中国金融：中国从对加密货币的全面禁令转向对 tokenize RWAs 量身定制的规则

China Financials related to tailored rules fortokenized RWAs Chinamoves from a blanket ban on crypto-related to tailored rules for tokenized RWAs On6Feb, eight Chinese regulatory authorities jointly issued a notice on furtherpreventing andaddressingrisksrelevanttodigital currencies(YinfaNo.42), China Financials Sector reaffirmingChina’srestrictive stance on crypto trading and tightening oversighton tokenized real-world asset (RWA) and overseas issuance of RMB-referencedstablecoin. The CSRCthenfollowed withnewpracticalregulatory guidelines for Nika MA(852) 3900 0805nikama@cmbi.com.hk the tokenization ofdomestic assetsissued overseas as asset-backed securities(link).We believe the highlightofthe notice lies in its first official definition of RWA by Chineseregulatorsand the establishment ofa clear regulatoryframework for domestic companies in pursuit of overseas RWA issuance.Under the purview of newguidelines, the offshore tokenization for onshore real-world assets(RWA)will no longer operate in alegalgrey zone. Thisnewset of Decoupling framework fortokenizedRWAsfrom cryptocurrencies.Theregulatorynoticeon6Febreaffirmed China’s blanket ban on cryptocurrency-relatedactivities intrading, issuing, andfacilitation oftransactions as illegal.Despitewith continuedcrypto crackdown, Chinese regulators introduced anapproval-based regulatory framework for tokenization of real-world assets forcompliant domestic entities andoverseas branches of domesticcompaniestoissue overseas tokenization for onshoreassets.Weseethis move as a pivotfor China’spolicy stanceonvirtualassetstransitioningfrom a blanket Entity-based regulation by nature ofthetokenized assets.The regulatoryframeworkcategorizes overseas tokenization of real-world assets into fourmain types including foreign debt-based RWA, asset-backed securitizationRWA, equity-backed RWA, and other forms of RWA. Among which, equity-based and asset-backed securitization RWAs fall under the purview of theCSRCwhileforeign debt-based RWA is subject to the purview of the NDRC. Two-tiered beneficiaries from the expansion of overseas RWA financing.Webelieve that the potential beneficiaries from the clear regulatory framework and expansion of overseas RWA financing channel will include two tiers.Firsttiered thematic stocks include1) RWA-related infrastructure providers i.e.Yuxin Technology (300674CH, NR); LongshineTechnology(300682 CH,NR)andSZ Sunline Technology (300348 CH, NR);2) overseas subsidiariesof Chinese brokerageswith experience in cross-border securitizationbusiness,i.e.CITIC Securities (6030 HK/600030 CH, NR),Huatai Securities(6886 HK/ 601688 CH), BOCHK(2388 HK, NR)and GTJA International (1788HK,NR).Second-tiered thematic stocks comprise licensed VATPplatformsin HK, such asFutu Holdings (FUTUUS, BUY, TP: HK$228), Up Downside risks:1) tightening regulatory oversight onthe progress ofoffshoreRWAtokenization; 2) lower-than-expecteddomesticenterprise engagement; Disclosures& Disclaimers Analyst Certification The research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuerthat the analyst covered in this report: (1) allof the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report. Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and FuturesCommission) (1) have dealt in or traded in the stock(s) covered in this researchreport within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the Hong Kong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. : Stock with potential return of over 15% over next 12 months: Stock with potential return of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM :Industry expected to outperform the relevant broad market benchmark over next 12 months:Industry expected to perform in-line with the relevant broad marketbenchmark over next 12 months:Industry expected to underperform the relevant broad market benchmark over next 12 months CMB InternationalGlobal MarketsLimited Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable forthe purposes of all investors.CMBIGMdoes not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial positionor special