Odaily News Yang Zaiyong, Vice Chairman of the Hong Kong Chinese Finance Association, stated that in January this year, Chinese securities firm GF Securities (Hong Kong) successfully issued the first short-term commercial paper (Commercial Paper) tokenized securities that are applicable to Hong Kong law, marking Hong Kong’s digital Financial development has entered a new milestone. Hong Kong regulators have an open and supportive attitude towards RWA innovation. For example, the Securities and Futures Commission has made it clear that RWA investment is expected to be open to retail investors. If Hong Kong wants to strive to become the source of global RWA innovation, it must further improve the top-level design, break through innovation bottlenecks, and optimize infrastructure. Cultivate the market ecology and lead the industry towards a higher quality and more sustainable track. (Economic Journal)