Caixin: Insiders Say HKMA Encourages RWA Cases in New Energy, Aviation, and Shipping Finance

BlockBeats News, August 17th. According to Caixin's report, overseas RWA issuance fundraising is in full swing, driven by uneven underlying asset quality, questionable transaction architecture and pricing, and opaque cross-border fund flows. The earliest domestic RWA cases in China are from Ant Group, all following the "onshore asset - Hong Kong securitization - global circulation" paradigm. In accordance with Hong Kong regulatory requirements, they have not been open to retail investors, only to institutions/professional investors, and there is no secondary market trading.

Industry insiders have stated that regarding underlying assets, the Hong Kong Monetary Authority encourages RWA cases such as new energy and aviation trade financing, but does not support real estate projects. Investors are mainly private equity firms, family offices, and wealth management institutions in Hong Kong. "International capital is limited, and Chinese investors are more likely to understand these projects."

Furthermore, according to Caixin's understanding, many RWA projects currently have limited actual fundraising capabilities. However, due to the quick issuance process and low threshold of RWA, it has attracted numerous enterprises hoping to achieve "coin-stock linkage." Some observers have pointed out that the current RWA's equity sharing mechanism has not taken into account the cost of the underlying assets, which may contradict basic economic logic.