Welcome to read the "Weekly Highlights of Hong Kong Web3" from Techub News. In this week's report, we will summarize the significant events and developments in the Hong Kong Web3 sector from November 24 to November 30, along with the latest data insights and detailed event previews, helping you quickly and comprehensively understand the progress in Hong Kong's Web3 field last week.
Hot News
Insider: Thai cryptocurrency exchange Bitkub considers IPO in Hong Kong
According to Bloomberg citing insiders, the Thai cryptocurrency exchange Bitkub is considering an initial public offering (IPO) in Hong Kong. Insiders revealed that Bitkub may launch its IPO in Hong Kong as early as next year…
Starway Fintech's RWA solution platform FRP manages over HKD 20 billion in assets
According to Ming Pao, Starway Fintech Holdings Limited has won the "Grand Award" in the "Fintech" category at the Hong Kong ICT Awards 2025 for its "All-IN-ONE Virtual Asset Trading and RWA Solution Platform" — FinRWA Platform (FRP)……
Leung Fung-yee: Finalizing the regulatory framework for digital asset trading and custody services
According to Zhitong Finance, Leung Fung-yee, CEO of the Hong Kong Securities and Futures Commission (SFC), stated that Hong Kong is committed to building a safe and reliable digital asset platform and is currently finalizing the regulatory framework for digital asset trading and custody services……
HashKey: Emergency donation of HKD 10 million to support fire rescue in Tai Po, Hong Kong
HashKey Group announced an emergency donation of HKD 10 million to support emergency assistance and resettlement for residents affected by the fire in Tai Po, Hong Kong……
Sun Yuchen: Actively tracing missing funds globally
TRON founder Sun Yuchen attended the "TUSD Reserve Asset Global Judicial Progress Media Briefing" at the Peninsula Hotel in Hong Kong, where he announced key facts and progress regarding the illegal appropriation and misappropriation of TUSD reserves……
KuCoin donated HKD 2 million through the Tongren Fund to support the Hong Kong Fire Services Department's assistance projects for firefighters and their families (including children) and related support work after the Tai Po fire……
Avenir Group and its charity foundation Avenir Foundation announced a donation of HKD 10 million to support emergency rescue, resettlement of affected residents, and community recovery work after the fire in Tai Po……
Binance to donate HKD 10 million to support fire rescue and reconstruction in Hong Kong
Binance will donate HKD 10 million to support the rescue and reconstruction efforts following the fire in Hong Kong's Hongfuyuan. This is to effectively assist in disaster relief and subsequent reconstruction work……
OKX donates HKD 10 million to support emergency rescue and recovery work in Hong Kong
OKX announced a donation of HKD 10 million to support local emergency rescue and disaster recovery efforts……
Zijin Cultural Group donates HKD 10 million for disaster relief
Zijin Cultural Group donated HKD 10 million for disaster relief. Following the major fire incident at Hongfuyuan in Tai Po, Hong Kong, Zijin Cultural Group quickly mobilized its affiliated companies, including United Publishing Group, Zijin Magazine, and Yindu Agency……
To fully support the emergency rescue and post-disaster resettlement and reconstruction work following the fire in Tai Po, Matrixport Group donated HKD 3 million through its Hong Kong branch to relevant rescue organizations……
Huobi and TRON jointly donate HKD 10 million to support fire rescue work in Tai Po, Hong Kong
Huobi and TRON have urgently activated a charitable assistance mechanism, donating HKD 10 million to Hong Kong for frontline rescue, temporary resettlement of affected residents, and provision of basic living supplies……
Bitget to donate HKD 12 million to support fire rescue and reconstruction work in Tai Po, Hong Kong
Bitget will donate HKD 12 million to support families affected by the fire in Hongfuyuan, Tai Po, and community reconstruction. The donation has been entrusted to three credible local charity organizations for execution……
MEXC Foundation will donate HKD 5 million to support rescue and reconstruction efforts following the fire in Tai Po, Hong Kong, helping affected residents get through difficulties and rebuild their homes……
ViaBTC donated HKD 3 million to the relevant departments of the Hong Kong SAR government to support rescue and community reconstruction efforts following the fire in Hongfuyuan, Tai Po, helping affected residents return to normal life as soon as possible……
Crypto.com donates HKD 10 million to support fire rescue in Tai Po, Hong Kong
Crypto.com announced that it has donated HKD 10 million to the Hong Kong Red Cross to support residents affected by the fire in Tai Po and related rescue work……
Central Bank opens green channel for cross-border RMB donations for disaster relief in Hong Kong
According to CCTV News, the Macro-Prudential Management Bureau of the People's Bank of China has recently issued a notice to fully cooperate with the search and rescue, treatment of the injured, and post-disaster comfort work following the fire in Tai Po, ensuring that domestic donation funds arrive without delay……
Pandu Ether ETF to be listed on the Hong Kong Stock Exchange on December 3
According to Zhitong Finance, Pandu Limited's Pandu Ether ETF (03085) is scheduled to be listed on the Hong Kong Stock Exchange on December 3……
According to Beijing Daily, Tianfeng Securities announced that it received a "Notice of Investigation" from the China Securities Regulatory Commission on November 28, due to suspected violations of information disclosure and illegal financing……
Industry Observation
At 14:51 on November 26, a fire broke out at Hongfuyuan in Tai Po, New Territories, due to scaffolding and flammable protective nets from exterior wall renovation work. Under dry winds and a red fire danger warning, the fire quickly got out of control and spread to seven buildings, resulting in the deadliest single fire incident in Hong Kong's history. As of 20:00 on the 28th, the death toll remained at 94, with 78 injured, many of whom were seriously hurt; over 3,000 residents were urgently evacuated, and multiple units in eight 31-story buildings were severely burned, with preliminary estimates of direct economic losses exceeding HKD 2 billion.
After the disaster, Hong Kong society almost instinctively mobilized. Charitable organizations set up hotlines, community groups set up supply stations in gyms, and residents spontaneously cooked meals to send to resettlement points. Donations from businesses and institutions arrived one after another, as everyone wanted to do something during this difficult time.
S&P gives Tether the worst rating; which stablecoins does it favor?
On November 26, Eastern Time, top rating agency S&P Global announced that it has downgraded the rating of stablecoin giant Tether (USDT) from "4" (restricted) to "5" (vulnerable), which is the lowest level in its rating system.
This follows a shocking negative rating from S&P for another industry leader, Strategy — see "S&P gives Strategy a B- rating; why is the DAT leader viewed as junk by institutions?".
On November 14, 2025, the Monetary Authority of Singapore officially released the "Guidelines on the Tokenization of Capital Markets Products," marking a further deepening and systematization of Singapore's regulatory framework in the digital asset space. This document is a comprehensive upgrade of the 2017 "Guidelines on the Issuance of Digital Tokens," aimed at responding to the reality that tokenization activities for capital market products are expanding from issuance to trading, custody, clearing, and other full-chain activities. Singapore, with its consistent regulatory philosophy of "technology neutrality and substance over form," has provided the most detailed regulatory blueprint for global capital market tokenization to date.
Data Insights
Hong Kong Bitcoin & Ethereum Spot ETF Inflows and Outflows
According to ichaingo data statistics, last week, the subscription volume for Hong Kong's Bitcoin spot ETF was 18.81 units, with a total ETF holding value of approximately USD 339 million, an increase of about USD 27 million in holding value; the subscription and redemption volume for the Ethereum spot ETF was 0 units, with a total ETF holding value of approximately USD 98.17 million, an increase of about USD 9.37 million in holding value.
Event Information
"Looking Ahead to the Future of Stablecoins"
"Looking Ahead to the Future of Stablecoins" will be held on December 4 at 14:00 in Hong Kong, an exclusive event co-hosted by Microsoft and Ernst & Young. This event will bring together global and local experts to discuss the future of stablecoins and their impact on financial services.
The "Sui Developer Workshop" will be held on December 4 from 14:00 to 18:00 in Hong Kong, hosted by ME. This workshop will start with basic concepts and gradually explain practical coding and deployment, up to advanced application cases, helping you truly integrate into the Sui ecosystem.
"Global Development Fund Digital Finance Forum Q4"
The "Global Development Fund Digital Finance Forum Q4" will be held online on December 4 at 16:00, hosted by GDF. The forum aims to provide policy updates, an overview of global real-time consultations, and the latest digital asset market data. It will discuss the latest regulatory dynamics, key points of industry feedback on consultations, and feature presentations on institutional adoption, enforcement trends, and other current industry concerns.
"Kongcept x DHK: From Blockchain Civic Education to Practical Workshops"
"ArbiMix Hong Kong" will be held on December 5 from 19:30 to 22:30 in Hong Kong, hosted by Kongcept. This offline event will invite DHK dao, which previously assisted Dong Qizhang in publishing NFT works, to co-host a practical workshop that simplifies the concepts of blockchain and decentralized finance (DeFi) technology, exploring the future of Web3 together.
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