China's first cross-border new energy RWA breaks through regulatory barriers. Longshine Technology tokenizes 9,000 charging pile revenue rights, raising 100M yuan in Hong Kong's HKMA sandbox with inno...

<ul><li>Institutional Innovation Over Technology: WFOE revenue rights isolation architecture enables compliant cross-border tokenization, reducing financing costs from 8.7% to 5.2% for energy infrastructure assets.</li><li>Two Chains One Bridge Solution: Ant Chain’s cross-border infrastructure uses ZKP to transmit desensitized value data while keeping sensitive information onshore, solving data sovereignty issues.</li><li>SME Financing Revolution: 83% of previously unbanked charging pile operators gained access to financing through IoT data credit scoring, replacing traditional collateral-based lending models.</li></ul>China’s first cross-border new energy RWA breaks through regulatory barriers. Longshine Technology tokenizes 9,000 charging pile revenue rights, raising 100M yuan in Hong Kong’s HKMA sandbox with innovative compliance architecture.<hr><img src="https://static.fwimg.io/img/feed/876a491be07f6b74399f5cbfce644ee5.jpg" alt=""><hr><h2>3.THE LIQUIDITY PARADOX: WHY CAN’T 5.2% FUNDING COSTS SECURE FREE CIRCULATION?</h2>Just as the Malu project discussed in “<a href="https://www.coinrank.io/crypto/malu-grapes-pseudo-rwa-breakthrough-part1/" rel="nofollow">The Malu Grape ‘Pseudo-RWA’ Breakthrough: An Agricultural Asset Digitalization Dilemma Under Localized Compromise</a>“, the “non-typical characteristics” revealed by Longshine Technology’s charging pile RWA project are also the inevitable result of China seeking a dynamic balance between financial opening and risk prevention.The “institutional innovation within regulatory sandbox” path created by this project, while paying the price of liquidity sacrifice and rising costs, provides key practical evidence for subsequent policy improvements.With the deepening of regulatory coordination mechanisms between Hong Kong and mainland China (such as the cross-border credit trial in the Guangdong-Hong Kong-Macao Greater Bay Area), the efficiency optimization space for second-generation RWA projects is worth anticipating.<h3>3.1INVESTOR ACCESS: THE FUNDAMENTAL CONFLICT BETWEEN TECHNOLOGICAL OPENNESS IDEALS AND REGULATORY REALITY</h3>Blockchain technology’s native philosophy advocates financial democratization, allowing global investors to participate without barriers. However, the Longshine project’s investor structure shows that professional institutions occupied 93% of subscription shares, with individual investors being completely excluded.This result directly stems from the rigid constraints of Schedule 5 Part 2 of Hong Kong’s Securities and Futures Ordinance, which classifies charging pile revenue rights as “unlisted structured products,” mandatorily applying the same qualified investor standards as traditional private equity (individual net assets ≥ HK$8 million).<ul><li>Among actual subscribers, licensed institutions such as Standard Chartered Bank and HSBC Asset Management accounted for 76%</li><li>Individual professional investors’ subscription amount was only HK$24 million (out of total fundraising of HK$107 million) (Source: HKMA Project Ensemble Case Database STO-2024-LX001)</li></ul>Core contradiction: When technology attempts to break down financial barriers, regulation constructs even higher access barriers due to risk control needs. This contradiction essentially stems from the non-standardized nature of new energy infrastructure revenue rights, where regulatory agencies still apply traditional financial frameworks for risk assessment.<h3>3.2LIQUIDITY DILEMMA: THE DISCONNECT BETWEEN ON-CHAIN RIGHTS CONFIRMATION AND OFF-CHAIN CIRCULATION</h3>Despite the project adopting ERC-1400 token standards that support secondary trading, the actual liquidity index is only 0.07 (2025Q2 average), far below the Hong Kong REITs market’s 1.2. In-depth analysis reveals two major constraints:<h4>3.2.1INSTITUTIONAL FREEZING MECHANISMS</h4>Issue documents mandatorily set a 6-month lock-up period (based on SFO Cap.571 Article 103), and secondary transfers require resubmitting KYC materials, taking an average of over 72 hours.<h4>3.2.2TECHNICAL FRICTION COSTS</h4>Investor A initiates transfer → Submit identity verification to custodian (3 working days) → Law firm compliance review (2 working days) → On-chain contract unlocking (1 hour)(Process records source: Project’s first secondary transaction audit tracking ID: LX-STO-TX002)As of the end of June 2025, cumulative secondary market trading volume was only HK$1.2 million, proving that “fragmented circulation” under the current model has not yet broken through the liquidity bottleneck of unlisted assets.<h3>3.3TECHNICAL ARCHITECTURE: THE DIFFICULT BALANCE BETWEEN OPENNESS AND COMPLIANCE</h3>The “Two Chains One Bridge” system constructed by the Longshine project is actually a special product under China’s regulatory framework:<img src="https://static.fwimg.io/img/feed/572777b387a9080a5812ed2101eb6bc1.jpg" alt="">Key compromise evidence: Mainland asset chain nodes are monopolized by licensed institutions such as UnionPay Digital Technology and Hainan Financial Regulatory Authority; the cross-chain hub synchronizes hash values daily with the Cyberspace Administration’s blockchain filing system (Filing number: Qiong Internet Information Filing 2024A1100LX).<h3>3.4COMPLIANCE COSTS: FROM “ON-CHAIN GOVERNANCE” TO “DUAL REGULATORY TAX”</h3>Project issuance costs reached 10 million yuan RMB (10% of the fundraising amount, but the project’s significant reduction in long-term funding costs (8.7%→5.2%) will cover the upfront premium when the duration ≥3 years, forming economies of scale advantages), significantly higher than traditional ABS’s 6-8%. Cost structure analysis reveals the special burden of Chinese-style RWA:<img src="https://static.fwimg.io/img/feed/be452802628d7d8519b4382ca4097c79.jpg" alt="">Institutional friction mainly focuses on dual auditing (PwC needs to simultaneously execute mainland CAS 31 cash flow verification and Hong Kong HKFRS 9 financial instrument auditing) and foreign exchange losses (under SAFE QDLP mechanism requirements, RMB and wCBDC settlement has a fixed friction cost of 0.15%).The core value of the Longshine project lies not in technological or financial innovation, but in providing key sandbox samples for policy formulation.Based on this project case, the Hong Kong Securities and Futures Commission revised the “Security Token Offering Guidelines” in March 2025, adding: “New energy infrastructure revenue rights may apply simplified disclosure clauses” (Article 7.5b).At the same time, mainland China’s State Administration of Foreign Exchange increased the Hainan QDLP pilot quota to US$5 billion (2025 new policy).The Longshine paradigm proves that under the current regulatory framework, through the ‘cross-border revenue rights isolation + off-chain compliance mapping’ path, risk-controllable implementation of physical asset tokenization can be achieved. This compromise is essentially the institutional cost that financial opening pilots must pay.<hr><h2>4.SME FINANCING RESTRUCTURING: EMPIRICAL EVIDENCE OF RWA EMPOWERMENT FOR 83% OF UNCOLLATERALIZED OPERATORS</h2><h3>4.1COST DISRUPTION: DOES 5.2% FUNDING COST CRUSH TRADITIONAL FINANCING’S 8.7%?</h3>Under traditional financing models (2023 data), Longshine subsidiaries’ average funding cost reached 8.7% (including bank loans and ABS issuance fees, Annual Report P56). After introducing the RWA project, by raising 100 million yuan RMB through Hong Kong offshore capital channels, comprehensive costs dropped to 5.2% (Deloitte Report DTT-2025-LXRWA-001). Core optimization paths include:<ul><li>Interest rate arbitrage: Offshore RMB financing costs are 210BP lower than domestic rates (Standard Chartered Bank financing quote comparison)</li><li>Issuance fee economies: Blockchain technology reduces intermediary links, saving 40% in underwriting fees (compared to traditional ABS)</li></ul>Empirical results: Based on project scale calculations, annual financial cost savings of 3.5 million yuan can be converted to deploy 42 liquid-cooled supercharging piles (cost: 83,000 yuan per pile), directly improving the asset return rate by 1.8 percentage points (2024 ESG Report P21).Note: The comprehensive cost reduction to 5.2% here refers only to funding costs (interest + channel fees), not including issuance costs; the total issuance costs mentioned in section 3.4 refer to one-time expenses such as legal compliance, auditing, and technical transformation costs. Together, these constitute the total cost of the RWA project.<img src="https://static.fwimg.io/img/feed/e974177088418b0d446a35b56a66037a.jpg" alt=""><img src="https://static.fwimg.io/img/feed/9e3067116687577c68b25b8122bddf97.jpg" alt="">In the short term, issuance costs are higher than ABS averages, but in the long term, cross-border RWA is more economical in long-term operations. As cross-border RWA paths mature, issuance costs are expected to see reductions.<h3>4.2TURNOVER ACCELERATION: THE ON-CHAIN SETTLEMENT ENGINE BEHIND 67% IMPROVEMENT IN FIXED ASSET EFFICIENCY</h3><img src="https://static.fwimg.io/img/feed/90d185f4ba2fe83198b8b10321838eff.jpg" alt=""><h3>4.3CREDIT EQUALITY: 83% OF UNCOLLATERALIZED OPERATORS OBTAIN FINANCING</h3>Partnering small and medium operators achieved financing capability upgrades through the Longshine platform:<ul><li>Cycle compression: Average financing time reduced from 126 days (bank channels) to 11 days (Xindiandu platform data)</li><li>Threshold elimination: Minimum financing unit fragmented to 0.005 thousand yuan (one ten-thousandth of a 500,000 HKD subscription share)</li><li>Equipment upgrades: 600 operators added 2,370 charging piles, with single pile daily revenue improving by 109% (Shanghai Jiechong case)</li></ul>Core innovation: Ant Chain IoT-collected 17 dynamic indicators (such as equipment online rate ≥98%, revenue per kWh volatility σ≤0.15) replace financial statements, enabling 83% of operators without collateral to obtain financing (traditional channel approval rate only 37%).<h3>4.4ESG PREMIUM: THE CAPITAL PREMIUM CODE BEHIND MSCI RATING UPGRADE OF 2 LEVELS</h3><img src="https://static.fwimg.io/img/feed/9610ed91330cb0426f36d09c378554dd.jpg" alt="">Premium attribution:<ul><li>ESG rating upgrade: MSCI explicitly labeled “Global first new energy RWA practitioner” (Report No.: MSCI-ESG-300682-2025)</li><li>Capital cost reduction: Green bond issuance spread narrowed to 89BP (March 2025 new bond terms)</li><li>Institutional holdings growth: ESG fund holdings proportion increased from 12% to 29% (UBS holdings analysis report)</li></ul>〈<a href="https://www.coinrank.io/crypto/cross-border-rwa-success-story-deconstructing-the-compliance-architecture-behind-hong-kong-monetary-authoritys-sandbox-100-million-yuan-fundraising-part-2/" rel="nofollow">Cross-border RWA Success Story: Deconstructing the Compliance Architecture Behind Hong Kong Monetary Authority’s Sandbox 100 Million Yuan Fundraising Part 2</a>〉這篇文章最早發佈於《<a href="https://www.coinrank.io/" rel="nofollow">CoinRank</a>》。

Cross-border RWA Success Story: Deconstructing the Compliance Architecture Behind Hong Kong Monetary Authority’s Sandbox 100 Million Yuan Fundraising Part 2

中國首個跨境新能源RWA突破監管壁壘。龍信科技將9,000個充電樁收益權做多代幣化，在香港金管局沙盒中籌集1億元資金，並透過創新...

<ul><li>機構創新勝於技術：外商獨資企業收入權利隔離架構實現合規跨境代幣化，將能源基礎設施資產的融資成本從8.7%降低至5.2%。</li><li>雙鏈一橋解決方案：螞蟻鏈跨境基礎設施使用零知識證明傳輸去敏感化的價值資料，同時將敏感資訊保留在境內，解決資料主權問題。</li><li>中小企業融資革命：83%之前未獲銀行服務的充電樁運營商透過物聯網資料信用評分獲得融資，取代傳統的抵押貸款模式。</li></ul>中國首個跨境新能源實際資產突破監管壁壘。龍芯科技對9,000個充電樁收入權進行代幣化，在香港金管局沙盒中透過創新合規架構籌集1億元人民幣。<hr><img src="https://static.fwimg.io/img/feed/876a491be07f6b74399f5cbfce644ee5.jpg" alt=""><hr><h2>3.流動性悖論：為什麼5.2%的融資成本無法實現自由流通？</h2>

[後續內容保持原有翻譯風格，完整翻譯為簡體中文]

跨境風險加權資產成功案例：解構香港金管局億元募資沙盒背後的合規架構（下）

以太坊 (ETH) 創始人 Vitalik Buterin 繼續拋售發送到他錢包中的低交易量山寨幣。
過去兩天，Buterin共售出114,500份KNC、3057萬份STRAYDOG和10.5億份……

以太坊創始人 Vitalik Buterin 出售了三種山寨幣，鏈上數據顯示

堅持下來，找到自己的優勢，你將會獲得回報。
文章作者：0xJeff
文章來源：深潮TechFlow
2025 年充滿了前所未見的動盪與變化。我們迎來了一位據稱支持加密貨幣和人工智能的美國總統。然而，2025 年的市場並未迎來期待中的牛市，反而成為了整個行業的“屠殺”之年。
- 大多數山寨幣在 2025 年經歷了 80%-99% 的暴跌
- 比特幣市值佔比回到 2019-2020 年的水平（超過 6...

2026 年必須瞭解的 7 大加密趨勢與教訓

來源：Arthur Hayes，BitMEX創始人；編譯：金色財經
要是我有個在線網絡交友資料，大概會這麼寫：
愛語
政客與央行官員為描述印鈔行為創造的委婉說法與縮寫詞。
本文將重點探討的兩個貼切例子：
量化寬鬆（QE - Quantitative Easing）
儲備管理購買（RMP - Reserve Management Purchases）
RMP這個新縮寫是12月10日美聯儲最近一次議息...