Dec 18 (Reuters) - On the Chinese tropical island of Hainan, Huanghuali trees - a rare kind of rosewood - are being photographed so that they can be turned into digital assets.
12月18日（路透社）——在中国热带岛屿海南，黄花梨树——一种罕见的紫檀木——正在被拍摄，以便将其转化为数字资产。
Huanghuali or "yellow flowering pear" produces wood with a beautiful lustre and golden sheen. Favoured by Chinese emperors in times past, the wood continues to be highly prized. But a tree takes decades to mature, testing the patience of farmers.
黄花梨，即“黄花梨”，产出的木材光泽美丽且金光闪耀。这种木材曾深受中国皇帝青睐，至今仍备受珍视。但树木需要几十年才能成熟，这考验着农民的耐心。
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Converting the Huanghuali into real world asset (RWA) tradeable tokens would bring capital to an industry facing cashflow problems, says Zhao Xiaobao, the Hainan representative for Geely Technology Group, a unit of Chinese automaker Geely.
将黄花里转换为现实世界资产（RWA）可交易代币，将为面临现金流问题的行业带来资本，吉利科技集团（吉利旗下中国汽车制造商）海南代表赵小宝表示。
"We are converting the dormant resource of precious wood into tradeable assets," Zhao said, adding that the tokenisation business model could revolutionise the forestry industry and "turn green mountains and clear waters into gold and silver."
赵称：“我们正在将沉睡的贵重木材资源转化为可交易资产，”并补充说，代币化商业模式有望彻底革新林业，“将青山清澈的水变成黄金和白银。”
His company aims to raise HK$100 million ($13 million) in an initial tranche of tokens to be launched in Hong Kong in the next few months. Each tree will be assigned a different value, depending on its size and quality, which would then be broken up into a number of tokens.
他的公司计划在未来几个月内于香港推出首批代币，筹集1亿港元（约1300万美元）。每棵树会根据其大小和质量被赋予不同的值，然后再被拆分为若干标记。
Geely Tech's plan, Zhao believes, could mark the world's first tokenisation of tradeable real world assets that are biological in nature.
赵信奉，吉利科技的计划可能成为全球首个生物性质可交易现实资产的代币化。
It's also not just prized trees. All sorts of Chinese goods, from fine tea to expensive baijiu liquor, are now being turned into digital assets.
这不仅仅是珍贵的树木。各种中国商品，从优质茶叶到昂贵的白酒，如今都被转化为数字资产。
"Artifacts, collectables, data assets, commodities and real estate – we have received many enquiries about how to tokenise these assets," Liao Renliang, a lawyer at Yingke Law Firm, told a seminar on the topic last month.
“文物、收藏品、数据资产、商品和房地产——我们收到了许多关于如何代币化这些资产的咨询，”英科律师事务所律师廖仁亮上月在相关研讨会上表示。
While many Chinese companies appear excited about this new avenue of funding that has opened up for them in Hong Kong since last year, blockchain-based RWA tokenisation is very much in its infancy. In particular, it remains unclear whether a potential onslaught in supply will be met with sufficient demand, given limits on investment from mainland China.
尽管许多中国公司对自去年以来在香港开辟的新融资途径感到兴奋，但基于区块链的 RWA 代币化仍处于起步阶段。尤其是考虑到中国大陆投资受限，潜在的供应冲击是否能满足足够需求，仍不明朗。
"There are way more assets .... than investors willing to buy them. We need to expand the investor base," said Eric Zuo, managing director at Tadwill & Co.
“资产远比他多......而不是愿意买入的投资者。我们需要扩大投资者基础，“Tadwill & Co 董事总经理 Eric Zuo 说。
Zuo is working on a project that is seeking to raise 523 million yuan for a bankrupt hydro dam in Sichuan province via digital tokens in Hong Kong.
左志东正在进行一个项目，旨在通过香港数字代币为四川省一座破产水电大坝筹集5.23亿元人民币。
The global RWA market has surged 115% over the past year to $35.7 billion, according to data provider RWA.xyz. RWA tokens are mainly backed by traditional financial assets like bonds, stocks and real estate, with U.S. Treasuries accounting for the lion's share.
根据数据提供商 RWA.xyz 的数据，全球 RWA 市场在过去一年内激增了 115%，达到 357 亿美元。RWA 代币主要由传统金融资产支持，如债券、股票和房地产，美国国债占最大份额。
Hong Kong, which operates under a separate, more free-wheeling economic system from mainland China, has embraced digital assets, keen to burnish its reputation as an Asian financial hub.
香港在与中国大陆分开、更自由的经济体系下运作，已积极拥抱数字资产，力图提升其作为亚洲金融枢纽的声誉。
But there have also been signs that authorities in Beijing, which take a dim view of many digital assets and have banned trade in cryptocurrencies since 2021, are concerned.
但也有迹象表明，北京当局对许多数字资产持负面看法，自2021年以来已禁止加密货币交易，他们对此表示担忧。
The China Securities Regulatory Commission informally advised some mainland brokerages to pause their RWA tokenisation businesses in Hong Kong, sources said earlier this year.
据消息人士称，中国证券管理委员会今年早些时候非正式建议部分内地券商暂停其在香港的 RWA 代币化业务。
Mainland citizens can, however, trade in RWA tokens if they have an account with a Hong Kong broker.
内地公民若在香港券商开户，仍可交易 RWA 代币。
Asked for comment, the commission referred to a December 5 statement published by it and other financial authorities, which warned criminals were exploiting the rise of stablecoins, air coins and RWA tokens, and said mainland firms were prohibited from providing such services.
在被征询时，委员会引用了其及其他金融主管部门于 12 月 5 日发布的声明，该声明警告称，犯罪分子正在利用稳定币、空币和 RWA 代币的兴起，并称内地公司被禁止提供此类服务。
In contrast, the Hong Kong Securities and Futures Commission said tokenised products that amount to securities or futures contracts fall under its existing rules.
相比之下，香港证券及期货事务监办处表示，代币化产品（即有证券或期货合约）受其现行规则约束。
"Regulators are targeting fraudsters who use RWA to raise money illegally," said Liu Honglin, founder of Man Kun law firm in Shanghai. He added that if an RWA project is compliant and is used to stimulate consumption, "I don't think there's any problem."
上海文坤律师事务所创始人刘鸿林表示：“监管机构正在针对利用 RWA 非法筹集资金的诈骗分子。”他补充说，如果 RWA 项目合规且用于刺激消费，“我认为没有问题。”
In Shanghai, startup Shanghai Teaken Technologies has issued digital assets that represent cakes of highly sought-after fermented pu'er tea. Like fine wine, the tea gains in value the more it ages and can be a good long-term investment.
在上海，初创公司上海 Teaken Technologies 发行了代表备受追捧的发酵普洱蛋糕的数字资产。像优质葡萄酒一样，茶叶随着陈酿时间提升价值，是长期的良好投资。
Blockchain technology brings digital authentication to an industry plagued by counterfeiting - with tea stored, say, for only five years, often masquerading as 10-year-old tea, founder and CEO Eric Ma told Reuters in an interview.
区块链技术为一个受假冒问题困扰的行业带来了数字认证——茶叶通常只储存五年，且常被伪装成10年陈茶，创始人兼首席执行官埃里克·马在接受路透社采访时表示。
"We really want to build a platform for tea collectors to safely own and share and maybe pass on this premium quality good tea with transparency and trust," he said, adding that his company would provide state-of-the-art storage cellars for the tea cakes.
“我们真的希望为茶叶收藏者建立一个平台，让他们能够安全地拥有和分享，甚至以透明和信任的方式传递这些高品质优质茶叶，”他说，并补充说公司将为茶饼提供最先进的储藏地窖。
Juno Zhu, a 27-year-old lover of tea from Xiamen city who works in advertising, said she had bought 100 digital cakes of tea at 700 yuan ($100) apiece and was not worried about compliance concerns.
朱朱诺，一位来自厦门市、27岁的茶叶爱好者，从事广告工作，她表示自己以700元（100美元）购买了100个数字茶饼，并不担心合规问题。
"It's backed by something of value. It's not a token based on nothingness," said Zhu, who has given some to friends as gifts.
“它背后有价值的东西。这不是凭空而成的信物，“朱说，他曾送过一些礼物给朋友。
Other examples include China Qidian Guofeng Holdings (1280.HK) which has said that some 62 metric tons of its baijiu have been used as the underlying assets in an RWA project. The project, arranged by a key shareholder, aims to raise HK$500 million.
其他例子包括中国奇电国峰控股（1280.HK），该公司表示其百酒约有 62 公吨被用作 RWA 项目的标的资产。该项目由一位主要股东安排，目标筹集港币 5 亿。