The familiar Hong Kong is back!
Once dubbed the “financial wasteland,” Hong Kong has made an astonishing comeback in just one year.
The Hong Kong stock market is booming, with 43 new stocks listed in six months, raising a total of HK$106.71 billion, returning to the top of the global IPO fundraising rankings. Giant companies like CATL and Hengrui Medicine have flocked to list, while Pop Mart, Milk Tea City, and Old Shop Gold have taken turns igniting the consumer stock bull market.
Alongside the recovery of the capital market, the wave of digital assets has also surged.
In May, Hong Kong passed the “Stablecoin Ordinance,” establishing a licensing system for stablecoin issuance, which will take effect on August 1.
In June, the Hong Kong Special Administrative Region government released the “Digital Asset Policy Declaration 2.0,” paving the way for the development of stablecoins and real-world assets (RWA). And just today, the Hong Kong Polytechnic University and Ant Financial signed an agreement to jointly establish an AI+Web3 Joint Laboratory, adding the latest chapter to this recovery.
In a café in Central, a familiar scene has reappeared: on one side, investment banking elites excitedly discuss investment opportunities in Hong Kong and US stocks, while on the other, entrepreneurs and lawyers passionately debate stablecoin and RWA issuance and cross-border settlements.
The aroma of coffee mingles with financial jargon, evoking the vibrant golden age of Hong Kong.
In the “Chain-on Hong Kong” era, where do opportunities lie for entrepreneurs?
Digital Asset Policy Declaration 2.0
Following the release of the first policy declaration by the Hong Kong Special Administrative Region Government in October 2022, the “Hong Kong Digital Asset Development Policy Declaration 2.0” was officially unveiled on June 26, once again reaffirming the goal of establishing Hong Kong as a global hub for digital asset innovation.
Notably, the new declaration upgrades the term “virtual assets” to “digital assets,” signifying a shift in regulatory focus beyond cryptocurrencies like Bitcoin and Ethereum and stablecoins to include token forms closely tied to real-world assets—the recently widely discussed RWA (Real-World Assets).
To more clearly articulate its policy vision, the Hong Kong SAR government has adopted a dynamic English acronym “LEAP” in the new declaration, representing four strategic pillars: Legal & Regulatory Optimization, Expanding Tokenized Products, Advancing Use Cases & Collaboration, and People & Partnership.
In terms of legal and regulatory frameworks, Hong Kong will establish a unified regulatory system led by the Securities and Futures Commission (SFC), covering key areas such as digital asset trading platforms, custody services, and stablecoins. Additionally, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) will drive legal reforms to support the on-chain registration, settlement, and issuance of physical assets like bonds and gold.
In the tokenized products sector, the government has explicitly stated that the tokenization of government bonds should become a “routine operation,” and will offer stamp duty incentives for ETF tokenized products. Additionally, the policy encourages the tokenization of various real-world assets, including precious metals (such as gold), base metals, and even renewable energy sources (such as solar equipment).
In terms of practical implementation, the policy declaration has set a key timeline: starting from August 1, stablecoin issuers may formally apply for licenses. The government also specifically encourages stablecoin applications in pilot projects for payment and cross-border settlement scenarios, and has established a special fund to support the implementation of blockchain projects.
At the “Chain on Hong Kong 2.0” ecosystem roundtable event, Bian Zhuoqun, Vice President of Ant Group and President of Ant Financial’s Blockchain Business, pointed out: “I see three key words in the new policy: digital assets, legal framework, and infrastructure. If our technological infrastructure has such a comprehensive compliance framework, we can introduce more assets, including industrial assets and financial assets, based on our own advanced and leading technology, and form a new digital asset exchange to attract global excellent assets and capital to Hong Kong.”
Qi Haiying, CEO of Guotai Junan International, pointed out that the new declaration leads the world in three dimensions: regulatory framework, market mechanisms, and tax incentives. She specifically mentioned stablecoins and RWA as the “two pillars” of digital assets, highlighting the forward-thinking and inclusive nature of Hong Kong’s regulatory authorities.
Stablecoins and RWA: Where are the opportunities?
Li Yuan, a serial entrepreneur from Shenzhen, has been frequently traveling between Shenzhen and Hong Kong recently.
He previously ran a manufacturing company and has now ventured into the new energy charging桩 sector, beginning to explore RWA. Following the release of the Hong Kong government’s “Policy Declaration 2.0,” he immediately began studying each of its provisions, seeking to identify his own niche.
Among the various policies, he is most focused on the section regarding the integration of “stablecoins” and “RWA” (real-world assets).
“The issuance of stablecoins is the domain of industry giants, but the practical application of these assets is where opportunities lie for ordinary entrepreneurs,” Li Yuan said.
In his view, stablecoins as a medium and RWA as a carrier mean that China’s industrial assets, especially sectors like green energy and infrastructure currently facing capacity pressures, have the opportunity to reach the global market through “on-chain expansion.” He even likened RWA to “a new wave of Chinese asset expansion,” a new export system supported by blockchain technology and facilitated by stablecoins.
This approach is increasingly becoming a consensus.
Gan Tian, CEO of Huaxia Fund Hong Kong, stated: “Over the next 5 to 10 years, traditional financial assets will move onto the blockchain. RWA will address the current pain points in the market, and Hong Kong will play a leading role in redefining the global asset circulation landscape.”
This policy direction is already clearly articulated in Hong Kong’s policy documents, with multiple sections encouraging the tokenization of real-world assets, particularly in the new energy sector:
“We actively encourage innovative application scenarios, including the tokenization of traditional financial products (such as money market funds and other funds) and the cash flows of real-world assets (such as electric vehicle charging stations).”
“The government will intensify efforts to expand tokenization solutions, including diverse applications for precious metals (such as gold), non-ferrous metals, and renewable energy (such as solar panels).”
In this field, Fei Zhi, Vice Chairman of energy company GCL Group, has firsthand observations and insights. He pointed out that photovoltaic assets possess characteristics such as legal compliance, clear cash flows, defined property rights, and alignment with ESG standards, making them the most representative type of “on-chain assets.” Through RWA, these green assets can provide a solid value foundation for stablecoins.
Yang Leiming, Chief Financial Officer of Hong Kong China Gas, also pointed out that RWA not only helps energy companies manage fixed-income assets through tokenization and improve asset liquidity efficiency but, when combined with the international settlement functions of stablecoins, also holds promise for expanding the global trade landscape.
In the practice of new energy RWA, Ant Financial has taken the lead in the industry.
Since August 2024, Ant Financial has collaborated with multiple new energy companies to tokenize assets such as charging stations and residential photovoltaic systems, converting them into tradable RWA assets.
The first project was launched in Hong Kong in collaboration with Langxin Technology, using approximately 9,000 charging stations as the underlying assets to secure approximately RMB 100 million in financing. In December 2024, Ant Group partnered with GCL New Energy to launch China’s first photovoltaic green asset RWA project, raising over RMB 200 million. In March 2025, Ant Group partnered with Xunying Group to tokenize battery swapping cabinets and lithium-ion battery assets on the blockchain, involving a funding scale of tens of millions of Hong Kong dollars.
Under the Hong Kong Monetary Authority’s Ensemble Sandbox Program, Ant Financial has connected over 15 million energy devices using blockchain and IoT technology, creating the world’s largest blockchain-based new energy asset platform.
As power generation assets, energy storage systems, and green financial tools are gradually tokenized, a cross-border blockchain-based financial ecosystem is quietly taking shape. In the future, new energy RWA is expected to give rise to credit products, financial derivatives, and carbon asset trading, forming a global digital financial system anchored by power assets.
Chinese assets, Hong Kong blockchain
For Li Yuan, Hong Kong is not just a city but a bridge to the world.
By leveraging Hong Kong’s legal framework, financial openness, and international environment, he can more efficiently connect with international capital and compliant institutions—the optimal channel for “going global” in the digital asset era.
With the release of the “Digital Asset Development Policy Declaration 2.0,” Hong Kong is transitioning from a local financial hub to a global rule-setting hub for digital assets, establishing an Eastern model for stablecoins and RWA.
“We have established Hong Kong as the overseas headquarters of Ant Financial, serving both the Middle East and Europe while supporting Chinese companies going global, ultimately bringing capital and trust back to Hong Kong,” said Bian Zhuoquan, Vice President of Ant Financial, defining Hong Kong’s strategic role.
In fact, Hong Kong’s accumulation in blockchain infrastructure development is not a short-term endeavor.
Since 2016, Hong Kong has been promoting the application of blockchain technology in trade finance, payment settlement, and virtual asset regulation. The establishment of Cyberport further laid the foundation for ecosystem development. In 2020, the Hong Kong government successively introduced virtual bank licenses and the “Guidelines for the Operation of Virtual Asset Trading Platforms,” providing a clear regulatory framework for digital asset transactions. In 2023, the “Digital Hong Kong Dollar” project was launched to explore the synergies between central bank digital currency (CBDC) and tokenized assets.
In 2024, Ant Financial released the “Two Chains and One Bridge” RWA platform to facilitate the tokenization and trading of new energy assets in Hong Kong. Langxin Technology, Xinyuan Energy, and Xunying Group successfully tokenized their energy assets in Hong Kong and completed cross-border financing.
In June 2025, following the release of the “Policy Declaration 2.0,” Ant Financial simultaneously opened its Layer 2 network, large-scale model tools, blockchain + IoT architecture, and institutional-grade Web3 wallets. In July, it entered into a strategic partnership with the Hong Kong Polytechnic University to develop a global hub for scientific and technological innovation around AI and Web3 technologies.
It can be said that Hong Kong has become a pioneer demonstration zone for China’s new energy assets in terms of “blockchain integration—financing—trading—cross-border circulation.”
For mainland entrepreneurs like Li Yuan, Hong Kong is no longer just a traditional financing hub but a bridgehead to push their technology and assets into global markets. “Chinese assets, Hong Kong blockchain integration, heading toward the global market” may become a new option for Chinese entrepreneurs.
In this emerging digital economy landscape, Hong Kong is both the starting point and the destination.
