This book strives to comprehensively explain Web 3.0 and tokenization technologies from theory to practice, from concepts to cases, and from opportunities to challenges. Chapter 1 systematically introduces the definition and characteristics of Web 3.0, as well as its impact on traditional investment and financing models, helping readers quickly establish a basic understanding of Web 3.0. Chapters 2, 3, and 4 serve as the theoretical foundation, delving into the blockchain technology principles underpinning tokenization and the economic theories embedded within, thereby solidifying the necessary knowledge base for readers. On the practical side, Chapters 5 and 6, as typical applications, focus on dissecting the two most core models in tokenization—the various types of RWA and stablecoins. The RWA model innovatively proposes ways to digitize and tokenize RWAs, significantly expanding the application scenarios and boundaries of tokenization. Stablecoins, as a bridge connecting the digital and real worlds, play a crucial role in promoting the prosperity of the tokenization ecosystem. Through detailed case studies and thorough analysis, this book enables readers to clearly understand how tokenization operates and the pathways to its implementation. However, the development of tokenization is not without obstacles; it also faces numerous risks and challenges. Chapters 7 and 8 adopt a cautious approach to discuss potential issues in regulation and social impact, objectively analyzing the resistances and limitations it faces, and proposing strategies and development recommendations. Only in this way can the development of tokenization become healthier and more sustainable.
Prof. Yang Wang took office as Vice-President for Institutional Advancement of HKUST on October 1, 2020. He is also a Chair Professor of Department of Industrial Engineering and Decision Analytics and Department of Mathematics. He joined the HKUST as the Head of the Department of Mathematics in 2014 and he became the Dean of School of Science in 2016. Prof. Wang is an internationally respected scholar with wide ranging research interests, having published over 100 research journal papers in both pure and interdisciplinary mathematics, many of which in top journals. During his tenure as Dean of Science and Head of Mathematics, Prof. Wang founded the HKUST Big Data Institute and launched the popular Big Data Technology MSc program.
Mr. Bai Haifeng is the Managing Director and Co-Head at CMB International Asset Management Co., Ltd. Mr. Bai is distinguished as one of the most awarded fund managers in Hong Kong, having received several prestigious recognitions including the Inaugural Overseas Fund Golden Bull Award, Best Private Fund Manager, and Best Overseas Investment Manager. He has also been awarded the Best Overseas Investment Award at the Golden Tripod Awards, Best Return on Overseas Investment, and the Overseas Investment Golden Bull Fund. Over his career, Mr. Bai has accumulated a wealth of experience in asset management and international finance.Mr. Bai has served as Senior Investment Manager at New York Pacific Asset Management Co., Ltd., Head of International Business at Guotai Fund Management Co., Ltd., and Director at Guotai Global Investment Co., Ltd. He later ascended to CEO of China Merchants Asset Management (Hong Kong) Co., Ltd., and Chairman of the International Investment Committee at China Merchants Fund Management Co., Ltd. Mr. Bai is the directorship in the Asset Management Committee of the Asian RWA Working Group. Mr. Bai's academic credentials are both broad and deep, holding Dual Bachelor's Degrees in Economics and Science from Peking University's National School of Development, a Master of Science from Peking University, and a PhD in Finance from the China Institute for Reform and Development. He further enhanced his education with an MBA from Columbia Business School and is a certified Senior Certified Gold Analyst. Mr. Bai has authored numerous articles and papers in professional journals, focusing on finance, asset management, and investment strategies.
Mr. Haokang Thomas Zhu is the Head of Digital Assets and Head of Family Office Business at China Asset Management (Hong Kong), overseeing crypto ETFs, fund tokenization, stablecoin treasury management, and central bank digital currency sandboxes. In 2025, he led the launch of Asia’s first approved compliant retail tokenized money market fund. In 2024, he led the issuance of Asia’s first and largest Bitcoin and Ethereum spot ETFs. Mr. Zhu is currently serving as a member of Entrepreneurship Committee Advisory Group and vetting judge for Incubation Fund at Cyberport. In 2023, he established the Asia RWA Work Group to promote the tokenization of real world assets. Previously, he was an Executive Director at Goldman Sachs, completing 100+ IPOs and financing deals across New York, Boston, and Hong Kong. He is pursuing a Doctorate in FinTech at The Hong Kong Polytechnic University and co-authored the first Chinese-language book on RWA tokenization, published by China’s Ministry of Finance publishing house.
