According to Caixin's report, behind the fundraising boom for offshore RWA lies a mix of asset quality, questionable structures and pricing, and grey operations for capital inflow and outflow. Ant Financial is one of the earliest cases in China, with a model of "domestic assets - Hong Kong Equity Confirmation - global circulation", limited to institutional investors with no Secondary Market. The industry claims that the Hong Kong Monetary Authority encourages projects in new energy, shipping trade financing, etc., but does not support real estate, with investors mostly being local private sales and family offices. Currently, many RWA projects can only raise limited funds, but due to the fast issuance process and low thresholds of RWA, many companies are pursuing hopes of forming "coin-stock linkage".