Mankun Research | Analysis of Key Legal and Compliance Considerations for Real-World Assets (RWA) in Hong Kong

Exploring the Future

With the rapid development of financial technology, traditional financial markets are gradually entering a new era of digital transformation. In this context, Hong Kong, as a leading global international financial center, is actively exploring the tokenization of real-world assets (RWA), striving to promote further development of financial markets through innovative technologies. The Ensemble project recently announced by the Hong Kong Monetary Authority (HKMA) is a concrete manifestation of these innovative efforts.

*Image source: Ensemble project documents

The first phase of trials under the Ensemble project covered four major themes: fixed income and investment funds, liquidity management, green and sustainable finance, and trade and supply chain financing. Through these trials, Hong Kong aims to consolidate its position as an international financial center while promoting exploration and development in new economic sectors. Among these trials, the deep involvement of Ant Digital Technologies has drawn significant attention, particularly in the case studies on green and sustainable finance and trade and supply chain finance, where AntChain’s blockchain and AIoT technologies have demonstrated substantial potential.

1. Case Study on “Green and Sustainable Finance”

By leveraging AntChain’s blockchain and AIoT (Artificial Intelligence + Internet of Things) technologies, the operational status of physical assets can be recorded in real time and the data securely uploaded to the blockchain. This technology not only enhances corporate asset valuation but also enables various participants to assess asset values and collaboratively manage risks, ultimately improving companies’ financing efficiency and accessibility. With the support of Ant Digital Technologies and the HKMA’s Ensemble project, Xindiantu, a subsidiary of Longshine Technology (a mainland China-listed new energy company) and the operator and service provider of a new energy digital platform, successfully secured the first cross-border financing backed by RWA (Real World Assets tokenization) in Hong Kong. In this transaction, certain charging stations operated on the platform were used as anchor assets for the RWA. The proceeds from this financing will be directed toward the energy storage and charging station industries within the new energy sector.

2. Case Study on “Trade and Supply Chain Finance”

Through the tokenized asset platform built by Ant Digital Technologies, the Global Shipping Business Network (GSBN) issued electronic bills of lading (eBL). In this process, HSBC, Hang Seng Bank, and Bank of China (Hong Kong) facilitated the settlement of the transfer of electronic bills of lading using tokenized deposits. Zhao Wenbiao, CEO of Ant Digital Technologies, attended the launch event organized by the Hong Kong Monetary Authority. He stated that Ant Digital Technologies was honored to be among the first participants in the Ensemble project, providing technology and solutions. With the support of the Hong Kong Monetary Authority, Ant Digital Technologies has been able to participate in various innovative projects and apply the digital technologies it has accumulated over the years. In the future, we will collaborate with more partners to launch diverse RWA projects, providing technical support for high-quality projects in China and globally, especially physical projects in the new energy sector, helping them access greater development opportunities. We also welcome like-minded partners to join us in exploring how new technologies can support the real economy.

Among the two thematic case studies mentioned above, the “Green and Sustainable Finance” theme, carried out through the collaboration between Ant Digital Technologies and Longshine Technology, has already achieved notable results. Therefore, this article will focus on analyzing and discussing this particular case study, exploring how RWA based on physical new energy assets can achieve cross-border financing through technological innovation, and providing an in-depth interpretation of the legal and compliance issues involved in this process.

RWA Based on Physical New Energy Assets

According to relevant reports by CCTV.com, Longshine Group and Ant Digital Technologies completed the first domestic transaction based on RWA tied to physical new energy assets (i.e., tokenization of physical assets) in Hong Kong, with an amount of approximately RMB 100 million.

As the operator and service provider of a new energy digital platform, Xindiantu, a subsidiary of Longshine, currently covers nearly 400 cities across China, collaborates with more than 1,800 operators, connects to over 1.4 million charging devices, and has registered more than 15 million users. In this inaugural RWA transaction, Xindiantu used certain charging stations operated on its platform as anchor assets for the RWA. Based on trusted data, it issued “charging station” digital assets on the blockchain, with each digital asset representing a portion of the revenue rights associated with the corresponding charging station.

AntChain, under Ant Digital Technologies, provides technical support to ensure the security, transparency, and immutability of on-chain asset data. This innovative approach significantly enhances the efficiency of asset management and risk control capabilities, while creating a clear and trustworthy green investment environment for investors.

Longshine Group stated that it will continue to empower the development of real-world assets (RWA) in the new energy sector with professional services, helping small and medium-sized operators enhance asset value and access convenient financing opportunities, thereby unleashing business growth momentum by bolstering long-term capital.

Industry experts believe that the financing model based on trusted on-chain registration of new energy RWA utilizes multiple technologies, including the Internet of Things (IoT), blockchain, and artificial intelligence. It provides a unique and innovative financing channel with broad development prospects for investors, builders, and operators of new energy assets. It also offers a new investment channel for global investors, including those outside mainland China, to invest in Chinese new energy assets, establishing a novel link between asset suppliers and capital providers. This innovative financing model for trusted on-chain new energy RWA will help revitalize high-quality existing assets for numerous small and medium-sized energy enterprises in China, such as energy storage and charging pile operators, improve the liquidity of heavy assets, form a virtuous cycle of investment and financing, accelerate the green transformation of China’s energy structure, and truly realize technology-enabled empowerment of physical assets. The injection of new capital will promote the intelligent and green development of new energy, supporting the construction and development of China’s new energy industry.

Although the initial phase of the Ensemble project focuses on specific themes such as green finance and fixed income, Mankun Law Firm predicts that it will expand to broader asset classes over time. As the Hong Kong Monetary Authority (HKMA) further refines its understanding of the tokenization of real-world assets (RWA), Ensemble has the potential to expand into areas such as real estate, trade finance, and intellectual property tokenization. A reasonable timeline for this evolution is likely within the next two to three years, consistent with the broader adoption curves observed in fintech innovation. This gradual expansion may impact Hong Kong’s financial ecosystem by further integrating tokenized assets into institutional frameworks and increasing liquidity in niche markets. Such expansion will not only contribute to building a robust RWA ecosystem in Hong Kong but also enhance investor confidence. With improved transparency and expanded access to tokenized assets, this development has the potential to consolidate Hong Kong’s position as a regional digital finance hub.

What are the key legal compliance considerations for RWA projects in Hong Kong?

Assets involved in RWA projects often span different jurisdictions; for example, Longshine Group’s new energy assets are located in mainland China, while financing activities take place in Hong Kong. This requires coordination between the laws of both regions. In mainland China, the asset management and financing of new energy projects must comply with local energy regulatory policies and financial laws, whereas in Hong Kong, they must adhere to local securities laws and financial regulatory regulations. Such cross-border legal coordination requires detailed legal due diligence before project implementation to ensure smooth progress.

1Compliance Issues Regarding Token Issuance under Hong Kong Law

Issuing tokens in Hong Kong involves compliance requirements across multiple legal levels. Particularly under the existing financial regulatory framework, issuers must handle the process with caution to ensure compliance with the regulations of the Securities and Futures Commission (SFC) of Hong Kong.

First, issuers must clarify whether their tokens possess the nature of securities.According to Hong Kong’s Securities and Futures Ordinance (SFO), the definition of securities includes shares, bonds, unit trusts, derivatives, and other forms. The SFC’s guidelines clearly state that if a token grants holders the right to share in corporate profits or participate in management, the token will be deemed a security. Therefore, the actual functionality of the token and the rights of holders are key considerations; formal design structures cannot circumvent the application of securities laws.

Once a token is classified as a security, the issuer must prepare and publish a prospectus or offering document that complies with the requirements of the Securities and Futures Ordinance. These documents should disclose in detail the nature of the token, risks, issuance method, the issuer’s financial status, and management information. Failure to comply with these disclosure requirements may result in the issuance activity being deemed illegal. However, in certain circumstances, such as when tokens are offered exclusively to professional investors or qualified investors, the issuer may be exempt from publishing a full prospectus. Nevertheless, even if exempt, the issuer must still comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.

Furthermore, if token issuance involves intermediary activities, such as arranging token sales or providing advisory services, the relevant entities or individuals may need to apply for appropriate licenses (such as a Type 1 license: Dealing in Securities) under the Securities and Futures Ordinance. Engaging in regulated activities without a license is considered unlawful and may lead to fines or criminal liability. As Hong Kong strengthens its regulation of the crypto assets market, virtual asset service providers (VASPs) must also ensure that their services comply with SFC requirements, including obtaining licenses and adhering to relevant regulations.

Investor protection is also a key consideration in token offerings. When selling tokens to investors, issuers must conduct investor suitability assessments to ensure that investors understand the investment risks and possess corresponding risk tolerance. Particularly stringent controls are required for retail investors to prevent investment losses arising from information asymmetry or insufficient investor education. Meanwhile, the Securities and Futures Commission (SFC) maintains a zero-tolerance policy toward market manipulation and false statements. Issuers must ensure that all public statements and promotional materials are true and accurate, and must not engage in misleading representations or exaggerate the potential returns of tokens.

Transparency and ongoing disclosure obligations are also key compliance requirements that token issuers must adhere to. Once a token is determined to be a security, the issuer must promptly disclose any material events or information, such as changes in financial condition or management, to ensure market transparency and protect investors' right to know. In addition, token issuers may be required to submit periodic reports to the SFC detailing the operational status, market performance, and compliance status of the tokens, thereby assisting regulatory authorities in monitoring market operations and preventing potential risks.

2、Foreign Exchange Management and Cross-Border Capital Flows

In cases involving cross-border financing, regulatory provisions on foreign exchange management and cross-border capital flows must also be considered. Real-world assets (RWA) projects based on new energy physical assets typically involve substantial cross-border capital flows. Under China's current foreign exchange administration regulations, cross-border capital flows must be conducted under the supervision of the State Administration of Foreign Exchange. Therefore, project sponsors must pay particular attention to compliance with foreign exchange management requirements, ensuring that relevant laws and regulations are not violated during the project financing process, thereby avoiding restrictions on capital flows.

We use a simple case study to illustrate compliance issues related to cross-border capital flows:

Suppose Xiao Ming owns a new energy company in mainland China that specializes in operating charging stations. To expand his business, Xiao Ming decides to raise capital through Hong Kong's financial markets.

Xiao Ming establishes a special purpose vehicle (SPV) in Hong Kong.

In cross-border financing, establishing an SPV is a common structuring approach. Under China's Company Law and relevant Hong Kong laws, enterprises may establish independent SPVs in Hong Kong for specific purposes, such as asset holding and financing.

By establishing an SPV in Hong Kong, Xiao Ming aims to tokenize his new energy charging station assets through the SPV and raise funds in the Hong Kong market. Through the SPV, Xiao Ming can flexibly manage assets and conduct financing while avoiding the complexities associated with conducting such transactions directly in mainland China.

Financing in Hong Kong through the SPV

Under Hong Kong's Securities and Futures Ordinance, the issuance of securities or tokens in Hong Kong must comply with Hong Kong securities regulatory requirements, including registration, disclosure, and investor protection obligations. Furthermore, token offerings may be deemed securities and must therefore comply with Hong Kong's securities regulatory framework.

Xiao Ming's SPV raises funds by issuing tokens linked to new energy charging stations. Xiao Ming must ensure that the issuance of these tokens complies with Hong Kong securities laws and regulations, including completing necessary registrations and disclosures with the Securities and Futures Commission (SFC) of Hong Kong, thereby safeguarding investors' rights and interests.

Remitting funds to mainland China

China’s Regulations on Foreign Exchange Administration provide that, when engaging in cross-border capital flows, enterprises must comply with the rules of the State Administration of Foreign Exchange (SAFE). In particular, where large-sum inbound remittances are involved, enterprises must submit relevant applications to SAFE, specify the intended use of funds, and obtain approval.

After Xiao Ming’s special purpose vehicle (SPV) successfully raised financing in Hong Kong, it needed to remit the proceeds to mainland China. Under the Regulations on Foreign Exchange Administration, Xiao Ming was required to file an application with SAFE, specifying the source of funds (financing raised through the Hong Kong market) and their intended use (expansion of new energy projects). Upon SAFE’s review and approval, Xiao Ming could lawfully remit these funds to mainland China.

Use and management of funds

In accordance with SAFE regulations, funds remitted from overseas by an enterprise are generally required to be held in designated special-purpose accounts (such as foreign exchange capital contribution accounts) and used strictly in line with the approved purposes. The enterprise may be required to report on the use of such funds to SAFE on a periodic basis to ensure compliance.

Once the funds are remitted to mainland China, Xiao Ming’s company must deposit them into a dedicated foreign exchange account and use them in accordance with the purposes stated in the original application—for example, to purchase new charging pile equipment or construct new charging stations. If the intended use of the funds changes, the company may need to make a fresh filing with SAFE and obtain renewed approval.

3、Cross-border data transfer and privacy protection

Cross-border data transfer is a highly sensitive area of compliance, particularly where data flows between mainland China and Hong Kong are concerned. When conducting cross-border data transfers, enterprises must simultaneously satisfy the regulatory requirements of both jurisdictions to ensure the security and lawfulness of such transfers. This encompasses not only technical measures for data processing, but also user notice, personal information protection, and compliance procedures. By strictly adhering to the applicable legal frameworks, enterprises can mitigate compliance risks associated with cross-border data transfer, safeguard user privacy, and ensure the lawful operation of their projects.

Regulatory requirements in the Hong Kong Special Administrative Region:

In Hong Kong, the Personal Data (Privacy) Ordinance (PDPO) is the primary legal basis governing the processing of personal data. The Ordinance sets out the basic requirements for enterprises when collecting, processing, storing, and transmitting personal data. In particular, for cross-border data transfers, enterprises should focus on the following aspects:

Lawfulness and transparency of data transfers.When transferring personal data to jurisdictions outside Hong Kong, enterprises must ensure that such transfers are lawful and transparently disclose to users the purposes of the transfer, the destination, and the identity of the recipient. Although section 33 of the PDPO has not yet been brought into force, it establishes, in principle, that without the approval of the Office of the Privacy Commissioner for Personal Data (PCPD), enterprises may not transfer personal data to jurisdictions whose level of personal data protection is lower than that of Hong Kong. Accordingly, enterprises must conduct due diligence to ensure that the data privacy protection standards in the recipient country or region are equivalent to or higher than those in Hong Kong.

User informed consent.Under the PDPO, enterprises must obtain users’ explicit consent before conducting cross-border data transfer. This means that enterprises must clearly explain to users how their personal information will be processed, the destination of the transfer, potential privacy risks, and other relevant information. If a user refuses to provide consent, the enterprise must provide reasonable alternatives or take measures to limit the scope and type of data transferred.

Data minimization and purpose limitation.The principle of data minimization requires enterprises to collect only the minimum amount of data necessary to accomplish a specific task when collecting and processing data. For example, an e-commerce enterprise should collect only the personal information required for a user to complete a purchase, and should not collect other data unrelated to the transaction. The principle of purpose limitation requires that data processing be confined to the purposes originally specified, thereby preventing misuse of the data.

Responsibilities of data processors.Hong Kong law requires enterprises to ensure that overseas data processors possess adequate privacy protection capabilities when selecting them. Enterprises must enter into legally binding agreements with overseas processors that clearly define their responsibilities. These agreements should cover technical safeguards, data breach response plans, and other matters, ensuring that overseas data processors adopt appropriate protective measures.

Data retention and deletion policies.The PDPO requires enterprises to establish clear data retention and deletion policies, ensuring that personal information is retained only for as long as necessary and securely deleted upon expiration of the retention period. For data involved in cross-border transfer, enterprises must also ensure that overseas processors comply with the same policy. For example, when a user requests deletion of their data, both the enterprise and the processor must take measures to ensure that the data is completely removed, preventing secondary leakage.

Regulatory requirements in mainland China:

In mainland China, cross-border data transfer is subject to strict legal regulation. The Cybersecurity Law, the Data Security Law, and the Personal Information Protection Law constitute the primary legal framework governing enterprises’ cross-border data transfers. These laws clearly specify enterprises’ responsibilities and obligations in protecting personal information and important data, particularly during data transmission and storage.

As a privacy-preserving and compliance-enabling technology, zero-knowledge proofs (ZKP) can effectively help enterprises meet these legal requirements.

First, mainland China requires enterprises to conduct rigorous security assessments and obtain users’ explicit consent before transferring personal information and important data across borders. These measures help ensure that the use of ZKP technology, while safeguarding data privacy, complies with regulatory requirements for cross-border data transfer. Enterprises must also sign legally binding agreements with overseas institutions receiving the data, ensuring that adequate security safeguards are applied to the data.

Second, enterprises must establish and improve robust compliance mechanisms, regularly record and audit cross-border data transfers, and promptly conduct risk assessments and compliance reviews to meet the regulatory requirements of mainland China and Hong Kong. This process enables enterprises to proactively identify potential risks and take corrective measures in the course of data processing and cross-border transfer, thereby ensuring compliant operations.

Regular Compliance Reviews and Risk Assessments:To ensure the long-term compliance of real-world assets (RWA) tokenization projects, enterprises need to conduct regular compliance reviews and risk assessments. As global data privacy protection laws continue to evolve, enterprises must continuously adjust their data management strategies to ensure that their data processing workflows comply with the latest legal and regulatory requirements. Particularly in Hong Kong and mainland China, zero-knowledge proof (ZKP) technology can serve as an effective tool to help enterprises address evolving privacy protection and regulatory challenges, ensuring their continued operation and growth in a strictly regulated environment.

Zero-Knowledge Proof ("ZKP") allows one party to prove the truth of a statement without disclosing any additional information, thereby achieving the dual objectives of data verification and privacy protection. This technology not only aligns with the data privacy regulatory requirements of Hong Kong and mainland China but also provides enterprises with an effective means to address compliance challenges.

In RWA tokenization, ZKP can be applied in the following areas:

Verification of asset ownership.ZKP can prove that an entity owns specific tokenized assets without revealing the entity's identity or other sensitive information.

Verification of transaction compliance.ZKP can prove that a transaction complies with relevant regulations and protocols without disclosing the specific details of the transaction.

User identity verification.ZKP can prove that a user's identity meets specific conditions (e.g., investor accreditation) without disclosing the user's personal information.

By adopting ZKP technology, RWA tokenization platforms can maximize the protection of user privacy while ensuring data security and transparency, thereby promoting the healthy development of the RWA tokenization industry. Furthermore, enterprises can leverage privacy-enhancing technologies, such as ZKP and hybrid chain technology, to address the dual challenges of data privacy and compliance requirements, thus ensuring data security and preventing the leakage or misuse of sensitive information during transmission.

4Tax Implications of Real-World Assets (RWA) Projects

Asset tokenization will bring a series of complex tax considerations for asset owners and investors, involving multiple aspects. First, the sale or transfer of tokenized assets may trigger capital gains tax or stamp duty, depending on the nature of the underlying assets. For example, the tokenization of real estate or financial assets may be subject to different tax rules respectively. In addition, due to the decentralized and global nature of tokenization, transactions involving such assets often involve cross-border activities, further exacerbating tax complexity. Cross-border tax issues may include withholding tax, double taxation, and how tax treaties between different jurisdictions apply to transactions in tokenized assets.

Furthermore, in certain circumstances, investors and companies may face issues regarding how to classify and report tokenized assets. For instance, whether tokenized assets are treated as securities, commodities, or currency has a direct impact on their tax treatment. Since tax compliance involves a wide range of regulations and rules, unclear regulatory guidance may expose companies and investors to significant fines or litigation risks, particularly in complex structures involving cross-border investors and different tax regimes.

Therefore, clear tax and regulatory frameworks for such assets are crucial to ensuring the smooth development of tokenized assets. Tax authorities in various countries will need to provide detailed guidance to help market participants better understand the tax treatment of tokenized assets, thereby reducing compliance risks and paving the way for tokenization innovation in the global market.

5、Legal Documentation and Dispute Resolution

In real-world assets (RWA) projects, clear legal documentation and effective dispute resolution mechanisms are key to ensuring the smooth progress of the project and the protection of stakeholders' interests. Given that RWA projects involve complex cross-border transactions and multiple parties, the accuracy and completeness of legal documents are particularly important. In addition, the design of dispute resolution mechanisms directly affects how disputes arising during project implementation are handled and resolved.

First, detailed legal contracts must be executed among all participating parties, clearly specifying the rights, obligations, and liabilities of each party.In RWA projects, contracts typically cover multiple layers, including the tokenization process of assets, the rights of token holders, the distribution of proceeds, and clauses on data management and privacy protection. The contract must clearly list the rights of token holders, particularly with respect to profit distribution, specifying the calculation method, distribution cycle, and various factors that may affect returns. In addition, the contract must include clear provisions on liability for breach of contract. If a party fails to perform its contractual obligations, the contract should specify in detail the legal liabilities and remedial measures to be borne by the breaching party. This not only helps reduce disputes arising from differences in understanding or performance issues during the operation of the project, but also provides a clear legal basis for all parties to resolve disputes promptly when they arise.

For parts involving cross-border transactions, legal documents need to pay special attention to differences in laws across jurisdictions.Since RWA projects may involve the laws of multiple countries or regions, the contract should clearly specify the governing law and the jurisdiction for dispute resolution to reduce future complexities arising from legal conflicts. Typically, selecting a neutral jurisdiction acceptable to all parties can reduce legal risks and improve the efficiency of dispute resolution. Arbitration clauses are one of the common methods of dispute resolution in cross-border transactions. By incorporating arbitration clauses into the contract, parties can obtain fair rulings through an arbitration institution in the event of a dispute, without undergoing lengthy and complex court litigation proceedings. Arbitration institutions usually have transnational legal experience and are better equipped to handle complex disputes involving multiple jurisdictions. Therefore, it is advisable to explicitly choose arbitration as the preferred method of dispute resolution in the contract and designate an internationally recognized arbitration institution accepted by both parties, such as the International Chamber of Commerce (ICC) International Court of Arbitration or the Hong Kong International Arbitration Centre (HKIAC). At the same time, the contract should specify the law applicable in the event of a dispute. Since RWA projects usually involve the laws of multiple countries, choosing a country with a stable legal environment that is acceptable to all parties as the governing law of the contract can provide a clearer legal basis for dispute resolution. Hong Kong law, due to its mature commercial legal system and independent judiciary, is often chosen as one of the governing laws in cross-border transactions.

Continuous Updating and Review of Documents.Legal documents are not static; as the project progresses and the external environment changes (such as updates to laws and regulations or changes in market conditions), contracts and related legal documents may need to be updated and revised. To this end, project participants should establish a regular document review mechanism to ensure that the content of the contracts remains consistent with the actual situation of the project and legal requirements. When potential risks or compliance issues are identified, participants should promptly amend the contracts to avoid disputes caused by outdated or inaccurate legal documents. Through carefully designed legal documents and dispute resolution mechanisms, RWA projects can operate effectively in the complex environment of cross-border transactions, reducing risks arising from ambiguous contracts or legal conflicts. All parties should fully discuss and determine an appropriate legal framework and dispute resolution mechanism at the early stage of the project to ensure the legal security and sustainability of the project.

Mankun Lawyers’ Summary

Hong Kong’s real-world assets (RWA) projects, such as Ensemble, demonstrate the deep integration of fintech and green finance, offering valuable experience for the digital transformation of global financial markets. As the RWA sector develops rapidly, businesses and investors must navigate increasingly complex compliance challenges. Therefore, understanding and adhering to local and international regulations, along with drafting comprehensive legal documents and establishing dispute resolution mechanisms, will be key to project success.

Looking ahead, the Ensemble project is expected to collaborate or share knowledge with international initiatives such as Singapore’s Ubin, contributing to the establishment of global tokenization and blockchain regulatory standards and further enhancing Hong Kong’s international standing. By drawing on the experiences of other financial centers, Hong Kong can accelerate the development of its RWA ecosystem.

As the Ensemble project moves from the sandbox to practical application, the regulatory environment will evolve accordingly. It is anticipated that tailored licensing regimes will be introduced in the future, with strengthened oversight particularly in the areas of KYC, AML, data governance, and cybersecurity. Furthermore, regulatory sandboxes may expand to cover emerging technological fields such as DeFi, AI, and digital identity solutions, ensuring that Hong Kong’s regulatory framework remains both flexible and supportive of innovation.

The continued development of Ensemble will drive the transformation of Hong Kong’s financial markets. Traditional banks will be compelled to accelerate their innovation efforts, fintech companies will expand their markets through such projects, and institutional investors can broaden their investment options via tokenized assets. With the growing global demand for sustainable development, the application scenarios for RWA, particularly in financing the real economy sectors such as new energy, will further expand. In summary, RWA projects are poised to become a significant force driving changes in the global financial system in the coming years, with Hong Kong playing a crucial role in this transformation.

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References:

1. Hong Kong Monetary Authority: “HKMA Launches Ensemble Project Sandbox to Promote Tokenization Applications,” https://www.hkma.gov.hk/gb_chi/news-and-media/press-releases/2024/08/20240828-3/

2. CCTV.com: “Longshine Group and AntChain Complete First New Energy RWA Deal, Boosting Intelligence and Efficiency in Energy Storage and Charging Industries,” https://eco.cctv.com/2024/08/23/ARTIhFPHYwZbKYnsmSj8gUYl240823.shtml

Mankun Research | Analysis of Key Legal and Compliance Considerations for Real-World Assets (RWA) in Hong Kong

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