Hong Kong as Web2.5RWAJust like the Hong Kong stock market 20 years ago, it is equivalent to Crypto "Hong Kong stock". For the veterans of Central Finance, it can be understood as Hong Kong stock 3.0, or Hong Kong stock asset monetization. The biggest similarity between Hong Kong RWA and Hong Kong stocks is that most of them are high-quality assets from the mainland, which are financed by global capital.
Although the previous article "RWA Model of Coin Stock Linkage" introduced the linkage of several Web3.0 and Bitcoin stocks, generally speaking, the listed companies in Hong Kong have not fully found the way to the "RWA" model of virtual assets and Web3.0, and there is still a lot of room for imagination.Web3Asset allocation and investmentThe simplest RWA model of coin-stock linkage is that listed companies announce the Web3.0 strategy to realize the linkage between traditional financial stocks and virtual assets. after the listed companies allocate bitcoin or investment-related Web3.0 compliance projects, through the linkage with the investment allocation and Web3 layout of virtual assets, the price or value of virtual assets mainly based on bitcoin continues to rise at the same time. The stock value of listed companies in the real world has also doubled, and this linked growth is often at a premium or doubled.For listed companies, the easiest step is to allocate bitcoin or entrust the allocation of bitcoin assets, so that the balance sheet of listed companies has abundant assets. The second step is to combine the main business or related layout of the investment and construction of Web3.0, through the increase of Web3.0 flow and token value, to promote the stock of listed companies to rise.Debt of Hong Kong stocks and debt of RWAHong Kong finance has rich channels and ecology around Hong Kong stock listed companies. The fund-raising, investment management and withdrawal of an asset-backed listed company are very mature, even on the table and under the table. The investment banking business, distribution channels and PI clients of Hong Kong-funded securities firms basically focus on listed companies.The bonds of listed companies can be corporate bonds of listed companies or convertible bonds (the combination of bonds and shares). The issuance system is simple, the issuance and guarantee structure is convenient, and the convertible bond market is traded.RWA debt, high-quality mainland assets or high-quality corporate bonds, through similar Hong Kong stock listed companiesRed chip structureAnd SPV, the Fund that issues corporate bonds, and then monetized into the RWA project.The liquidity pool of RWA equity NFT,SPV company's cash flow NFT can also be issued based on the endorsement of listed companies; if yield Token tokens are derived from the underlying assets of RWA, you can airdrop yield Token tokens to RWA NFT or airdrop shares of listed companies at the same time.These can benefit those listed companies in emerging areas with relatively large transactions on a revenue scale, such as live film and television, medicine and biological health, green energy, AI computing, interactive games, commodities or durable goods, etc., regardless of the traditionalPrice-earnings ratioModel, but through RWA token premium and cash flow to achieve value growth.Around the supervision of Hong Kong stocks and RWA, for specific projects, SFC regulatory requirements are currently case by case, and then look at the simple or complex product design. For the endorsement of listed companies, and supported by convertible bonds and stock options, it is suitable to design simple corporate bonds. Through the re-monetization of bonds or funds of listed companies, the core is to do a good job of issuing and underwriting with securities firms with long-term cooperation; while in the past, the routine operations of Hong Kong stocks, such as additional issuance and rationing, RWA bonds can also be issued and split, and the financial Lego financing around enterprises is actually very similar.The design of complex STO/RWA will be based on a listed company's asset package or income rights, ABS or similar REIT design, but because complex RWA products will be more stringent in regulation, especially to the retail market, it is not recommended to do similar design in the early stage.Hong Kong listed companies still need to do some preparatory work, such as account opening and PI certification on licensed compliance exchanges, which are still troublesome at present, such as the penetration of real controllers and shareholders, and so on.At the same time, considering that in the structural design, there may be a second layer of token design above the compliant RWA assets, so we should also make use of the alternative investment of international stations or offshore to prepare for account opening, TGE and so on.Web3.0Encrypted Hong Kong stock airdrop mode based onAs discussed in the previous article, "licensed compliance to the right, retail tokens to the left" is actually the left and right classification of the RWA exchange, and the licensed compliant exchange is similar to the Hong Kong station of H.alternative investmentThe exchange is similar to H's International Station or offshore's RWA Exchange (not the current native cryptocurrency exchange).Hong Kong Station, compliant securities products are different for users, mainly PI and compliance retail investors in Hong KongInternational station, non-securities RWA tokens, for global Crypto users who follow the RWA track or novice users converted from traditional financial marketsFrom the perspective of global capital trend, high-quality corporate bonds, fixed income products, equity private equity and so on will become the mainstream products of RWA.The target user groups of RWA tokens and Hong Kong stocks are different, and their ecosystems are overlapping and different. Many ways to play Hong Kong stocks can actually be inherited and innovated in Web 3.0 and RWA tokenization. For example, consumption can send stocks, and RWA projects can recharge and send RWA tokens; for example, RWA token issuance, purchase of RWA tokens, airdrop (gift) listed company stocks (physical financial assets, which can be paper ticket custody with restrictions), etc.Some unique gameplay of Web 3.0 can also reflect the differences between RWA and Hong Kong stocks. For example, drawing on the airdrop gameplay of Runes and Runestone, we can realize fairplay for retail investors in the community at an early stage and realize counterattacks by retail investors on institutional customers.No matter how you play, the key is that people from Central Financial and Hong Kong stocks and people from Web 3.0 crypto finance can move towards each other and realize the implementation and development of RWA on the neutral track of Web 2.5.
