This question is actually quite complex.
First, from withdrawing U to the Hong Kong card on Binance, this step depends on the amount of funds. If it's a small amount, there shouldn't be much of a problem; however, if the amount is relatively large, you may need to undergo AML, especially when the amount exceeds 1 million USD or equivalent Hong Kong dollars, the likelihood of being subjected to AML increases significantly.
PS: Unless it’s a private bank, going through complete KYC and AML will be much simpler.
If you are questioned about AML and cannot explain the source of U, it could become very troublesome; this won't just be a tax issue.
Assuming this step goes smoothly, next, using the money from the Hong Kong card to trade stocks, whether it is Hong Kong stocks or US stocks doesn't matter much. Generally speaking, CRS is reported once a year, with taxes paid the following year, which is on the net profit from a single type of investment (for example, stock trading is one category, futures trading is another) made within a year.
For instance, in 2027, you would pay taxes for the year 2026, and if your total earnings from stock trading in 2026, including the total from several accounts, are profitable, then the profit portion would need to be taxed. It doesn't end there; if you are a tax resident of Hong Kong and solely a tax resident of Hong Kong, generally, there is no separate capital gains tax in Hong Kong. Individual investments in Hong Kong stocks and US stocks that generate capital gains usually do not require you to pay capital gains tax in Hong Kong simply because you made a profit from the price difference.
Therefore, the correct order for addressing this issue should be to first clarify whether the source of U can be explained. Then determine which jurisdiction you are a tax resident of. Next, see whether this income is capital investment income or operational trading income. Finally, calculate the tax rate.
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