Hong Kong Stock Concept Tracking | Hong Kong plans to introduce virtual asset derivatives trading, RWA industry chain welcomes explosive growth (with concept stocks)

According to the Zhitong Finance APP, on June 4th, the Secretary for Financial Services and the Treasury of Hong Kong, Xu Zhengyu, stated that the Hong Kong Securities and Futures Commission is considering introducing virtual asset derivatives trading for professional investors and will formulate robust risk management measures. Additionally, in light of the latest developments in the virtual asset market, the Hong Kong Financial Services and the Treasury will issue a second policy declaration on the development of virtual assets, outlining the next steps in policy vision and direction, including exploring how to combine the advantages of traditional financial services with technological innovations in the virtual asset field, and enhancing the security and flexibility of real economic activities. Further optimization of the preferential tax system for funds, single-family offices, and associated rights will include incorporating virtual assets into qualified transactions eligible for tax relief.

This move marks a key step for Hong Kong in the cryptocurrency derivatives field following stablecoins. Its significance lies in that, firstly, the increase in the variety of derivatives is expected to catalyze institutional trading demand, thereby enhancing market liquidity. By introducing virtual asset derivatives (such as futures and options), it meets the risk management and speculative needs of professional investors, enhancing the attractiveness of Hong Kong's capital market; secondly, exploring the application of blockchain technology in the financial sector, such as improving the efficiency and security of scenarios like supply chain finance and green bonds through tokenized assets (RWA), promoting the digital transformation of the real economy; finally, including virtual assets in the tax relief scope helps reduce investor costs and attract long-term funds such as family offices and funds to settle in Hong Kong.

In February of this year, the Hong Kong Securities and Futures Commission formulated a new roadmap to promote Hong Kong's development as a global virtual asset center. The virtual asset derivatives trading proposed by the Hong Kong Securities and Futures Commission will directly serve the hedging and arbitrage needs of professional investors (individual assets ≥ HKD 8 million, institutional assets ≥ HKD 40 million). The increase in liquidity will accelerate the circulation efficiency of RWA asset packages. According to data from the Hong Kong Monetary Authority, the RWA market size is expected to grow by 120% year-on-year in the first quarter of 2025, and is likely to expand further after the policy is implemented. Boston Consulting Group predicts that by 2030, the global market for tokenized assets will exceed USD 16 trillion.

With technological evolution and market maturation, RWA is showing three major development trends:

Diversification of asset types: Expanding from financial assets to diverse assets such as carbon credits, lithium mining resources, and infrastructure revenue rights. In the pilot project in Xiong'an New Area, the tokenization of forestry carbon sinks has driven a threefold increase in ecological compensation funds;

Deep integration of AI and blockchain: Artificial intelligence empowers asset pricing, risk assessment, and cash flow forecasting. Platforms like Fetch.ai are building decentralized machine learning networks to enhance RWA management efficiency;

Global regulatory framework collaboration: Huang Yuncheng, former deputy director of the Policy Research Office of the China Securities Regulatory Commission, suggested, "Pilot a 'regulatory sandbox' in Beijing and Hainan, establish a blockchain proof system for asset confirmation, and rely on the Guangdong-Hong Kong-Macao Greater Bay Area to construct a 'regulatory corridor' for cross-border flow of RWA."

Analysts believe that as digital currencies become more widespread and applied globally, the market demand for RWA tokenized assets will continue to grow. In the future, RWA tokenized assets are expected to occupy an important position in the digital currency market. On one hand, as digital currency technology matures and regulatory policies gradually improve, the market recognition of RWA tokenized assets will continue to increase; on the other hand, as the digitalization process of physical assets accelerates, the application scenarios for RWA tokenized assets will continue to expand, providing investors with more diversified investment options Related Concept Stocks:

Hongye Futures (03678): The subsidiary Hongye International Finance holds Type 1 (Securities Trading) and Type 2 (Futures Contract Trading) licenses, while Hongye International Asset Management holds Type 4 (Advising on Securities) and Type 9 (Asset Management) licenses. The Type 9 (Asset Management) license is primarily used for managing investment funds, including virtual assets.

Boyaa Interactive (00434): On February 28, 2025, the company further increased its holdings in Bitcoin (BTC), purchasing approximately 100 Bitcoins for about $7.95 million, with a purchase cost of about $79,500 per Bitcoin. After this purchase, the company holds approximately 3,350 Bitcoins, with an average cost of about $58,600 per Bitcoin. This purchase was made based on the authorization approved at the shareholders' meeting to buy cryptocurrencies.

New Huo Technology Holdings (01611): The company was formerly known as Huobi Technology and is currently one of the largest cryptocurrency platforms in the world. New Huo Technology Holdings primarily provides virtual asset trading and technology solution services, including virtual asset lending, asset management, and providing over-the-counter trading platforms, acting as an exchange function.

OSL Group (00863): Recently, OSL Group cited data from the Hong Kong Stock Exchange indicating that the total trading volume of three Bitcoin spot ETFs in Hong Kong reached approximately HKD 1.2 billion in November 2024, setting a new monthly trading volume record. Among them, the total trading volume of the Bitcoin ETF (03042) launched by OSL Group in collaboration with Huaxia Fund (Hong Kong) and Carnival International, as well as the Bitcoin ETF (03439) under Harvest Global Investments, reached HKD 1.06 billion last month, accounting for about 88%