Core Viewpoint - Hong Kong's inclusion of virtual assets in its investment immigration program is attracting high-net-worth individuals, positioning the city as a favorable destination compared to other regions like Singapore [1] Group 1: Virtual Asset Policy - Hong Kong's virtual asset policy is more inclusive compared to Singapore, which has not clearly recognized virtual assets for investment immigration [5][6] - The unique advantages of virtual assets include ease of asset evaluation and transparency, allowing for quick estimation based on market prices without extensive research [5] Group 2: Investment Immigration Requirements - The investment immigration framework in Hong Kong allows for daily asset valuation, requiring a minimum of HKD 30 million to be maintained over the past six months, accommodating fluctuations in asset value [7] - Hong Kong's investment immigration policy is clearer and more lenient than Singapore's, which has stricter anti-money laundering and anti-terrorism financing regulations [6][9] Group 3: Compliance and Verification - The verification process for converting on-chain assets into compliant exchange certificates is streamlined in Hong Kong, contrasting with Singapore's rigorous initial scrutiny of fund sources [9] - The focus of compliance checks in Hong Kong occurs during the investment phase, rather than at the application stage, simplifying the process for applicants [9]

Core Viewpoint - The article discusses the growing interest and feasibility of issuing Real World Assets (RWA) in Hong Kong using stablecoins, particularly in the context of recent regulatory developments in Hong Kong that support this initiative [1][13][14]. Group 1: RWA and Stablecoins - RWA refers to the tokenization of real-world asset income rights on blockchain networks for fundraising, trading, and asset circulation [5]. - The recent passing of the Stablecoin Ordinance in Hong Kong is expected to accelerate the development of RWA, providing a compliant pathway and enhancing infrastructure for RWA transactions [13][14]. - Many domestic WEB3 development institutions are exploring the operation of mainland assets being tokenized and issued as RWA in Hong Kong, with some already identifying operational pathways [8][16]. Group 2: Cross-Border Payment Applications - The application of stablecoins in cross-border payments is gaining attention, with significant advantages in transaction speed and cost compared to traditional banking methods [10][20]. - Stablecoins can facilitate T+0 settlement for cross-border payments, significantly reducing the time required for transactions [10]. - The integration of stablecoins into cross-border payment systems is seen as a way to enhance user trust and expand the reach of payment platforms [11][21]. Group 3: Challenges and Compliance - Despite the potential, there are significant challenges related to compliance, particularly concerning anti-money laundering (AML) and Know Your Customer (KYC) regulations [9][22]. - The successful implementation of stablecoins in cross-border payments will depend on the ability to meet regulatory requirements while ensuring efficient operations [23]. - The need for a robust compliance framework is critical for the widespread adoption of stablecoins in the financial ecosystem [22][23].

6月16日，香港稳定币概念股再度迎来狂欢，板块个股全线上涨。截至发稿，连连数字(02598.HK)涨近 15%，联易融科技(09959.HK)和众安在线(06060.HK)涨幅均超12%，其他多股也纷纷跟涨。 稳定币概念股集体飙升的背后，是香港即将释放的又一波数字资产政策红利！ 6月15日，香港特区财政司司长陈茂波发表标题是提速前进 扬帆稳航;的随笔。他表示，香港在数字金 融、绿色金融及离岸人民币市场方面有长足发展，带动了金融机构相关的业务。例如，去年本地银行数 字资产和相关产品交易总额达172亿港元；去年底，在银行托管的数字资产总额达51亿港元。 陈茂波进一步表示，因应最新的发展和形势变化，我们即将就数字资产的发展发表第二份政策宣言，阐 述下一步的政策愿景和方向，一系列具体的措施包括让传统金融服务的优势与数字资产领域的技术创新 有更好的结合、提高数字资产在实体经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资 产技术的创新及应用。; 香港财经事务及库务局局长许正宇近日也表示，香港积极发展虚拟资产生态圈，政府即将发布第二份虚 拟资产政策宣言，探索传统金融与虚拟资产的融合，并将于年內就场外交易及托管服务 ...

Group 1: Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) is actively building a virtual asset ecosystem that is compliant, risk-controlled, and sustainable, aiming to seize new opportunities for investors [1] - The SFC supports the listing of virtual asset spot ETFs and is promoting the application of blockchain technology for the tokenization of securities [1] - The approval of fee limits for securities registration institutions in the paperless securities market is seen as a significant milestone, establishing a fair and transparent fee structure that protects minority shareholders [4] Group 2: Company Listings - Suzhou Youlesai Shared Service Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, indicating its determination to pursue capital market opportunities [2] - Youlesai's projected revenues for 2022, 2023, and 2024 are approximately 648 million, 794 million, and 838 million yuan, with net profits of about 31 million, 64 million, and 51 million yuan respectively [2] - Jinye International has submitted its initial prospectus to the Hong Kong Stock Exchange, with projected revenues of approximately 123 million and 155 million HKD for the fiscal years 2023/24 and 2024/25 [3] - The revenue growth of Jinye International over the next two fiscal years indicates a solid market position and good prospects in Hong Kong, which may attract investor interest [3] Group 3: Market Performance - The Hang Seng Index closed at 23892.56, down 0.59% on June 13 [5] - The Hang Seng Tech Index and the National Enterprises Index also experienced declines of 1.72% and 0.85% respectively [5]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly in sectors such as AI, new consumption, and innovative pharmaceuticals, indicating a rising risk appetite among investors [2][9]. Core Insights - The Hong Kong stock market has shown significant improvement in risk appetite, with notable performance in sectors like AI, new consumption, and innovative pharmaceuticals, leading to increased investor interest, especially in small and mid-cap stocks [2][9]. - The report suggests active participation in A+H shares due to observed discount phenomena in IPOs, with a focus on new consumption and manufacturing sectors [2][9]. - There is a sustained bullish outlook on virtual assets and the Web 3.0 market, driven by stablecoin policies and IPOs, with expectations for more regulatory developments in the future [2][9]. - The valuation of overseas Chinese assets remains influenced by US-China trade relations and the broader economic environment, highlighting the need to monitor changes in US tariff policies and domestic economic strategies [2][9]. Industry Tracking Summary 1. Education - The education index decreased by 0.98% from June 9 to June 13, underperforming compared to major indices, with 51talk rising by 12.09% and Thinking Education falling by 11.55% [10][14]. 2. Luxury Goods - The luxury goods sector faced slight pressure, with key stocks like Prada declining by 6.01% while new brands like Shiseido rose by 2.02% during the same period [18][21]. 3. Coffee and Tea - The sector showed stable growth, with individual stocks like Luckin Coffee increasing by 1.87%, while others like Bawang Tea experienced declines [23][27]. 4. E-commerce - The e-commerce sector saw a slight decline, with major players like Alibaba and JD.com facing competitive pressures, while the Hang Seng Internet Technology Index rose by 3.46% [29][34]. 5. Streaming Platforms - The streaming sector outperformed, with Tencent Music and NetEase Cloud Music showing significant gains, while Netflix experienced a decline [35][38]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization increased by 5.9%, with Bitcoin and Ethereum prices showing slight fluctuations, indicating ongoing interest in virtual assets [42][43].

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is actively working to enhance the competitiveness of Hong Kong's capital markets by integrating the Renminbi counter into the Southbound Trading scheme and optimizing the listing process for companies, particularly those from mainland China [1][2] Group 1: Market Resilience and Regulatory Framework - The SFC emphasizes the need for a flexible yet robust regulatory approach to ensure market resilience amid capital market volatility [2] - The SFC has maintained a strong regulatory framework that has effectively managed systemic risks and monitored market conditions, including conducting stress tests on exchanges and intermediaries [2][3] Group 2: Growth Strategies - The SFC's strategy includes strengthening Hong Kong's position as a premier financing and asset management center, with recent successful H-share listings, such as CATL raising $5.3 billion [3] - The SFC aims to deepen the integration of mainland and Hong Kong markets, expanding the scope of mutual market access to include more products like ETFs and derivatives [3][4] Group 3: Innovation and Technology - The SFC is focusing on fostering a robust virtual asset ecosystem, supporting the listing of virtual asset ETFs, and exploring blockchain technology for securities tokenization [4][5] - New initiatives like the "Tech Company Fast Track" aim to facilitate the listing of tech and biotech firms in Hong Kong, aligning with national goals for technological self-reliance [5]

Core Viewpoint - Hong Kong must find the best balance between regulation and innovation in the virtual asset sector to ensure policies keep pace with developments while maintaining market order and transparency, avoiding stifling market vitality and participant enthusiasm [2][8]. Regulatory Developments - The Hong Kong government is considering introducing virtual asset derivatives trading for professional investors, along with robust risk management measures to enhance product options while ensuring orderly and transparent trading [3][4]. - A second policy declaration on the development of virtual assets will be published, outlining the government's vision and direction, including the integration of traditional financial services with virtual asset technology [3][5]. Market Growth and Diversification - Hong Kong's financial ecosystem is diversifying, with over 1,100 fintech companies, including eight licensed digital banks, four virtual insurance companies, and ten virtual asset trading platforms [3][4]. - The Hong Kong Securities and Futures Commission (SFC) has approved the first virtual asset futures ETFs for retail investors in December 2022 and plans to recognize the first virtual asset spot ETFs in April 2024 [3][4]. Future Outlook - The upcoming policy declaration is expected to complement the SFC's roadmap, establishing a stable foundation for the orderly development of virtual assets in Hong Kong [5]. - The legal community anticipates that the new policy will address the evolving landscape of virtual assets and digital currencies, potentially incorporating topics like tokenization and artificial intelligence [7][8].

Core Viewpoint - The Hong Kong government is considering introducing virtual asset derivatives trading for professional investors, aiming to enhance product offerings in the market while ensuring robust risk management measures [1] Group 1: Regulatory Framework - The Hong Kong Securities and Futures Commission (SFC) has set clear standards for professional investor qualifications, requiring individual investors to have an investment portfolio of at least HKD 8 million or equivalent foreign currency, and institutional investors to possess total assets of at least HKD 40 million or equivalent foreign currency [3] - The regulatory framework for virtual assets has been progressively improved since the introduction of the regulatory framework in 2018, with a new virtual asset regulatory framework launched in 2023 and the VASP licensing system set to officially start on June 1, 2024 [3] - As of February 2025, 10 virtual asset trading platforms, including OSL, HashKey, HKVAX, and HKbitEX, have obtained licenses, ensuring that operators conduct due diligence on virtual assets before offering them for trading [3] Group 2: Market Development and Impact - The introduction of virtual asset derivatives will fill a product gap in the Hong Kong market, aligning it with international mature markets and attracting global professional investors and financial institutions [4] - Virtual asset derivatives will provide professional investors with risk management tools such as hedging and arbitrage, catering to the allocation needs of institutional investors [4] - The government plans to optimize tax incentives for funds, single-family offices, and associated rights, allowing virtual assets to be included in qualified transactions eligible for tax relief, thereby reducing investor costs and attracting long-term capital to Hong Kong [4] - The policy encourages local and international enterprises to explore innovations and applications of virtual asset technology, enhancing efficiency and security in areas like supply chain finance and green bonds, thus promoting the digital transformation of the real economy [4]

Market News - The three major US stock indices closed mixed, with the Dow Jones down 0.22%, the Nasdaq up 0.32%, and the S&P 500 up 0.01% [1] - Popular tech stocks showed varied performance, with Meta rising over 3%, Broadcom and AMD up over 1%, while Tesla fell over 3% [1] - The Nasdaq Golden Dragon China Index rose by 2.04%, with most popular Chinese concept stocks increasing, including NIO up over 6% and Alibaba, Xpeng, and Kingsoft up over 3% [1] - COMEX gold futures rose by 0.6% to $3397.4 per ounce, while WTI crude oil futures fell by 0.88% to $62.85 per barrel [1] - Major European stock indices closed higher, with Germany's DAX up 0.7%, France's CAC40 up 0.58%, and the UK's FTSE 100 up 0.16% [1] Industry Insights - The Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors, aiming to enhance risk management and optimize tax incentives for virtual assets [2] - This initiative may lead to more virtual asset ETFs and structured products, promoting the integration of traditional finance with virtual asset technology [2] - The National Energy Administration has announced pilot projects for new power systems, focusing on virtual power plants to enhance flexibility and renewable energy consumption [3] - By 2027 and 2030, the goal is to achieve 20 million kW and 50 million kW of regulation capacity for virtual power plants, respectively [3] - The development of exoskeleton robots is advancing towards consumer markets, with applications expanding from medical rehabilitation to home care and outdoor activities, indicating a market potential exceeding hundreds of billions [5]

Group 1 - Hong Kong's Financial Secretary is considering introducing virtual asset derivatives trading for professional investors, along with robust risk management measures [1] - The second policy declaration on virtual assets will outline the next steps, including integrating traditional financial services with technological innovations in the virtual asset space [1] - The introduction of virtual asset derivatives is expected to enhance institutional trading demand and market liquidity, thereby increasing the attractiveness of Hong Kong's capital markets [1][2] Group 2 - The Securities and Futures Commission (SFC) aims to develop Hong Kong as a global virtual asset hub, targeting professional investors with assets above HKD 8 million for hedging and arbitrage needs [2] - The market for tokenized real-world assets (RWA) is projected to grow significantly, with a 120% year-on-year increase expected by Q1 2025 [2] - Boston Consulting Group forecasts that the global market for tokenized assets will exceed USD 16 trillion by 2030 [2] Group 3 - RWA is diversifying into various asset types, including carbon credits and lithium resources, with notable projects like the forestry carbon credit tokenization in Xiong'an [3] - The integration of AI and blockchain is enhancing asset pricing, risk assessment, and cash flow forecasting, improving RWA management efficiency [3] - There is a push for a collaborative global regulatory framework to facilitate cross-border RWA flows, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 4 - Hongye Futures holds licenses for securities and futures trading, and its asset management arm is authorized to manage investment funds, including virtual assets [4] - Boya Interactive has increased its Bitcoin holdings, purchasing approximately 100 BTC for about USD 7.95 million, bringing its total to around 3,350 BTC [4] - New Fire Technology Holdings, formerly known as Huobi Technology, is a leading global cryptocurrency platform providing virtual asset trading and technology solutions [4] Group 5 - OSL Group reported that three Bitcoin spot ETFs in Hong Kong achieved a total trading volume of approximately HKD 1.2 billion in November 2024, marking a historical monthly high [5] - The collaboration between OSL Group and other funds resulted in a significant portion of the trading volume, indicating strong market interest in Bitcoin ETFs [5]