On February 7, 2026, the China Securities Regulatory Commission announced Document [2026] No. 1: "Regulatory Guidelines on the Overseas Issuance of Asset-Backed Securities Tokens Based on Domestic Assets" (hereinafter referred to as the "Guidelines"). The Guidelines took effect immediately upon announcement. They adopt a "strict regulatory" stance towards the issuance of RWA (Real World Asset) tokenized products based on domestic assets and issued overseas (especially asset-backed securities tokens). Essentially, this is part of the "strict overseas regulation" aimed at preventing speculation, cross-border risks, and illegal financial activities. The main points are summarized as follows:

· The so-called domestic assets issued overseas as asset-backed securities tokens refer to activities that use domestic assets or related rights to generate cash flows as repayment support, utilizing cryptographic technology and distributed ledger or similar technology to issue tokenized equity certificates overseas.

· Domestic assets issued overseas as asset-backed securities tokens must strictly comply with laws, administrative regulations, and relevant policies related to cross-border investment, foreign exchange management, network, and data security. They must also follow procedures such as approval, filing, or security review required by relevant regulatory authorities, and must not harm national interests or social public interests.

· Prohibited situations include: assets/entities explicitly banned from financing through the capital market by the state; assets/entities that may endanger national security (as determined by State Council departments); criminal offenses within the past three years such as corruption, bribery, embezzlement, misappropriation of property, or disruption of market economic order (including controlling shareholders and actual controllers); ongoing investigations (suspected crimes or major violations, with no conclusion yet); assets with significant ownership disputes or legally non-transferable; and situations touching on the negative list of asset securitization bans within the domestic market.

· The China Securities Regulatory Commission will strictly regulate RWA tokenized products issued overseas based on domestic assets in accordance with laws and regulations. Before engaging in related activities, the domestic entity controlling the underlying assets (hereinafter referred to as the "domestic filing entity") must file with the China Securities Regulatory Commission, submitting a filing report, a full set of overseas issuance materials, and other relevant documents as required, clearly explaining the domestic filing entity information, underlying asset information, and token issuance plan. Non-compliance with regulations will result in no filing approval from the CSRC. After completing the filing, the domestic filing entity must promptly report any major issues to the CSRC.