Ant Group's digital assets enable Chinese companies to raise millions through RWA

Caixin published an article titled "Strict Regulation of Overseas RWA," revealing that the earliest RWA pilot case in China originated from Ant Digital Technologies, which helped companies such as GCL Power and Longxin Technology complete RWA financing amounting to tens of millions to hundreds of millions of RMB. Ant Digital Technologies securitized the income rights of these companies’ assets, splitting them into standardized digital tokens via blockchain technology to facilitate token issuance for financing. All these RWA projects follow the model of "domestic assets—Hong Kong verification—global circulation." In accordance with Hong Kong regulatory requirements, none of these projects are open to retail investors; they are restricted to institutional or professional investors and have no secondary market trading. Regarding which types of domestic assets are suitable for overseas RWA, a policy expert stated that, in principle, any asset complying with regulatory requirements is acceptable, as long as it is not on China’s regulatory negative list. Some in the crypto community noted that high-quality domestic enterprises capable of conducting an IPO overseas would not opt for RWA, as choosing RWA inherently means failing to meet Hong Kong listing requirements. For domestic assets to be used in overseas RWA, it is first essential to ensure the security of the assets, funds, and information, with approvals required from multiple relevant ministries overseeing cross-border investment, foreign exchange management, and data security, followed by filing with securities regulators—where each case is further evaluated individually.