Source: Hong Kong Economic Times

Virtual asset platform JPEX is involved in a fraud case, involving funds of over 1.4 billion yuan. The Securities and Futures Commission (SFC) has changed its original stance today, deciding to publicly disclose the applicants for virtual asset trading platform (VATP) in response to public demand. The SFC emphasized that the platforms or companies in the application do not necessarily obtain a license, and are still not under its regulation, urging the public not to hold mistaken sense of security towards the platforms on the applicant list.

The 4 applicants disclosed by the SFC include HKVAX, HKbitEX, HK BGE, and Victory Digital Technology. The following are brief introductions to the relevant platforms:

HKVAX: Granted In-Principle Approval

HKVAX, also known as "Hong Kong Virtual Asset Exchange," announced in mid-August that it has received an in-principle approval notification from the SFC, allowing it to conduct regulated activities of Type 1 and Type 7, claiming to become the third licensed virtual asset trading platform in Hong Kong. Its core products are expected to include over-the-counter (OTC) brokerage services, institutional-grade trading platforms, and 100% guaranteed custody services.

The HKVAX website shows that the company has 3 co-founders, with CEO Wu Weiliang previously serving as the Managing Director of the International Department of CITIC Futures, and currently serving as the Vice Chairman of the Financial and Treasury Services Committee of the Hong Kong General Chamber of Commerce (HKGCC).

HKbitEX—Founder Previously Employed by HKEX, Issued Hong Kong's First SFC-Approved STO

HKbitEX, also known as "Hong Kong Digital Asset Trading Group," positions itself as "one of the first batch of VATP applicants." Founder Gao Han previously worked at the Hong Kong Exchanges and Clearing Limited (00388), where he was involved in the Stock Connect and Bond Connect, and was involved in formulating the business strategy of HKEX in the Greater China region. After founding HKbitEX, Gao Han recruited several former colleagues from HKEX, including Lin, the former Co-Head of the Listing Review Committee in 2020, who joined as the Chief Development Officer.

Gao Han is also the Chairman of Taikoo Capital Group, and HKBitEX is part of the virtual asset trading business under the group.

In mid-month, Taikoo Capital announced the issuance of the first real estate fund security token offering (STO) targeting professional investors, which is also the first fund tokenization fundraising model approved by the SFC in Hong Kong. The funds raised will be used to purchase 5 retail properties in Prince Edward.

HK BGE: Subsidiary of a Listed Company, Former CEO Involved in AAX Case, Mysterious Major Shareholder

Established in 2021, HK BGE is a wholly-owned subsidiary of the listed company HKE Holdings (01726), and has been preparing for and has applied for a VATP license since 2022.

According to public information, HK BGE once hired Thor Chan as CEO, and Thor Chan was the former CEO and co-founder of the now-defunct cryptocurrency exchange AAX. When AAX collapsed last year, it was widely rumored that the mastermind, Su Weiyi, absconded with over 30 million US dollars in assets. When the police intervened in the investigation last year, two men were arrested, with some suggesting that Thor Chan was one of them.

In February of this year, HK BGE announced the appointment of Ouyang Jiannan as CEO. Ouyang Jiannan joined HashKey Group in 2018 and was the Chief Operating Officer of HashKey Exchange, which has been licensed by the SFC.

According to the latest information from the Companies Registry, HK BGE currently has only two directors, Ouyang Jinpei and Ji Dana, who are the Chief Operating Officer and Business Development Officer of the company, respectively. The company's website is currently only open to invited professional investors.

▲ The HK BGE company website is currently only open to invited professional investors.

The market value of HKE Holdings, the parent company of HK BGE, is approximately 2.3 billion yuan, and the Chairman and major shareholder of the company is 31-year-old Lian Haomin. Lian Haomin participated in the Hong Kong Election Committee election in 2021 and was automatically elected. In 2022, he filed a winding-up petition against China Evergrande Group (03333), attracting attention from local media. There have been speculations that he is the son of the so-called "King of Gambling in the High Seas," Lian Zhuozhao, but this has not been confirmed.

Related reading: "Cryptocurrency exchange AAX collapses, two men suspected of fraud arrested, involving 98 million yuan"

Victory Digital Technology: Investment by Victory Securities

Victory Digital Technology is a company in which the long-established local securities firm Victory Securities (08145) has a stake. The board of directors of the company includes Gao Juan, the Chairman of the Hong Kong Securities Industry Association. In recent years, Victory Securities has been active in virtual asset investments, and holds licenses from the SFC for Type 1 (virtual asset trading), Type 4 (virtual asset advisory services), and Type 9 (virtual asset asset management services).

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