As Hong Kong actively embraces the wave of digital assets and Web3, the transformation of listed companies into "Digital Asset Treasuries" (DAT) is drawing significant attention from regulatory authorities. On October 30, 2025, the Chairman of the Hong Kong Securities and Futures Commission (SFC), Huang Tianyou, clearly stated that there are currently no regulations governing listed companies' participation in cryptocurrency investments, but the SFC will monitor market conditions and study providing relevant guidelines, particularly regarding listed companies purchasing Bitcoin. This statement not only responds to the recent "RWA gold rush" in the Hong Kong stock market but also signals that Hong Kong regulators will conduct a more in-depth examination and regulation of the DAT model, ringing the alarm bell for regulatory scrutiny in the asset allocation of listed companies in the Web3 era.
I. Chairman of the Hong Kong SFC Huang Tianyou: Calls for caution regarding DAT and plans to provide guidelines
Chairman Huang Tianyou's remarks directly address the potential risks of the "Digital Asset Treasury" (DAT) model in the current Hong Kong capital market.
Regulatory gap: Huang pointed out that there are currently no laws in Hong Kong regulating listed companies' involvement in virtual asset treasury arrangements. This has led some listed companies to "itch to try," attempting to reshape their valuations through the allocation of digital assets.
Caution for investors: For listed companies claiming to adopt DAT, Huang urged investors to be cautious and clearly understand what DAT is and its underlying value. He believes that general investors in Hong Kong do not understand DAT, so investor education is crucial for regulatory bodies.
"Premium" risk: Huang noted that there is much literature and analysis in the U.S. showing that when a company purchases digital assets or virtual currencies, "for example, buying $1 billion worth of virtual currency, it often reflects in the company's stock price and market value at more than double, i.e., over $2 billion. In fact, the U.S. has also begun to examine this situation." He warned that if these activities are formally regulated one day, the related premium could "disappear in a day."
Research to provide guidelines: Huang stated that the market is ever-changing, and current laws do not have new rules corresponding to new products, which are often high-risk, low transparency, and poorly understood by the public. When asked whether guidelines should be provided for the market, he indicated that he would study it.
II. The Hong Kong Stock Exchange's cautious attitude: DAT model faces listing resistance
Huang's statement aligns with the Hong Kong Stock Exchange's previous cautious stance on the DAT model.
Doubts and rejections: According to foreign media citing sources, the Hong Kong Stock Exchange has raised questions about at least five similar plans from companies, none of which have received listing approval from the exchange.
"Cash company" rules: Reports indicate that Hong Kong currently prohibits listed companies from transforming into companies that purely hoard cryptocurrencies. This relates to the Stock Exchange's "cash company" rules; if a listed company's assets are primarily composed of cash or short-term investments, it will be considered a "cash company," and its stock may be suspended. This measure aims to prevent shell companies from using their listing status to obtain money.
III. The issue of listed companies purchasing Bitcoin: Where is the regulatory "red line"?
Huang Tianyou clearly stated that he will study the issue of listed companies purchasing Bitcoin, highlighting the regulatory body's dilemma in facing emerging digital assets.
Ambiguity of the "red line": "Currently, it should be impossible to list in Hong Kong in the form of DAT. Now, listed companies investing in virtual currencies, before new laws are introduced, we find it difficult to define where the 'red line' is. Is it not allowed to buy one Bitcoin? If allowed, what about ten? A hundred? What if all available cash is used to buy Bitcoin? They say Bitcoin is a liquid asset that can be converted to cash at any time. When it is converted, we do not know whether its value will be high or low." Huang's remarks reveal the complexity of regulatory bodies in delineating the "red line."
Risks and transparency: These new products are often high-risk, low transparency, and poorly understood by the public. Regulatory bodies need to balance innovation and risk while protecting investors' interests.
IV. Review and optimization of the "dual-class share" mechanism: Attracting outstanding tech companies
In addition to digital assets, Huang also mentioned reviewing and optimizing the "dual-class share" (WVR) mechanism.
Attracting tech companies: The Chief Executive mentioned in this year's policy address the need to further optimize the "dual-class share" mechanism, such as how to include more outstanding tech companies within the mechanism.
Protecting minority shareholders' interests: However, the SFC also has certain principles, primarily ensuring that minority shareholders' interests are not harmed and rigorously distinguishing genuine innovative technology companies. Huang stated that the future review will be comprehensive.
Conclusion:
The latest statements from Huang Tianyou, Chairman of the Hong Kong SFC, indicate that Hong Kong regulators will conduct a more in-depth examination and regulation of listed companies participating in the Digital Asset Treasury (DAT) model. Against the backdrop of Hong Kong actively building a global digital asset center, regulatory authorities are highly attentive to market risks and investor protection while encouraging innovation. In the future, whether the DAT model can achieve compliant development in Hong Kong and how the "red line" for listed companies purchasing Bitcoin will be defined will be key factors influencing the direction of Hong Kong's Web3 market.
Related reading: Is the University of Hong Kong exaggerating Bitcoin (BTC) tuition payments? The president: The technology is set but not yet implemented.
Original article: “Caution urged on listed firms turning to digital asset treasuries! Hong Kong SFC: Currently no regulations”
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