PANews reported on December 11th that, according to First Financial Daily, mainland companies' RWA (Real Money Token) business in Hong Kong has frozen, with inquiries plummeting by over 90% in two months, and most projects being asked to postpone. Seven industry associations jointly issued a risk warning, explicitly prohibiting member units from participating in the issuance and trading of virtual currencies and RWA tokens within mainland China, emphasizing that those who "knowingly or should have known" will be held accountable, and rejecting the "overseas entity + domestic team" model. Regulators stated that they have not approved any RWA tokenization activities, highlighting risks such as fraudulent assets, business failures, and speculative hype. Stocks related to RWA concepts have fallen, with companies like Langxin Group and GCL Energy Technology experiencing significant pullbacks from their recent highs.