In this speech, Vice President Zhao Yongchao delved into the meanings and characteristics of STO (Security Token Offering) and RWA (Real World Asset) technologies, as well as the tokenization practices of the Shanghai Data Exchange under the framework of Shanghai-Hong Kong cooperation. He emphasized that data assets are not just tools but unique carriers of human culture, values, and wisdom, highlighting their distinct position in Chinese thinking, ideas, and culture. When discussing RWA, Vice President Zhao particularly mentioned key aspects involving real-world assets, financialization, and data protection. He pointed out that these areas have extremely high requirements for compliance, including whether financial activities and token issuance comply with local laws and regulations, whether there are potential conflicts with other laws and policies, and the clarity of regulatory procedures.