Caixin: The Hong Kong Monetary Authority encourages RWA cases in new energy and aviation and trade sectors, but does not support real estate projects.

Odaily Planet Daily News: The issuance of offshore RWAs has been trending recently, but the quality of the underlying assets is uneven, and the transaction structure and pricing are questionable. Industry insiders pointed out that the Hong Kong Monetary Authority tends to support new energy, aviation and trade financing and other fields in its selection of RWA projects, but does not support real estate projects. Current investors are mainly local private equity funds, family offices and wealth management institutions in Hong Kong. International capital participation is limited, and Chinese investors are more likely to understand the relevant structure. Other observers said that the actual fundraising scale of some RWA projects is limited, but because of the fast issuance process and low threshold, companies hope to create hype through "coin-equity linkage". However, the equity sharing mechanism has not fully considered the asset cost, and there is a risk of violating economic logic. (Caixin)