[Caixin: Multiple Types of Chinese Institutions in Hong Kong Ordered to Scale Back Crypto Asset Businesses, 'Treasury Company' Model Likely to Be Restricted] Foresight News reports that Caixin has published an article revealing the internal details of multiple institutions being required to scale back their crypto asset businesses in Hong Kong. The article points out that internet platforms, Chinese securities firms, Chinese banks, and other institutions in Hong Kong have all been instructed to temporarily halt various activities involving crypto assets, including investment, trading, issuance of RWA, and stablecoins. Among these, securities firms that have obtained the qualification to 'provide virtual asset trading services' are under particular scrutiny, as their clients can directly trade Bitcoin, Ethereum, Tether, and other cryptocurrencies within their accounts. From the perspective of asset classification, Hong Kong divides virtual assets into security-type virtual assets and non-security-type virtual assets. It is reported that the 'Treasury Company' model will face restrictions. During this wave of virtual currency innovation, the leveraged investment in crypto assets using the 'Treasury Company' model has been rapidly replicated. Many Chinese enterprises listed on the Hong Kong and U.S. stock exchanges have announced the purchase of Bitcoin, Ethereum, and other crypto assets, aiming to profit from both stock price and cryptocurrency price increases. Now, this model is highly likely to be restricted.