STRENGTHENING HK'S GLOBAL FINANCIAL HUB STATUS
ADVANCING THE DIGITAL ASSET ECONOMY AND OPTIMIZING LISTING RULES TO FACILITATE
NEW ECONOMY LISTINGS
Platform
Digital Asset Alliance
Contact Persons
Legislative Councillor CHEN Chung Nin, Rock
Legislative Councillor WONG Ying Ho, Kennedy
Legislative Councillor WONG Chun Sek, Edmund
Legislative Councillor CHAN Yung
Legislative Councillor LEE Wai King, Starry
Legislative Councillor QUAT Elizabeth
Spearheaded formation of a cross-sector alliance to advance digital assets collaboration
Challenges and Opportunities
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Amid accelerating global digitalization, Hong Kong must seize digital economy opportunities as an international financial hub.
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Global financial market volatility and geopolitical risks impede the return of China's new economy companies to Hong Kong listings.
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Only 33 of roughly 300–400 overseaslisted quality enterprises have listed in Hong Kong. Investment banks estimate that 27 currently eligible returnee stocks —spanning e-commerce, fintech, biopharma, and other sectors—hold a combined market capitalization of HKD 1.4 trillion.
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Key Policy Areas
Develop Fintech Web3.0:
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Advance digital identity applications.
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Promote HKD stablecoin issuance.
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Strengthen compliant regulatory frameworks for crypto/digital assets.
- Develop Real-World Asset (RWA) tokenization-centric digital asset businesses.
-Integrate blockchain, RWA tokenization, and Web3.0 to reinforce Hong Kong’s tripartite hub status
- Enhance legislation and establish blockchain-based electronic bills of lading with mutual recognition in trade and shipping; enhance blockchain applications in trade finance, supply chain management, customs clearance, cargo tracking, ship registration, and payments. Leverage Web3.0 (especially DApps) for transparent, efficient supply chain systems.
- Release comprehensive digital asset development blueprint with supportive legislation for industry growth
- Enact laws to implement an expanded licensing regime for crypto-fiat exchanges.
Optimize Listing Rules for new economy companies:
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Review the market capitalization and revenue requirements for WVR (Weighted Voting Rights) companies, proposing to lower the market cap threshold to HK$20 billion and introduce a three-year average market cap calculation method to enhance flexibility and facilitate listings.
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Allow overseas-listed companies to retain existing WVR structures under more flexible criteria and gradually align voting rights structures with Hong Kong's listing requirements within designated grace periods.
Hosted the Advancing Digital Assets Alliance Symposium to propel Hong Kong's Web3 development
Held a meeting to propose measures promoting the return of Chinese overseas-listed companies, aiming to enhance Hong Kong's capital market competitiveness and consolidate its international finacial hub status
Anticipated Results
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Establish a "Digital Asset Alliance" cofounded by the DAB, China Merchants Financial Holdings, Hong Kong Web 3.0 Association, University of Hong Kong, Hang Seng University of Hong Kong, Hong Kong Digital Asset Society, and HashKey Group. This coalition aims to build a digital asset ecosystem, integrate and share resources, and support stablecoin ventures establishing operations in Hong Kong.
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Host financial industry consultative meetings to examine Hong Kong’s current status, challenges, and opportunities. Provide multifaceted expert recommendations for financial sector development and budget proposals from investment, academic, and innovation perspectives.
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Advocate for government development of a comprehensive digital asset roadmap with supportive legislation to foster industry growth.
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Unlock capital market opportunities:
- Optimize market structure.
- Enhance Hong Kong stock market diversity.
- Boost liquidity.
- Attract domestic/overseas capital inflows.
- Elevate Hong Kong stock market activity and valuation.
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Further optimization of the Listing Rules will facilitate new economy enterprises listing in Hong Kong, enhancing its standing as a financial centre. Investors will gain broader access to innovative firms, stimulating economic growth and market vitality.
Hosted the Advancing Digital Assets Alliance Symposium to propel Hong Kong's Web3 development
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