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China tells brokers to pause real-world asset tokenisation in Hong Kong

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China’s securities regulator (CSRC) has quietly advised several domestic brokerages to halt their real-world asset (RWA) tokenisation activities in Hong Kong, according to sources familiar with the matter. The move highlights Beijing’s caution as Hong Kong accelerates its push to become a regional hub for digital assets.

What’s happening

  • At least two major Chinese brokerages received informal instructions in recent weeks to pause RWA tokenisation businesses offshore.

  • RWA tokenisation converts traditional assets — like stocks, bonds, funds, and real estate — into blockchain-based digital tokens.

  • Regulators are concerned about risk management and whether firms’ claims are backed by “strong, legitimate businesses.”

Market reaction

  • Shares in Chinese brokerages with Hong Kong exposure slumped:

    • Guotai Junan International fell 7.25%

    • GF Securities dropped 2%

  • The broader Hang Seng Index closed down 0.9%.

Regulatory backdrop

  • China banned cryptocurrency trading and mining in 2021, citing financial stability risks.

  • While Hong Kong has rolled out a stablecoin regime and tokenisation “sandbox” (Project Ensemble), Beijing has kept its stance restrictive.

  • Last month, regulators told major Chinese brokers to stop publishing research endorsing stablecoins, signalling unease about speculative hype.

  • The HKMA confirmed it is conducting a legal review of tokenisation, initially focused on bonds.

Virtual asset enthusiasm in Hong Kong

  • GF Securities (HK unit) launched yield-generating “GF tokens” in June, tied to USD, HKD, and offshore RMB.

  • CMBI recently helped Shenzhen Futian Investment raise 500 million yuan through an RWA-based digital bond.

  • Seazen Group, a Chinese property developer, set up an institute in Hong Kong to explore tokenisation.

  • HKMA said 77 firms have expressed interest in applying for a stablecoin license as of August 31.

Global context

  • The RWA market is worth about $29 billion today and could exceed $2 trillion by 2030, according to industry forecasts.

  • Hong Kong wants to capture this growth, but Beijing’s intervention shows cross-border limits remain.

  • It’s unclear how long the CSRC’s guidance will stay in place or whether it will become a formal restriction.

Figure Valued at $7.6 Billion After Strong Nasdaq Debut

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Figure Technology (FIGR.O) surged 44% in its Nasdaq debut on Thursday, closing with a market valuation of $7.62 billion, signaling strong investor appetite for crypto-linked firms with tangible business models.

IPO Details

  • Offer price: $25 per share

  • Opening trade: $36 per share

  • Capital raised: $787.5 million via 31.5 million shares, upsized from 26 million after strong demand

  • IPO priced above the raised range of $20–$22 per share

This marks one of the most successful debuts in a busy IPO week, the strongest since 2021, as buoyant equity markets reignite investor interest following April’s tariff-driven volatility.

Figure’s Business Model

Founded in 2018 by Mike Cagney (previously co-founder of SoFi), Figure focuses on blockchain-powered housing finance rather than speculative crypto holdings.

  • Facilitated $6 billion in home equity lending in the year ended June 30, up 29% year-on-year.

  • Built the Provenance blockchain to originate, verify, and process home-equity loans.

  • 10 of the top 20 mortgage companies and 20+ large banks now use its technology.

Cagney criticized crypto-treasury strategies, telling Reuters: “Blockchain never loses an opportunity to shoot itself in the foot. Treasury strategies do not represent the full potential of the technology.”

Market Context

Unlike firms that boosted valuations by hoarding bitcoin or ether — and have since seen share prices slump — Figure emphasizes blockchain infrastructure with revenue growth and industry adoption.

Meanwhile, crypto exchange Gemini, backed by the Winklevoss twins, is preparing for its own New York IPO on Friday, adding momentum to the sector’s march into mainstream markets.

Blockchain Lender Figure Raises $787.5 Million in U.S. IPO at $5.3 Billion Valuation

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Figure Technology, a blockchain-based lender and stablecoin issuer, raised $787.5 million in its U.S. initial public offering on Wednesday, marking one of the year’s largest debuts from the crypto sector as digital assets gain wider mainstream traction.

The New York-based company and its investors sold 31.5 million shares at $25 each, above the raised price range of $20–$22. The deal valued Figure at $5.29 billion. Originally slated to offer 26 million shares, the firm boosted the size of the sale on Tuesday amid strong demand.

Shares will begin trading Thursday on the Nasdaq under the ticker FIGR. Goldman Sachs, Jefferies, and BofA Securities acted as lead underwriters.

Figure’s Business

Founded in 2018, Figure uses blockchain technology to connect lenders and borrowers, particularly in the housing market. According to its filings, the company can fund home equity loans in just 10 days, compared to the industry average of 42 days.

The IPO also drew interest from major investors. Billionaire Stanley Druckenmiller’s Duquesne Family Office indicated plans to purchase up to $50 million worth of shares.

Crypto Momentum

The listing comes as the crypto sector surpasses $4 trillion in market value, boosted by regulatory wins under a pro-crypto White House, corporate adoption of digital assets, and strong inflows into crypto-linked ETFs.

Figure joins a wave of companies going public in what is shaping up to be one of the busiest weeks for U.S. IPOs in years. Swedish fintech Klarna jumped 30% in its New York debut earlier the same day, while Gemini, Via, and Black Rock Coffee are expected to price offerings next.