HKSAR Government · Third digital green bonds (then the world's largest digital bond)

The world's first digital bonds settling with tokenised central bank money (e-HKD and e-CNY) in the primary leg. Subscriptions topped HK$130B across four currencies — the largest digital bond at the time.

Underlying: 政府绿色债券（最长 5 年期，四币种）Size: 超 100 亿港元（四币种认购超 1300 亿）Approval/Regulator: 香港金管局 Project EvergreenPartners: 汇丰 Orion · 代币化央行货币交收（e-HKD / e-CNY）

Source ↗ · 香港金管局 EvergreenHub

HKSAR Government · Second digital green bonds (world's first multi-currency digital bonds)

The world's first multi-currency digital bond and Hong Kong's first digitally native issuance, adopting ICMA's Bond Data Taxonomy with access via Euroclear and Clearstream.

Underlying: 政府绿色债券（2 年期，四币种）Size: 约 60 亿港元（港元/人民币/美元/欧元）Approval/Regulator: 香港金管局 Project EvergreenPartners: 汇丰 Orion · 中银香港 · 高盛 · 瑞银等

Source ↗ · 香港金管局 EvergreenHub

HKSAR Government · First tokenised green bond (world's first government tokenised green bond)

The world's first tokenised green bond issued by a government. DLT covered the full lifecycle from issuance and settlement to coupons and redemption, cutting settlement from T+5 to T+1.

Underlying: 政府绿色债券（1 年期）Size: 8 亿港元Approval/Regulator: 香港金管局 Project EvergreenPartners: 高盛 GS DAP · 中银香港 · 汇丰 · 瑞银

Source ↗ · 香港金管局 EvergreenHub

Xunying Group · Battery-swap real asset RWA (world's first battery-swap RWA)

Xunying tokenized its battery-swap cabinets and lithium batteries via an RWA fund managed by Hong Kong-listed Victory Securities (8540.HK) — the world's first battery-swap real-asset RWA.

Underlying: 全国换电柜与锂电池运营收益权Size: 数千万港元Approval/Regulator: 香港发行（胜利证券 8540.HK 担任基金管理人）Partners: 蚂蚁数科 · Conflux · VDX · AW3 家办

Source ↗ · 凤凰网财经

GCL Energy Technology · Xinyangguang residential solar RWA (first photovoltaic RWA from the Chinese mainland)

GCL-ET tokenized ~82MW of residential rooftop solar assets (about 3,000 stations in Hubei and Hunan), packaging value, operation and revenue data on-chain. It was the largest RWA financing from the Chinese mainland at the time.

Underlying: 湖北/湖南 82MW 户用光伏电站（约 3000 座）Size: 超 2 亿元人民币Partners: 蚂蚁数科

Source ↗ · 中证网

LongShine Technology Group · Xindiantu charging-pile revenue rights RWA (first new-energy RWA from the Chinese mainland)

Charging piles operated on LongShine's Xindiantu platform were tokenized on Ant Chain; each token represents a share of the corresponding pile's revenue. Proceeds fund energy storage and charging infrastructure.

Underlying: 新能源充电桩收益权Size: 约 1 亿元人民币Approval/Regulator: 香港金管局 Ensemble 沙盒（四大代币化案例之一）Partners: 蚂蚁数科（蚂蚁链）· 瑞银

Source ↗ · 央视网