Overview

• Reuters reports the CSRC privately told at least two major Chinese brokerages to halt real‑world‑asset tokenization conducted through their Hong Kong businesses.
• The scope and duration of the pause are unclear, with no public directive issued and key regulators declining to comment.
• One source cited risk management as the reason, including verifying that tokenized offerings rest on legitimate and sustainable business models.
• Hong Kong is advancing a stablecoin licensing regime and legal reviews on tokenization, and the HKMA says 77 firms have expressed licensing interest.
• Recent deals include GF Securities’ GF Tokens and a 500 million yuan digital bond arranged by China Merchants Bank International, alongside sharp stock gains for Guotai Junan International and Fosun International.