Inquiries from mainland Chinese companies regarding Real Money Token (RWA) business in Hong Kong have plummeted by over 90% in the past two months, according to a report by First Financial Daily. This decline follows a joint risk warning issued by seven industry associations, which explicitly prohibits member units from engaging in the issuance and trading of virtual currencies and RWA tokens within mainland China. The warning also rejects the "overseas entity + domestic team" model and holds accountable those who "knowingly or should have known" about such activities. Regulators have not approved any RWA tokenization activities, citing risks such as fraudulent assets, business failures, and speculative hype. Consequently, stocks related to RWA concepts have suffered, with companies like Langxin Group and GCL Energy Technology experiencing significant declines from their recent highs.