HKG:700

Bitcoin Hong Kong is a major international conference focused on Bitcoin and the broader cryptocurrency ecosystem. It serves as a platform where global leaders, innovators, and policymakers convene to discuss and shape the future of Bitcoin. The event highlights Hong Kong's pivotal role as a dynamic hub for fintech innovation and global Bitcoin adoption.

BTC Inc. is offering a limited-time free General Admission (GA) pass to celebrate the return of Bitcoin Hong Kong in 2026. This pass grants access to the event scheduled for August 27-28, 2026, allowing attendees to participate in sessions, network with industry leaders, and engage with the global Bitcoin community during this pivotal conference.

A convertible promissory note is a debt instrument that Ming Shing issued as part of the payment for Bitcoin, which can later be converted into company shares at a predetermined price. In this deal, Ming Shing issued two notes worth approximately $241.5 million each, carrying a 3% annual interest rate and maturing in 10 years, convertible into ordinary shares at $1.20 per share. This structure allows the company to acquire Bitcoin without immediate cash outflow while potentially diluting shares in the future.

Ming Shing views Bitcoin as a highly liquid asset with potential for appreciation, aiming to diversify its treasury and increase company assets. The CEO stated that this strategic move is intended to create additional value for shareholders and explore growth opportunities beyond their core construction business, aligning with a broader trend of public companies adopting Bitcoin in their treasury strategies.

The SFC's new custody requirements mandate licensed virtual asset trading platforms to implement stronger asset protection measures, including upgraded cold wallet systems, tighter access controls over approval devices, real-time threat monitoring, and clear senior management accountability for safeguarding client assets. These standards also cover the use of third-party wallet solutions and aim to prevent vulnerabilities exposed by recent global crypto thefts.

Hong Kong is tightening custody standards to address a surge in global crypto thefts exceeding $3 billion in early 2025 and to strengthen cybersecurity and asset protection following identified inadequacies in existing exchanges. This regulatory push is part of the SFC's ASPIRe roadmap to build a trusted digital asset hub in Asia, differentiating Hong Kong from Singapore's more restrictive approach by expanding regulated product offerings while enforcing strict custody and risk controls.

Under Hong Kong's Stablecoins Ordinance, a stablecoin is defined as a cryptographically secured digital representation of value that is expressed as a unit of account or store of economic value, used as a medium of exchange accepted by the public for payments, can be transferred, stored, or traded electronically, operates on a distributed ledger or similar technology, and purports to maintain a stable value with reference to a single asset or a basket of assets.

Any entity issuing a specified stablecoin in Hong Kong, or a stablecoin outside Hong Kong that maintains a stable value referenced to the Hong Kong dollar, must obtain a license from the Hong Kong Monetary Authority (HKMA). The HKMA also sets capital requirements, such as a minimum capital of HK$25 million for issuers, and enforces strict reserve management, redemption rights, risk controls, and governance standards.

A stablecoin is defined as a cryptographically secured digital representation of value that is expressed as a unit of account or store of economic value, used as a medium of exchange accepted by the public for payments, debts, or investments, can be transferred or traded electronically, operates on a distributed ledger or similar system, and purports to maintain a stable value with reference to a single asset or a basket of assets.

Although the stablecoin regulatory framework takes effect on August 1, 2025, the Hong Kong Monetary Authority (HKMA) is taking a cautious approach and plans to issue the first stablecoin licenses only in early 2026. This delay allows the regulator to carefully review applications and ensure the sustainability and stability of proposed stablecoins, aiming for gradual digital transformation rather than immediate large-scale adoption.

Victory Giant Technology (Huizhou) Co., Ltd. is a leading Chinese company specializing in the research, development, production, and sales of high-precision printed circuit boards (PCBs), including multi-layer boards, high-density interconnect (HDI) boards, flexible printed circuit (FPC) boards, and rigid-flex boards. Its products are widely used in sectors such as new energy, communications, consumer electronics, computers, automotive electronics, data centers, artificial intelligence, industrial Internet, medical equipment, and aerospace[3][5].

Victory Giant Technology is exploring a potential initial public offering (IPO) in Hong Kong that could raise around $1 billion, according to sources cited by Bloomberg. While the plan is still in preliminary stages and details may change, such a listing would provide the company with significant capital to accelerate its growth, expand its global footprint, and strengthen its position in the competitive tech and electronics manufacturing sector. This move could also enhance its visibility among international investors and potentially lead to further technological innovation and market expansion[1][2].

To obtain a stablecoin license in Hong Kong, applicants must be a locally incorporated entity or a recognized overseas financial institution with a physical presence in Hong Kong. They must also meet a minimum paid-up capital threshold of HK$25 million and ensure that all controllers and senior managers pass a fit-and-proper assessment. Additionally, licensees must have adequate financial resources and liquid assets to meet their obligations.

The HKMA is adopting a cautious approach to ensure credibility and compliance within the stablecoin market. This selective strategy aims to maintain regulatory clarity and market confidence by focusing on well-established and compliant entities. The limited number of licenses reflects the HKMA's emphasis on quality over quantity in the licensing process.

Pricing a Hong Kong listing at the 'top of range' means that the company set the offer price for its shares at the highest end of the expected price range during its initial public offering (IPO). This indicates strong investor demand and confidence in the company’s valuation, allowing it to raise the maximum anticipated capital from the listing.

The listing process on the Hong Kong Stock Exchange involves several stages including submission of a formal listing application with required documents such as a prospectus, vetting by the Listing Division, and approval by the Listing Committee. The process also includes marketing activities like roadshows and pricing of shares before the public offer. The Securities and Futures Commission reviews the application in parallel and can object if there are concerns. The entire process typically spans several weeks to months before shares are officially listed and traded.

Tokenized bonds are financial instruments that record beneficial interests on a blockchain, a distributed digital ledger, instead of using traditional computerized book entries. This approach improves efficiency and transparency by allowing for paperless creation and faster settlement processes compared to traditional bonds[1][4].

Hong Kong's issuance of tokenized bonds is part of a broader strategy to leverage blockchain technology and digital assets, aiming to enhance its position as a leading financial hub in Asia. By promoting tokenized financial products, Hong Kong seeks to attract more investors and improve market liquidity, which can help solidify its status as a major cryptocurrency and digital asset hub[1][3].

Achieving dual listings means that SF Holding is listed on both the mainland Chinese stock exchanges (A-share markets) and the Hong Kong Stock Exchange (H-share market). This allows the company to raise capital and increase visibility in both markets, enhancing its financial flexibility and global reach.

SF Holding's listing on the Hong Kong Stock Exchange is part of its strategy to enhance its financial performance by accessing more capital and expanding its investor base. The company has reported significant financial growth, including a 21.59% increase in net profit, reaching RMB 7.62 billion.