1. The RWA Window Opens: How Far Can SMEs Go with "On-Chain Financing"?

Against the backdrop of the deepening global digital economy, the tokenization of real-world assets (RWA) is becoming an important exploration direction for traditional industries to embrace blockchain technology and expand financing channels.

In recent years, several industries in China have made attempts. For example, Shanghai's Malu Grape Professional Cooperative packaged agricultural products and related production data as underlying assets and listed them for circulation on a digital asset trading platform. More recently, the listed company Hainan Huatie sparked a new round of discussion about "whether enterprises can issue RWA compliantly" with its non-financial RWA project worth 10 million yuan, providing valuable reference for SMEs.

2. Hainan Huatie's On-Chain Transformation: The Combined Strategy of NFT + RWA

Hainan Huatie is a listed company with a state-owned background in Hainan, primarily engaged in equipment leasing, ranking among the top in market share nationwide. According to disclosed data, the company's cumulative online equipment assets have reached 26 billion yuan, and it is exploring how to digitally map and transform such assets into tradable equity products to optimize asset structure and improve utilization efficiency.

In the Web 3 direction, Hainan Huatie has adopted two paths: NFT and RWA.

• In the NFT sector, the company launched the "Hornet Brother" digital collectibles, granting cardholders the status of brand ambassadors and incentivizing participants with equity returns equivalent to stock dividends through card locking. While the model is innovative, it has also sparked discussions, such as whether user speech is restricted or whether the reward design blurs the line with financial products. However, from a compliance perspective, the project has not yet crossed any policy red lines.

For most SMEs, NFT projects inherently come with technical barriers and promotional challenges. They require not only familiarity with blockchain technology but also certain market organization and user operation capabilities. This means it is difficult for internal teams alone to independently build an NFT incentive project.

3. How to Avoid Pitfalls? Key Design Ideas for RWA Compliance Structures

Unlike NFTs, the core of RWA lies in the direct linkage between on-chain tokens and the value of real-world assets. This also makes it more prone to approaching financial regulatory red lines. For example, directly selling the usage or ownership rights of an asset after division may constitute de facto securities issuance.

Hainan Huatie's strategy on the RWA path is relatively稳健 (prudent): the project design does not directly sell equipment ownership but digitizes equipment usage rights and operational equity in the form of "membership cards," enabling transfer and circulation through on-chain mapping. This model retains the anchored value of assets while avoiding high-risk operations involving securities laws.

Additionally, Hainan Huatie introduced licensed partner Weiyi Digital Technology Company. The membership cards feature consignment and transfer functions, and through a dual-track system of on-chain registration + offline redemption, the risks of speculation triggered by "digital tokens" are avoided. A relatively balanced combination is formed among compliance, digitization, and market mechanisms.

This model, integrating NFT incentives, on-chain registration technology, and operational asset management experience, constitutes a unique structure for Hainan Huatie. However, it also reminds us that not all enterprises possess such resource integration and regulatory communication capabilities.

4. Not Incomprehensible, But Unfeasible: Breaking Down RWA Barriers

Hainan Huatie's attempt highlights the potential of RWA but also reaffirms a reality: for SMEs, the lack of resources, technology, and compliance capabilities is the real barrier.

On one hand, many enterprises indeed possess assets suitable for on-chain mapping: equipment, inventory, and accounts receivable all have the foundation for digital mapping.

On the other hand, most enterprises lack compliance teams familiar with regulatory policies or the ability to design suitable digital asset structures or user incentive models.

Moreover, completing on-chain deployment, verifying asset anchoring, conducting on-chain issuance, and establishing market circulation mechanisms each pose significant challenges to team capabilities.

Furthermore, regulatory risks remain non-negligible. Since the 2017 joint announcement by seven ministries on preventing risks associated with token fundraising, enterprises raising funds from the public under the guise of tokens without permission are highly likely to be deemed engaging in illegal fundraising. Therefore, compliant RWA issuance is not just a technical issue but a systemic one involving legal boundaries and market mechanisms.

5. Not Impossible, But How to Do It: Professional Solutions for RWA Implementation

Under these circumstances, for SMEs interested in exploring RWA, rather than blindly "self-developing and self-issuing," it is better to partner with professional institutions to jointly complete the entire process from asset screening to on-chain mapping, from compliance design to market promotion.

Currently, experienced RWA accelerators have begun providing SMEs with full-process support for RWA exploration, including:

• Asset modeling and mapping solutions tailored to the business characteristics of enterprises;

• Issuance structure design advice covering policy compliance;

• Complete on-chain deployment and cross-chain support services;

• User incentive mechanism setup;

• Post-issuance circulation strategy support, such as market-oriented issuance and community operations.

With the help of professional institutions, SMEs can explore RWA issuance in phases with lower risks, avoiding compliance pitfalls and resource waste, and seize early dividends in the wave of digital assetization.

The digitization of real-world assets has never been the exclusive path of a few large enterprises. The key lies in finding the right method, avoiding risks, and taking the first step. SMEs with genuine assets and businesses may instead be the most explosive participants in this transformation.