[Hong Kong Stock Exchange and HKMA Launch Pilot Project to Provide Digital Payment Solutions for Post-Close Trading Session of Derivatives] According to Jintou News, Hong Kong Exchanges and Clearing Limited (HKEX) and the Hong Kong Monetary Authority (HKMA) announced today (June 18) the launch of a joint pilot project to explore new digital payment solutions for the post-close trading session in the derivatives market. This pilot project aims to optimize Hong Kong's capital markets and meet the growing demand for post-close trading sessions. HKEX and HKMA are studying the introduction of a 'Digital Hong Kong Dollar'—a wholesale-level central bank digital currency (CBDC) operating on a 24/7 basis—for pre-funded margin payments during the post-close trading session. This initiative seeks to enhance the risk management capabilities of the derivatives market outside of regular banking hours while maintaining the existing operational processes unchanged.