HKEX(HK:00388) Zhi Tong Cai Jing·2025-10-22 06:15Group 1 - The Hong Kong Stock Exchange (HKEX) is resisting cryptocurrency hoarding platforms disguised as listed companies, having raised concerns about at least five companies seeking to pivot to Digital Asset Treasury (DAT) as their core business [1] - HKEX's main rationale for its objections is based on rules regarding "cash companies," which aim to limit entities primarily holding liquid assets from being listed [1] - This trend is not unique to Hong Kong, as similar opposition to DAT has been observed in India and Australia, with the Bombay Stock Exchange rejecting a listing application for a company planning to invest in cryptocurrency [1][2] Group 2 - The regulatory actions have significantly pressured the market performance of these companies, with many digital asset treasury firms' stock prices declining and even falling below their net asset value (NAV) [2] - The recent downturn in the cryptocurrency market has exacerbated the situation, leading to investor skepticism regarding the sustainability of their business models [2]