On February 13, 2026, the Hong Kong Securities and Futures Commission granted a license to Esperanza Securities, a subsidiary of Yi Sheng Financial Technology, allowing it to conduct compliant tokenization of entertainment assets. Following this, the 40th anniversary concert of Huang Kaijin and the Malaysian tour of a Korean boy band became the first batch of listed assets.

This is not only news for the entertainment industry but also an important node in the RWA track.

By comparing with the real estate RWA of Derin Holdings, we can clearly see the comprehensive thinking of Hong Kong regulators regarding RWA. This article will deeply analyze the Yi Sheng model and explore future more diverse issuance paths.

1. Yi Sheng Model: A Complete Portrait of Entertainment Asset STO

1.1 Current Stage of the Project

According to public information, both projects of Yi Sheng Financial have entered the issuance stage, open to qualified investors (professional investors):

• Huang Kaijin's 40th Anniversary Concert: Investment window is open, concert scheduled for March 6-7, 2026

• Korean Boy Band Malaysia Tour: Investment ongoing, first stop in Kuala Lumpur scheduled for April 11, 2026

Although specific issuance scale and token pricing have not been disclosed, the overall framework of the project is clear.

1.2 Issuance Structure Design

The issuance structure of the Yi Sheng model reflects a typical "compliance-first" approach:

① The Fund as the Issuing Entity

The issuance is conducted through the investment fund managed by Esperanza Securities, rather than directly issuing tokens without backing. This means that what investors are purchasing is essentially a tokenized certificate of fund shares.

② Securities Token (STO) Positioning

The tokens issued are legally defined as securities, representing rights to the income from the underlying asset (the concert), fully subject to Hong Kong securities regulations.

③ Anchoring Underlying Asset Income

Investment returns are directly linked to actual revenues from the concert's box office, sponsorship, and merchandise, making it a typical project revenue rights certificate.

④ Secondary Market Circulation Design

The tokens can be traded on the secondary market, with brokerage services provided by licensed partners such as Jianquan Financing, addressing the liquidity issues of traditional private placement products.

⑤ Investment Threshold

Investors are allowed to participate with smaller shares, though specific amounts have not been disclosed. Based on the practices for professional investor products in Hong Kong, the minimum subscription amount is expected to be in the 800,000 to 1,000,000 HKD range.

⑥ Trading Platform

Operations such as subscription are conducted through the official platform espetopia.com.

1.3 Subscription Process (Non-Standardized)

Due to being targeted at professional investors, the subscription process has features of customization and direct contact:

1. Qualification Confirmation: Provide proof of assets (usually requiring investment assets of over 8 million HKD)

2. Contact Registration: Submit the application through official cooperation channels or platforms

3. Due Diligence and Signing: Review the prospectus, sign the subscription agreement and risk disclosure statement

4. Funds Transfer: Transfer to a designated trust or custody account

5. Token Distribution: After the fundraising is completed, tokens are distributed to investors' digital wallets

1.4 Nature of Rights Related to STO Tokens

The STO issued by Yi Sheng is neither a traditional bond nor typical equity, but a type of "project revenue rights certificate":

• The Core is Revenue Rights: Linked to the actual cash flow from concert box office, sponsorship, peripheral income, etc.

• No Ownership Rights: Investors do not enjoy equity or management rights in the organizer or related companies

• Clearly Defined Term: The asset package's lifecycle ends after the concert concludes and income is settled

• Protected by Securities Regulations: Issuers must fulfill information disclosure obligations

In summary: This is a traded, securitized revenue rights certificate based on the future income of a specific project.

2. Derin Model vs. Yi Sheng Model: Hierarchical Presentation of Regulatory Thinking

Comparing the Yi Sheng model with Derin Holdings' RWA reveals the tiered regulatory logic of Hong Kong regulators:

Core Differences:

• Yi Sheng Model: Packages the cash flow of entertainment projects with "securities tokens," the structure is relatively simple

• Derin Model: Turns existing "fund shares" into tokens, involving more complex asset restructuring

However, behind these two models lies the same regulatory philosophy.

3. Hong Kong Regulators' RWA Regulatory Thinking: Core Insights from Two Cases

Through the comparative analysis of Yi Sheng and Derin, we can clearly distill Hong Kong SFC's three core ideas for RWA regulation:

3.1 Licensed Operation, Integrated into Existing Systems

Whether it is Yi Sheng or Derin, their RWA business must operate within the framework of a licensed financial institution:

• Yi Sheng holds a Type 4 (advising on securities) and Type 9 (asset management) license

• Derin promotes its business through its licensed securities subsidiary

Regulators do not intend to create a legal vacuum, but rather to seamlessly embed tokenized products into existing laws and regulatory frameworks. This reflects the “same business, same risks, same rules” regulatory philosophy.

3.2 Asset-Based, Penetrating Regulation

The core of regulation is the quality and authenticity of the underlying assets:

• Yi Sheng Model: Regulatory focus on whether the concert revenue rights are clear and free of legal flaws

• Derin Model: Regulatory focus on the ownership of office buildings and the legality of the SPV structure

Regardless of the asset form, it must penetrate the underlying layer to ensure authenticity, legality, and traceability. All technological innovations serve the real economy, preventing financial idleness.

3.3 Controllable Risks, Gradual Opening

Currently, all RWA products are only available to professional investors, reflecting a "controllable risk" bottom-line mentality:

• Professional Investor Standard: Investment assets above 8 million HKD (excluding real estate)

• Product Design: Clear structure, adequate risk disclosure

• Information Disclosure: Adhering to securities standards

Hong Kong is adopting an "institution-first" strategy, trialing in institutional and professional investor groups before gradually considering opening to the retail market once the market and regulatory technology mature.

4. Differences in Positioning between the Two Models

The Yi Sheng and Derin models exhibit fundamental differences in strategic positioning:

4.1 Yi Sheng Model: Suitable for Rapid Financing of Pure Overseas Assets

The underlying assets of the Yi Sheng model are overseas entertainment project revenue rights (Hong Kong concert, Malaysia tour), the assets are already overseas, with no cross-border compliance pressure. The issuance structure involves direct investment in overseas projects, with funds, assets, and entities all in Hong Kong, making the structure simple and not involving mainland regulation.

4.2 Derin Model: A Template Structure for Domestic Assets Going Overseas

The underlying assets of the Derin model are physical assets/fund equity (office buildings, private equity funds), although they are currently in Hong Kong, its complex "dual-layer SPV structure" provides important references for domestic assets to issue compliantly through Hong Kong:

• Clear asset ownership, stable value

• Facilitates cross-border restructuring through SPVs

• Can serve as a testing ground for domestic assets going overseas

5. More Diverse Issuance Paths That May Open in the Future

Based on the regulatory logic exemplified by the Yi Sheng and Derin models, the future issuance paths for RWA in Hong Kong will become increasingly diverse:

5.1 Standardized Financial Infrastructure Path: Tokenized Bonds

This is currently the fastest-moving and clearest path. The Hong Kong SAR government has clearly stated that the Monetary Authority will build an official tokenized bond platform and plans to regularly issue government bonds.

Characteristics: It will no longer be an innovation of a single institution, but the infrastructure of top-level design. In the future, various entities will be able to utilize the official platform to issue compliant tokenized bonds, with issuance and settlement becoming standardized and institutionalized.

5.2 Path for Introducing Global Quality Assets: RWA of Non-Hong Kong Assets

Recently, some institutions have announced plans to issue RWA products in Hong Kong backed by Canadian gold mining assets.

Characteristics: Hong Kong's goal is to become the "super connector" for global RWA. Any high-quality, real, and compliant global asset can be issued to global professional investors by establishing SPVs in Hong Kong and hiring licensed institutions for compliant packaging.

5.3 Path for Tokenization of Hong Kong Stocks: On-Chain Extension of Standardized Securities

Tokenizing Hong Kong stocks or stock portfolios will require a different route—closer to the Derin model of "tokenizing already securitized financial products".

Fosun's Xinglu Technology has already launched Asia's first "Hong Kong Stock Performance Linked Token" technical solution in September 2025, and has verified it in the real business scenarios of Fosite Medical (1696.HK).

Key Characteristics:

• Issuing structured notes or funds, then tokenizing product rights

• Currently, tokens do not provide voting rights, and realizing dividend rights also has technical barriers

• Suitable targets need to satisfy the three major conditions of "overseas structure + globalization of business + high recognition"

Companies with A+H shares still do not meet the conditions for tokenization due to guidance from the mainland SEC.

5.4 Horizontal Replication of the Yi Sheng Model: More Non-standard Assets STO

The most direct value of the Yi Sheng model lies in providing a compliant path for the securitization of various non-standard assets:

• Sports event revenue rights

• Movie box office revenue rights

• Revenue from projects like music festivals and art exhibitions

• Intellectual property licensing revenue

As long as the revenue rights are clear, easily established, and penetrating, they could theoretically be issued as STO under the Yi Sheng model.

6. Insights and Recommendations for Practitioners

Based on the above analysis, there are a few insights for practitioners interested in participating in the RWA field:

6.1 Clarify Asset Positioning and Choose an Appropriate Path

• Pure Overseas Assets: Can reference the Yi Sheng model, which is relatively simple and direct

• Domestic Assets Seeking to Go Overseas: Must use the complex structure of the Derin model; prepare to lay out the QFLP channel in advance

• Standardized Financial Assets: Need to pay attention to the construction of the Monetary Authority's official platform

6.2 Compliance First, Licenses are Key

Regardless of the chosen path, operating with a license is the bottom line. RWA is not a legal void but an on-chain extension of traditional finance. Laying out Type 4 and Type 9 licenses in advance or deeply collaborating with licensed institutions is a prerequisite for entry.

6.3 Penetrating Thinking, Establish Real Underlying Assets

The core of regulation is the authenticity and transparency of the underlying assets. At the project design stage, it is essential to ensure:

• Clear legal definitions of revenue rights

• Completeness of rights assertion procedures

• Cash flows must be traceable and transparent

• Information disclosure meets securities standards

6.4 Pay Attention to Policy Coordination between Two Regions

For those aspiring to "domestic assets, Hong Kong issuance," it is necessary to pay attention to:

• Hong Kong SFC's RWA guidelines

• State Development and Reform Commission, Ministry of Commerce, and State Administration of Foreign Exchange’s cross-border capital policies

• Latest updates on cross-border channels like QFLP/QDLP

Conclusion: The Significance of the Yi Sheng Model and the Future of RWA

Yi Sheng Financial's entertainment asset STO appears to be a cross-industry marriage between entertainment and blockchain, but at a deeper level, it is a complete presentation of Hong Kong's RWA regulatory thinking.

It proves that: within the compliant framework of licensed institutions, any real, transparent, and valuable asset—whether a song, a performance, a building, or a fund—can more efficiently reach global capital through tokenization.

For practitioners, the greatest opportunity may not lie in replicating the Yi Sheng model itself, but in understanding the regulatory logic behind it, and then horizontally replicating it to more asset categories, or vertically deepening into the complex structures for domestic assets going overseas.

The curtain on RWA has just begun to rise. As real-world assets encounter the efficiency of blockchain, a profound financial transformation is on the way.

And Yi Sheng is merely a footnote in this transformation, as well as a starting point.

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