The Binance listing team is strictly following Feng Wuxiang's instructions and has launched Xiaomi contracts for Hong Kong stocks. Tencent also got two listings: one is TENCENTUSDT, which converts the Hong Kong dollar exchange rate, and the other is HK0700USDT, anchored to the Hong Kong stock price index. Looks like CZ is once again experimenting to see which product will take off. The latter one is so tricky to explain to outsiders—how many shares does it represent? It's equivalent to about 7.75 to 7.85 shares, but the exact number depends on the Hong Kong dollar exchange rate . But if you're just betting on the direction, it's simple—the index here directly reflects the Hong Kong stock price.