Behind the popularity of RWA projects: the quality of underlying assets varies and the trading architecture is questionable.

According to reports, the overseas RWA issuance fundraising is booming, but there are concerns about the quality of the underlying assets, the trading structure and pricing, as well as the ambiguous operations regarding fund inflows and outflows. The earliest RWA case in China comes from a certain company, which involves domestic assets - Hong Kong Equity Confirmation - global circulation model. According to Hong Kong regulatory requirements, it is not open to retail investors and is limited to institutional/professional investors with no Secondary Market trading.

Insiders say that in terms of underlying assets, the Hong Kong Monetary Authority encourages RWA cases such as new energy and shipping trade financing, but does not support real estate projects. The main investors are private equity firms, family offices, and wealth management institutions in Hong Kong, with less international capital involved. Chinese investors find it easier to understand these projects.

Currently, many RWA projects can only raise limited funds, but due to the fast issuance process and low thresholds of RWA, a number of enterprises are eager to trace the hope of forming a linkage between coins and stocks. Some observers point out that the current equity sharing mechanism of RWA does not take into account the costs of related assets, which may violate basic economic logic.