In July 2026, Dandan Fei’s article “Mainland RWA Tokens: Hong Kong’s Regulatory Test” was published in The Legal Industry Reviews: China & Hong Kong Edition 10. The article appears on page 24.
The article examines RWA tokenisation involving mainland China and Hong Kong through a capital-markets lens. It considers asset quality, cash-flow certainty, enforceable rights and investor disclosure, together with the role of Hong Kong’s issuance, custody, settlement and suitability framework.
It argues that tokenisation does not cure weak assets. Viable projects still depend on clear ownership of the underlying assets, stable cash flows, enforceable contracts and complete investor disclosure, within a viable securities-law, asset-finance and cross-border transaction structure.
For issuers, investors and advisers, the analysis shifts attention from the token itself to the legal and commercial quality of the underlying transaction: title to the assets, transferability, payment mechanics, investor rights and compliance across both regulatory systems.
The analysis therefore treats tokenisation as one component of a wider cross-border transaction, rather than as a substitute for conventional legal due diligence, enforceability analysis and investor-protection controls.
