[Mainland Enterprises' RWA Business Consultation Volume in Hong Kong Plummets Over 90% in Two Months] The consultation volume for mainland enterprises' RWA business in Hong Kong has plummeted by over 90% within two months, with most projects being required to be postponed. Seven industry associations jointly issued a risk warning, explicitly stating that member units are prohibited from participating in virtual currency and RWA token issuance and trading within the mainland. They emphasized that those who 'knowingly or should have known' will be held accountable, rejecting the 'overseas entity + domestic team' model. Regulators pointed out that no RWA tokenization activities have been approved and warned of risks such as false assets and speculative trading. The stock prices of companies involved in the RWA concept, such as Longshine Technology Group and GCL Energy Technology, have significantly retreated from recent highs.