What is the meaning of the CSRC's release of the "Regulatory Guidelines on the Overseas Issuance of Asset-Backed Securities Tokens for Domestic Assets"?

February 6, 2026 Message: The China Securities Regulatory Commission has issued the “Guidelines on the Regulation of Domestic Assets Issuing Asset-Backed Securities Tokens Overseas.” The term “domestic assets issuing asset-backed securities tokens overseas” refers to activities where tokens are issued abroad based on cash flows generated by domestic assets or related rights, utilizing encryption technology and distributed ledger or similar technology to create tokenized equity certificates. When issuing asset-backed securities tokens overseas with domestic assets, strict compliance with laws, administrative regulations, and relevant policies regarding cross-border investment, foreign exchange management, network, and data security is required. The relevant regulatory authorities’ approval, filing, or security review procedures must be followed, and the activities must not harm national interests or social public interests.

(1) Strengthening regulation → Short-term negative impact
Especially on Web3 and Tokenization concept stocks.

(2) Clear compliance pathway → Long-term benefits for brokerage firms and the ABS industry chain
Cross-border investment banking, asset securitization, and digital custody services will see growth.
Impact on brokerage sector: Favorable in the medium to long term, neutral sentiment in the short term.
Impact on the asset securitization (ABS) industry chain: Beneficial for “standardization + overseas incremental demand,” with potential beneficiaries including:

• Asset securitization service providers
• Exchange technology service providers
• ABS managers
• Asset custody institutions

(3) Capital outflows and arbitrage space tightening → Beneficial for overall stability of A-shares
Supports weight and steady growth directions.