COINOTAG News reported on December 11 that a Caixin source noted seven financial industry associations issued a risk warning, explicitly prohibiting domestic involvement in virtual currency and Real World Asset (RWA) token issuance and trading, signaling tighter oversight of tokenized assets.

Following the guidance, mainland RWA-to-Hong Kong activity cooled, with market sentiment turning cautious and capital flows compressing. Industry insiders say consultation volumes tumbled by more than 90%, and several deals in progress were postponed, slowing near-term rollout timelines for related projects.

Equity links to the sector moved lower as well, with Langxin Group and Xinjiang Jin among names that retraced from recent highs. In response, several firms pivot toward exploring Real Data Assets (RDA) as an alternative, reflecting a strategic shift amid a tighter regulatory backdrop.