[Shanghai Data Exchange Zhao Yongchao: Shanghai-Hong Kong Integration: Shanghai's Exploration of Data Asset Tokenization] Zhao Yongchao, deputy director of the Shanghai Data Exchange Research Institute, gave a speech entitled "Shanghai-Hong Kong Integration: Shanghai's Exploration of Data Asset Tokenization" at the "Talking about the Future Mirror Web3 Digital Dream Materialization" forum. Zhao Yongchao discussed the meaning and characteristics of STO and RWA technology; the tokenization practice of Shanghai Data Exchange under the framework of Shanghai-Hong Kong cooperation; and the risk prevention and control and regulatory measures of RWA. He pointed out that numbers have never been a simple tool, but a kind of carrier of human culture, value, and wisdom, which clearly reflects Chinese thinking, Chinese ideas, and Chinese cultural characteristics. RWA involves real assets, financialization, data protection, etc. Each link has extremely high compliance requirements, such as whether financialization and currency issuance are supported by local laws and policies, whether there is potential conflict with other laws and policies if support is supported, and how the regulatory procedures are.