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

/in /tarafından

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.

China launches campaign against online hostility and pessimism

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China’s Cyberspace Administration (CAC) on Monday announced a two-month nationwide campaign to crack down on online content that fuels hostility, spreads rumours, or promotes pessimism about the economy and society.

Key measures

  • Targeted content includes:

    • Posts inciting fan group clashes.

    • Tutorials on doxxing techniques.

    • Rumours and conspiracy theories about the economy.

    • Narratives exaggerating isolated negative incidents.

    • Pessimistic slogans such as “hard work is useless” or “studying is useless”.

  • The CAC said it would conduct comprehensive inspections of trending topics, recommendation systems, and comment sections on major platforms.

Platforms under scrutiny

Recent disciplinary measures have already been taken against:

  • Kuaishou (short-video app)

  • Weibo (microblogging platform)

  • Xiaohongshu/RedNote (Instagram-like platform)

Broader context

  • China’s economy has been under pressure in 2025, with sluggish growth and persistent youth unemployment fueling online discontent.

  • Authorities argue that pessimistic narratives and heated online debates could spill into real-world instability.

  • Unlike Western moderation practices, China’s online speech controls are more extensive, aimed at shaping public sentiment in line with state priorities.

Recent example

The campaign follows the case of actor Yu Menglong, 37, who died after falling from a building. Authorities said three individuals fabricated rumours and fake videos about his death, prompting police to take “compulsory measures” against them for disrupting public order.

The CAC said the new campaign is designed to “clean up online spaces” and promote a healthier information environment aligned with socialist values.

China warns Kuaishou and Weibo over content violations

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China’s Cyberspace Administration (CAC) has issued warnings and disciplinary measures against Kuaishou and Weibo, accusing both platforms of failing in their content management responsibilities. The regulator cited repeated violations, including trending lists filled with celebrity gossip and trivial updates, which it said undermine the platforms’ duties to manage information responsibly.

The measures include summoning company executives, issuing official warnings, and ordering mandatory rectifications within set deadlines.

Both Kuaishou and Weibo responded with statements acknowledging the criticism, saying they “take the matter very seriously,” and have created special task forces to oversee corrective action.

The crackdown comes amid broader regulatory scrutiny of Chinese tech firms. Just a day earlier, China’s market watchdog launched an investigation into Kuaishou’s e-commerce arm, Kuaigou, for suspected violations of national e-commerce laws.

The warnings highlight Beijing’s ongoing campaign to enforce tighter control over online platforms, particularly in areas where entertainment and celebrity culture dominate user engagement.