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

1. The financing cost of RWA in Hong Kong is relatively high

The current financing costs in the Hong Kong RWA market are high. In terms of financing costs, the financing costs for high-quality domestic enterprises through bank channels generally maintain in the range of 3.5%-4%, while the comprehensive cost of issuing RWA in Hong Kong (including issuance costs of 4-5 million HKD) reaches as high as 10%, showing a significant cost inversion phenomenon. Against this backdrop, the core demand for listed companies participating in RWA has shifted from simple financing to market value management. Typical cases show that a certain 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 RWAs are limited to participation by professional investors (PIs), and licensed trading platforms cannot open secondary retail markets. This restriction objectively promotes the formation of a “securitization first, tokenization follow” Web 2.5 model: enterprises must first convert assets into fund products regulated by License No. 9, and then undergo tokenization transformation through licensed institutions. Although this restricts liquidity in the short term, it creates opportunities for building a multi-tiered cross-border market system.

2. Multi-level Market Collaborative Architecture

The key to breaking the liquidity dilemma in the Hong Kong market lies in establishing a cross-border collaborative mechanism. For example, establishing a three-tier experimental framework among Mainland China, Hong Kong, and Singapore.

· The first layer is the domestic rights confirmation layer, where standardized processing of data assets is carried out on domestic data asset trading platforms. Asset preparation is completed through a sandbox mechanism to ensure operations such as core data rights confirmation within the country.

· The second layer is the offshore issuance layer, where licensed institutions in Hong Kong will package the processed data assets into compliant fund products, relying on license number 9 to complete private placement issuance.

· The third layer is the global liquidity layer, where Singapore leverages the RMO license advantage to undertake secondary market circulation, achieving compliant cross-border circulation through the China-Singapore international data channel.

The innovative value of this architecture is reflected in three dimensions: first, the domestic link strictly adheres to the data security bottom line, avoiding the regulatory risks of Document No. 38; second, Hong Kong leverages the professional advantages of licensed institutions, focusing on primary market issuance; third, Singapore opens up the secondary retail market, activating global capital participation.

III. Structured Financial Design Ideas

Simply putting assets on the blockchain cannot create effective financial products; it needs to move towards structured financial product design. Taking BlackRock’s operational model as an example, BlackRock combines short- to medium-term U.S. Treasury ETF with smart contract staking, ensuring a base yield of 6-8% while releasing floating premium space through native tokens. This model successfully attracts more than 30% of the demand for allocation of crypto-native capital.

The offshore support system is equally crucial. For example, it is possible to experiment with the VIE structure + FT account combination in the Hainan Free Trade Zone, achieving cross-border asset and fund loops under a physically isolated framework. Its “regulatory sandbox + whitelist network” design provides solutions for the circulation of sensitive assets. This model achieves the legal exit of asset rights through the VIE structure, constructs a firewall for fund flows using the FT account system, and simultaneously establishes dedicated network channels to overcome cross-border operational barriers.

4. Wall Street Step-by-Step Penetration Strategy

BlackRock’s tiered penetration strategy is worth highlighting. From Bitcoin spot ETFs (with a management scale of over $30 billion) to the tokenization of money market funds (BUIDL fund size surpassing $1 billion), and then to the collaboration with Circle to issue the stablecoin USDB, its development path reflects a coherent approach from the institutional market to the retail market. Even more disruptive is the institution’s plan to convert $11.6 trillion in medium to long-term assets into on-chain Liquidity through staking, which could reshape the global flow of funds paradigm.

Distributed Digital Identity (DID) systems constitute a strategic pivot. BlackRock clearly positions DID as the infrastructure for inclusive finance in its public documents, attempting to break down the 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.

5. Development Assessment and Path Selection

The RWA ecosystem in Hong Kong is currently at a critical overlapping stage of regulatory arbitrage window and model formation. The direction for breaking through presents three major trends: first, optimization of market structure, consolidating Hong Kong’s position in the primary issuance market, while forming a complementary relationship with Singapore’s secondary market. Second, upgrading product capabilities, shifting from simple asset tokenization to structured designs such as ABS layering and revenue rights penetration. Third, advancing digital infrastructure, accelerating the construction of foundational facilities like the DID system and smart contract clearing platforms.

For domestic businesses, the urgent priorities are: first, to innovate development models and establish a standardized process for “domestic asset preparation - offshore financial issuance”; second, to cultivate the ability to design cross-border structured products and form differentiated competitive advantages; third, to focus on the innovation of stablecoins and pledged derivatives to prevent the siphoning effect of foreign liquidity.

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