Ant Digital Technologies has completed the first cross-border private placement of an RWA (real-world asset) tokenized instrument, with the proceeds aimed at financing electric-vehicle (EV) charging station operations in mainland China. Financial details of the deal were not disclosed.

As part of the Hong Kong Monetary Authority’s recently launched Project Ensemble, the yuan-denominated transaction showcased the use of asset tokenization technology in the context of green and sustainable finance.

Linklaters acted as legal adviser to the underwriter and tokenization agent on the deal. The legal support team, spanning multiple practices and jurisdictions, was led by Asia head of structured finance and derivatives Chin-Chong Liew and capital markets partner Ying Zhou from Zhao Sheng Law Firm, supported by associate Joshua Liu.

Specialist expertise was provided by partners Michael Ng on debt capital markets, Kishore Bhindi on Hong Kong SAR digital assets regulatory issues and Evan Lam on Singapore digital assets regulatory issues. Philip Spoerlé of Niederer Kraft Frey advised on the Swiss law aspect of this transaction.

“Having worked on six out of eight of the RWA tokenizations in Hong Kong since 2023, we find that every deal is still unique and presents novel legal and regulatory issues,” says Chin-Chong Liew, Asia head of structured finance and derivatives at Linklaters.

“Addressing these complexities has required us to not only draw on the expertise and experience from our expansive global network, but also to collaborate closely with our clients and other stakeholders to design bespoke solutions. We are very excited to be part of the evolutionary pathway towards a financial market driven by digital products and innovation in Hong Kong.”