dongying: Hong Kong's largest ETF issuer enters RWA, tokenization of funds is just the first step The largest ETF issuer in Hong Kong, Southern Dongying @ CSOPAsset_ETF, launched its first money market fund tokenization product in early June this year. In this interview, Wang Yi, Vice CEO and Chief Investment Officer of Southern Dongying, systematically dismantled the timing, compliance framework, on chain technology path behind this product, as well as the possible next steps for RWA, Hong Kong dollar stablecoins, and traditional financial institutions to enter the market. At the same time, he also shared his judgments on AI CAPEX, semiconductors, and global technology asset allocation from an investment perspective. Highlights Overview: -RWA has entered the compliance implementation stage: Southern Dongying has chosen to launch tokenized products at this time, mainly due to the gradual maturity of Hong Kong's regulatory, custodial, licensed trading platforms and partner ecosystem. -Why start with money market funds? Against the backdrop of declining DeFi returns, the steady returns of traditional money market funds are becoming attractive to Web3 investors. -Tokenization is not "fully on chain": under the current framework, tokens are more responsible for voucher and record functions, and ultimately still rely on custodian bank bookkeeping as the benchmark. -Ethereum is the preferred main chain: the core reason is its high market acceptance and strong ecological compatibility. -The secondary market and Hong Kong dollar stablecoins are the next imaginative space: if future regulations allow trading, fund tokens may be extended to scenarios such as collateral and liquidity management, and become an important entry point for the application of Hong Kong dollar stablecoins. -AI remains the main global funding line: the key to the market still lies in the sustainability of AI CAPEX; In addition to Nvidia, bottleneck links in the storage, HBM, and semiconductor industry chains in Japan, South Korea, and Taiwan are also worth paying attention to. -Semiconductor opportunities extend downstream: compared to just looking at Nvidia, storage HBM， And the bottleneck links in the semiconductor industry chain of Japan, South Korea, and Taiwan may be more worthy of attention. timeline Why is the first tokenized product being launched at this time? Why choose Hong Kong dollar money market funds over stocks or bonds at 00:03:30? How does a tokenized fund operate? What are the differences between subscription, redemption, and returns compared to traditional funds? 00:10:45 The roles of Web3 wallets, compliant distribution, and licensed trading platforms Why choose Ethereum and ERC-20 at 00:12:00? Is it possible for tokenized funds to open up secondary markets and retail users in the future? Can redemption be done within 24 hours at 00:18:50? What are the limitations of traditional fund backend? Why are Hong Kong financial institutions accelerating their entry into RWA? How is the RWA market in Hong Kong different from the European and American paths? Can Hong Kong dollar stablecoins become an entry point for RWA trading at 00:30:50? How will tokenized products affect settlement cycles, liquidity, and TradFi/DeFi connectivity? 00:41:30 Investment mainline switch: AI CAPEX, semiconductor and global capital flow How do you view the sustainability of AI technology stocks?