China has delineated regulatory responsibilities for different types of Real World Asset (RWA) financing. According to reports, foreign debt-related RWA will fall under the supervision of the National Development and Reform Commission, while equity and asset securitization RWAs will be regulated by the China Securities Regulatory Commission. Additionally, the State Administration of Foreign Exchange will oversee the repatriation of funds raised abroad. Other RWA forms will be jointly regulated by the securities commission and relevant departments. Analysts suggest that issuing tokens on licensed exchanges in Hong Kong aligns with China's strategic goals. The Hong Kong Stock Exchange, which holds exclusive rights to the local stock market, is expected to allow licensed cryptocurrency exchanges to conduct token transactions backed by equity assets.