The in-depth integration of the digital economy and the real economy is driving blockchain technology to break through the boundaries of traditional finance, opening up a new path for the securitization of physical assets. The Real-World Asset (RWA) tokenization financing project for charging piles completed by Longshine Technology Group Co., Ltd. (Longshine Technology) in Hong Kong has become a landmark practice combining blockchain technology with the securitization of infrastructure assets. This paper systematically sorts out the operation mechanism and innovative breakthroughs of the Longshine case, focuses on analyzing the key conditions such as supervision, technology, and asset adaptability for replicating this model in mainland China, classifies the priority levels of infrastructure types suitable for the RWA model, and compares the advantages and disadvantages of RWA and publicly offered REITs from the dimensions of liquidity, valuation efficiency, cross-border attributes, and operating costs. The research shows that relying on technology-driven efficiency advantages, RWA is more suitable for new infrastructure assets with small-sum, scattered, and high-frequency transactions. The promotion of RWA in mainland China requires the phased construction of a "regulatory-compatible" ecosystem to promote the formation of a complementary asset securitization system between RWA and REITs.
Haibo Liao (Mon,) studied this question.