Recently, the RWA market has cooled down significantly. Several consulting agencies have reported that over the past two months, clients from mainland China inquiring about Hong Kong RWA services have evaporated by more than 90%. Even projects that were nearly finalized before are now mostly suspended, with a wait-and-see approach.

The stock market reacted even more directly. Companies associated with the RWA concept saw their stock prices drop sharply—concept stocks like Langxin Group and GCL New Energy Technology have halved from their peaks. The market sentiment shifted faster than expected.