Author: Liang Yu

Editor: Zhao Yidan

On October 20, 2025, a piece of news ignited the market's attention towards RWA (Real World Asset Tokenization) — China Resources Longde officially issued RWA tokenized products based on the future revenue rights of its "Chong Meihao" charging stations. This marks the first time a state-owned enterprise has tokenized infrastructure assets, and it serves as an important signal that the Hong Kong market is re-releasing after a brief "cautious period" experienced by RWA projects in the first half of the year.

Not long ago, the market was still digesting the regulatory authorities' cautious attitude towards the "suspension of declarations" for certain fintech businesses. At that time, many believed that the progress of RWA would slow down as a result. However, the emergence of China Resources Longde seems to silently convey another message — compliance and innovation are not oppositional; the entry of state-owned enterprises may signify that RWA is moving from the "exploration phase" to "institutional experimentation."

Charging piles, revenue rights, blockchain — these terms, originally belonging to different contexts, are being reassembled into a new financial grammar at this moment. It not only marks the first foray of state-owned enterprises into the digital asset field but also reflects that the exploration of RWA in China is transitioning from concept to practical reality.

1. Engineering Details of Building Trustworthy Digital Assets

The technical implementation of the China Resources Longde RWA project relies on a sophisticated digital engineering architecture.

According to a report by the Hong Kong Economic Journal on October 21, 2025, the project employs encryption and signature mechanisms that comply with enterprise-level security standards during the data on-chain process, ensuring the integrity and immutability of charging pile operation data during transmission and storage.

Industry insiders point out that such projects typically combine hash algorithms and digital signature technology to achieve end-to-end trustworthiness of data from source to chain, laying a trust foundation for subsequent financial operations.

The operational data of each charging pile is encrypted immediately after collection and generates a unique digital fingerprint, which is signed through a built-in security module in the device, ensuring the reliability of the entire process from source to chain. This mechanism technically eliminates the possibility of data tampering during transmission, establishing a trust foundation for subsequent financial operations.

The design of smart contracts reflects a deep integration of financial logic and coding rules. According to the regulatory requirements issued by the Hong Kong Securities and Futures Commission, these contracts embed investor protection mechanisms that comply with securities regulations. Revenue distribution follows pre-set automated principles: when the charging station's income reaches a designated account, the smart contract automatically verifies the cash flow and completes revenue distribution within the agreed time according to the proportion of token holdings.

The entire process requires no manual intervention and is fully recorded in a distributed ledger for relevant parties to access. This design not only enhances efficiency but, more importantly, establishes a verifiable and auditable distribution mechanism, fundamentally addressing the transparency issues present in traditional revenue rights products.

In terms of underlying architecture selection, the project adopts a permissioned consortium chain that complies with regulatory requirements. Unlike open public chains, the permissioned structure of the consortium chain provides compliance technical safeguards for institutional-level RWA. The Hong Kong Monetary Authority's Ensemble platform employs a multi-node regulatory mechanism, allowing regulatory agencies to have real-time auditable interfaces, ensuring that asset issuance, revenue distribution, transfer, and other processes are fully traceable.

This structure ensures transparency while meeting the risk control requirements of financial institutions. Each participating node accesses data based on permissions, achieving a "balance between transparency and privacy," protecting commercial secrets while satisfying regulatory requirements.

2. Market Landscape: Positioning State-Owned Enterprises in the Global RWA Competition

The global RWA market is showing distinct regional differentiation characteristics. According to a report by the Bank for International Settlements, the U.S. market leads in the tokenization of government bonds, primarily serving to enhance the settlement efficiency of traditional financial assets. This development path reflects the U.S.'s deep accumulation in the traditional financial sector and its approach to gradually reforming the existing financial system.

In contrast, the Asian market exhibits a different development logic. The Hong Kong Monetary Authority explicitly identifies green infrastructure as a key support area in its "Digital Asset Development Policy Declaration 2.0," while the Monetary Authority of Singapore focuses more on the tokenization of trade finance assets.

This difference stems from the comparative advantages of each jurisdiction: the U.S. has the world's most developed government bond market, while the Asian region faces a significant infrastructure financing gap. At a deeper level, this reflects the differences in how various economies position digital financial innovation.

The European market presents another picture in the RWA field. Countries like Switzerland and Germany emphasize the completeness of compliance frameworks and inter-institutional collaboration, stressing the prudent advancement of asset tokenization within the existing financial regulatory system.

Meanwhile, Dubai in the Middle East drives cross-border capital flows through regulatory innovation, while countries like Thailand and Indonesia in Southeast Asia focus on financial inclusion and green energy projects. This diversified development pattern indicates that the global practice of RWA is forming differentiated paths based on the institutional characteristics and industrial needs of different economies.

The cases of China Resources, Longxin, and Xiexin collectively reveal the unique positioning of the Asian RWA market. These companies center around "real asset revenue rights," forming a stark contrast to the American-style financial asset tokenization. If the U.S. represents "reconstruction of financial logic" in the RWA field, then Asian countries are engaged in "restructuring of industrial logic."

Longxin Technology explores the on-chain revenue rights of charging piles, Xiexin anchors distributed photovoltaic power stations, and China Resources Longde focuses on the future revenue of charging stations. Together, they construct an exploratory path for "green infrastructure asset tokenization." This industry-oriented development model aligns perfectly with the ongoing green transformation and infrastructure upgrade needs in the Asian region.

3. Historic Leap in State-Owned Enterprise Asset Management

In the traditional state-owned enterprise asset management system, a large number of infrastructure assets have long been "asleep" on the books, unable to flexibly participate in market allocation. Although these assets are substantial in scale, their true market value is difficult to fully reflect due to a lack of effective value discovery and liquidity mechanisms.

The emergence of the RWA model provides technical possibilities and institutional innovations to break this predicament. Through the tokenization of revenue rights, the "time value" of these assets can be released, and the credit system of state-owned enterprises is undergoing a profound transformation from reliance on entity credit to emphasizing asset credit.

State-owned enterprises play a key role in this transformation. Industry experts analyze that the state-owned background provides a dual credit overlay for RWA projects: traditional corporate credit and emerging technological credit. This combination not only reduces market education costs but also creates conditions for the promotion of innovative financial models.

Each data packet on-chain is a molecular expression of corporate credit, and this granular credit presentation changes the traditional financial practice of relying on overall credit ratings.

The significance of the China Resources project lies in its exploration of a specific path for the digital extension of state-owned enterprise credit. In the asset system of state-owned enterprises, a large number of infrastructure assets have long been "asleep" on the books, unable to flexibly participate in market allocation. The emergence of RWA allows for the release of these assets' "time value."

Industry insiders point out that the RWA pilot by state-owned enterprises is not merely a single financing method but a digital experiment of the credit system. This transformation marks a profound change in state-owned enterprise asset management from static holding to dynamic operation, opening up new channels for efficiency improvement of trillion-level stock assets.

4. Path Selection for Tokenization of Three Types of Green Assets

Although the cases of China Resources, Longxin, and Xiexin all fall under the category of green energy RWA, they exhibit significant differences in asset structure, financing models, and technological routes, reflecting the path choices made by different enterprises based on their resource endowments and strategic positioning.

Longxin Technology has explored a platform-based asset tokenization path. By integrating scattered charging pile resources through the "New Electric Path" platform, it forms standardized revenue right asset packages. This model is similar to REITs in commercial real estate, enhancing asset liquidity through platform integration, but its technical challenge lies in how to verify the authenticity of multi-source data.

Longxin's practice provides important references for the tokenization of distributed, small-scale assets, but it also faces challenges in data standardization and operational complexity.

Xiexin demonstrates the cross-border financing capability of heavy asset projects. Its photovoltaic power stations finance international professional investors through Hong Kong, with assets anchored to the specific power generation revenue of the stations. According to industry information, this project adopts a special purpose vehicle structure that complies with international practices, effectively addressing cross-border tax and legal connection issues.

This model is suitable for enterprises with large, high-quality assets, enabling them to connect with international capital markets through structured design, but it also raises higher requirements for the enterprise's cross-border operations and compliance management capabilities.

In contrast, China Resources Longde innovatively explores "light asset operation revenue rights." This project does not involve the transfer of ownership of charging piles but tokenizes the operational revenue within a specific time period. This model is closer to accounts receivable securitization in traditional finance but achieves more refined asset segmentation and more efficient revenue distribution through blockchain technology.

The Hong Kong Monetary Authority noted in its case summary that this structure provides reference value for light asset operations in a wide range of fields, such as commercial real estate and parking lots. The insight from the China Resources model is that it breaks free from excessive reliance on asset ownership, instead emphasizing the value recognition of operational capability and revenue stability.

5. Bottlenecks and Breakthroughs in the RWA Market

The core bottleneck currently facing the RWA ecosystem is insufficient liquidity in the secondary market. According to industry analysis, the liquidity of RWA products held by professional investors needs to be improved, and there is still a gap compared to traditional bond markets. The root of this problem lies in the structural misalignment between traditional financial infrastructure and new asset forms.

Although the "targeted issuance to professional investors" model adopted by the China Resources project ensures initial compliance, it also limits the subsequent circulation of assets. The lack of a unified clearing system, custody standards, and valuation models makes it difficult for RWA to form scaled transactions.

This liquidity dilemma not only affects investors' willingness to participate but also restricts the deep development of the RWA market. The current liquidity issue of RWA essentially stems from the misalignment between traditional financial infrastructure and new asset forms.

Addressing this challenge requires continuous innovation in market infrastructure. The Hong Kong Stock Exchange Group previously announced that it is exploring the development of a new trading system for RWA, with core features including investor identity verification and synchronized transaction settlement, intelligent transfer restrictions that comply with securities regulations, and effective integration with traditional clearing systems.

The design goal of this system is to enhance trading efficiency and market liquidity while maintaining compliance.

Another path to improving liquidity comes from innovative product structure design. Industry experts reveal that they are studying the division of RWA revenue rights into different risk tiers. Priority tier tokens target conservative institutional investors, providing relatively stable returns; the subordinate tier retains residual revenue rights, attracting investors with higher risk appetites.

This structural design can effectively expand the investor base and enhance market depth. The Hong Kong market is attempting to build bridge mechanisms through product forms such as "RWA fundization" and "tokenized bond ETFs," gradually aligning the new and old asset systems.

6. Policy Resonance of Cross-Border Wealth Management Connect and Green Finance

The optimization of the "Cross-Border Wealth Management Connect" mechanism in the Guangdong-Hong Kong-Macao Greater Bay Area provides new development opportunities for the RWA market. According to the implementation rules released by the People's Bank of China, the investment scope of the southbound connect will include green financial products certified by Hong Kong, including RWA tokens that meet the standards.

This policy change means that residents in the Greater Bay Area are expected to invest in green infrastructure RWA products in the Hong Kong market through existing channels, significantly expanding the potential investor base. This opening of cross-border investment channels not only brings incremental funds to the RWA market but, more importantly, establishes a new paradigm for cross-border asset allocation.

Green finance preferential policies further enhance the attractiveness of RWA products. The Hong Kong Environmental Bureau previously announced policy support for certified green energy RWA projects. The market anticipates that Hong Kong will explore fee reductions or incentive mechanisms for green RWA projects in the future.

Taking the China Resources project as an example, the relevant support measures help to reduce issuance costs and improve the project's economics. This policy direction reflects Hong Kong's strategic positioning in developing green finance and provides policy guarantees for the sustainable development of RWA projects.

This policy synergy is fostering a cross-industry collaborative ecosystem. Previously, several energy companies, including China Resources Longde, signed a memorandum of understanding with Hong Kong Cyberport to jointly promote the construction of the "Guangdong-Hong Kong-Macao Greater Bay Area Green Energy Asset Tokenization Platform."

The platform aims to standardize the on-chain process for new energy assets, reduce the technical development costs of individual projects, and create economies of scale. Participants cover multiple links, including power generation, charging, and energy storage, constructing a complete green energy RWA ecosystem.

The significance of this cross-industry collaboration model lies in its ability to break the island effect of traditional financial innovation, achieving economies of scale and network effects through industrial synergy, thereby laying a solid foundation for the scaled development of RWA.

As relevant technologies mature and regulatory frameworks improve, more charging piles, photovoltaic panels, and hydrogen stations are exploring new paths to enhance asset liquidity through innovative models. When charging piles, photovoltaic panels, and wind turbines all become data units on the chain, the credit of state-owned enterprises no longer exists solely on the balance sheet but extends into measurable and tradable digital trust.

From a broader perspective, while other markets chase the on-chain transformation of financial assets, Hong Kong is exploring a different path — revitalizing physical assets under innovative financial models.

In the future financial landscape, RWA may not represent a victory of technology but rather the beginning of the restructuring of institutional and credit systems. RWA is becoming a digital extension of state-owned enterprise credit, establishing a unique position for Hong Kong in the global digital financial landscape.

Sources of some materials:

· "After the Rumors of Suspension, China Resources Charging Pile RWA Lands! State-Owned Enterprises Break Through Digital Finance"

· "RWA Takes the Lead: The Tokenization Business of China Resources Longde's Charging Stations in Hong Kong"

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