Original Title: "Ye Kai: Reconstructing Asset Liquidity - How RWA Reshapes Data Asset Management Models | China Data Asset Management 50+ Forum"
Original Source: Shanghai Data Exchange
I. High Financing Costs for RWA in Hong Kong
Currently, the financing costs for RWA in the Hong Kong market are high. In terms of financing costs, high-quality domestic enterprises generally maintain a financing cost of 3.5%-4% through bank channels, while the comprehensive cost of issuing RWA in Hong Kong (including issuance fees of 4-5 million HKD) reaches as high as 10%, with a clear cost inversion phenomenon. Against this backdrop, the core demand for listed companies participating in RWA has shifted from simple financing to market value management. A typical case shows that a technology company saw its market value rise from 6.7 billion HKD to 14.6 billion HKD within three to four months after issuing RWA.
The transitional characteristics of Hong Kong's regulatory framework are particularly prominent. According to current regulations, debt-type RWA is limited to participation by professional investors (PI), and licensed trading platforms cannot open a secondary retail market. This restriction objectively promotes the formation of a "securitization first, tokenization follow" Web2.5 model: enterprises must first convert assets into fund products regulated by License No. 9, and then undergo tokenization through licensed institutions. Although this restricts liquidity in the short term, it creates an opportunity to build a multi-tiered cross-border market system.
II. Multi-Level Market Collaborative Framework
The key to breaking the liquidity dilemma in the Hong Kong market lies in establishing a cross-border collaborative mechanism, such as creating a three-tier experimental framework among Mainland China, Hong Kong, and Singapore.
· The first tier is the domestic rights confirmation layer, where standardized processing of data assets is conducted on domestic data asset trading platforms, completing asset preparation through a sandbox mechanism to ensure core data rights confirmation and other operations domestically.
· The second tier is the offshore issuance layer, where licensed institutions in Hong Kong package processed data assets into compliant fund products and complete private placements relying on License No. 9.
· The third tier is the global circulation layer, where Singapore utilizes the advantages of the RMO license to undertake secondary market circulation, achieving compliant cross-border circulation through the China-Singapore international data channel.
The innovative value of this framework is reflected in three dimensions: first, the domestic link strictly adheres to the bottom line of data security, avoiding regulatory risks from Document No. 38; second, Hong Kong leverages the professional advantages of licensed institutions, focusing on primary market issuance; third, Singapore opens the secondary retail market, activating global capital participation.
III. Structured Financial Design Approach
Simply putting assets on the blockchain cannot form effective financial products; it requires a shift towards structured financial product design. Taking BlackRock's operational model as an example, BlackRock combines short- to medium-term U.S. Treasury ETFs with smart contract pledges, ensuring a base return of 6-8% while releasing floating premium space through native tokens. This model successfully attracts over 30% of the demand for crypto-native capital allocation.
The offshore supporting system is equally crucial. For instance, a VIE structure + FT account combination can be tested in the Hainan Free Trade Zone, achieving cross-border asset movement and closed-loop funding under a physically isolated framework, with its "regulatory sandbox + whitelist network" design providing solutions for the circulation of sensitive assets. This model achieves the legal exit of asset rights through the VIE structure, constructs a funding flow firewall using the FT account system, and establishes dedicated network channels to break through cross-border operational barriers.
IV. Wall Street Laddered Penetration Strategy
BlackRock's laddered penetration strategy is worth special attention. From Bitcoin spot ETFs (with a management scale exceeding 30 billion USD) to the tokenization of money market funds (with the BUIDL fund scale surpassing 1 billion USD), and then to the issuance of the stablecoin USDB in collaboration with Circle, its development path shows a seamless transition from the institutional market to the retail market. More disruptively, the institution plans to convert 11.6 trillion USD of medium- to long-term assets into on-chain liquidity through pledging, potentially reshaping the global capital flow paradigm.
The Distributed Digital Identity (DID) system constitutes a strategic pivot. BlackRock explicitly positions DID as the infrastructure for inclusive finance in public documents, attempting to break down barriers between institutional and retail markets through a verifiable credit system. The implication for Hong Kong is that the development of RWA should not be limited to the professional investor market but should proactively lay out foundational capabilities such as digital identity verification and on-chain settlement.
V. Development Assessment and Path Selection
The Hong Kong RWA ecosystem is currently at a critical juncture, overlapping between a regulatory arbitrage window and a period of model shaping. The direction for breaking through presents three major trends: first, market structure optimization, consolidating Hong Kong's position in the primary issuance market while forming a complementary relationship with Singapore's secondary market; second, product capability upgrades, shifting from simple asset tokenization to structured designs such as ABS layering and income right penetration; third, prioritizing digital infrastructure, accelerating the construction of DID systems, smart contract settlement platforms, and other foundational infrastructures.
For domestic businesses, the urgent tasks are: first, to innovate development models and establish standardized processes for "domestic asset preparation - offshore financial issuance"; second, to cultivate cross-border structured product design capabilities to form differentiated competitive advantages; third, to focus on innovations in stablecoins and pledge derivatives to prevent the siphoning effect of foreign liquidity.
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