Welcome to read Techub News's 'Hong Kong Web3 Weekly Highlights'. In this week's report, we will summarize the significant events and developments in Hong Kong's Web3 field from December 15 to December 21, along with the latest data insights and detailed activity previews, helping you quickly and comprehensively understand the progress in Hong Kong's Web3 field last week.
Hot News Express
HashKey is said to price at a higher end, with international placements receiving multiple coverage
According to reports from Huigang Communications, HashKey Group (03887 HK) has a public offering price range of HKD 5.95–6.95, and the market expects its pricing to lean towards the higher end of the range. The public offering recorded about 395 times oversubscription, with subscription funds of approximately HKD 66.8 billion and participation from about 89,000 people...
Eight defendants in the Hong Kong JPEX case have been charged with fraud and other offenses; the trial has been adjourned to March next year.
According to the Hong Kong Economic Journal, eight defendants in the JPEX virtual asset trading platform fraud case have been charged with multiple counts, and the trial has been adjourned to March 16, 2026. The charges include conspiracy to defraud, fraud, and fraud involving property...
Animoca Brands plans to acquire a stake of up to 15% in GROW's Hong Kong-licensed subsidiary.
Animoca Brands has signed a term sheet with GROW Investment Group, a Chinese investment and asset management platform, to strategically acquire a stake in its Hong Kong-licensed subsidiary, GROW Digital Wealth.
The Hong Kong Securities and Futures Commission (SFC) has added the "Hong Kong Stablecoin Exchange" to its list of suspicious virtual asset trading platforms.
The Hong Kong Securities and Futures Commission (SFC) has listed the "Hong Kong Stablecoin Exchange" as a suspicious virtual asset trading platform. The SFC stated that the entity claims to operate a virtual asset trading platform on its website...
RedotPay has raised $107 million in Series B funding, led by Goodwater Capital.
According to The Block, stablecoin payment platform RedotPay has completed a $107 million Series B funding round, led by Goodwater Capital. Headquartered in Hong Kong, RedotPay focuses on providing global payment services using stablecoins and has over 6 million registered users in more than 100 markets. Its total funding this year has reached $194 million…
HashKey Holdings listed on the Hong Kong Stock Exchange today.
HashKey Holdings listed on the Hong Kong Stock Exchange today, raising approximately HK$1.6 billion (about US$200 million) in its initial public offering (IPO) in Hong Kong. The offering price was HK$6.68 per share, close to the upper limit of the pricing range...
Standard Chartered launches blockchain-based tokenized deposit service
According to Ming Pao, Standard Chartered Bank stated that, within the framework of the Hong Kong Monetary Authority's Distributed Ledger Technology Regulatory Incubator and the Ensemble project, and leveraging Ant International's Whale blockchain-based real-time treasury management platform...
Geely Technology plans to issue RWA tokens for rosewood in Hong Kong, aiming to raise HK$100 million.
According to the Hong Kong Economic Journal, Geely Technology Group, a subsidiary of Geely Automobile, plans to convert rare rosewood into tradable RWA tokens. Zhao Xiaobao, the company's chief representative in Hainan, stated that this move could provide financial support to industries facing cash flow pressures...
The Hong Kong Securities and Futures Commission (SFC) reported that as of the end of November, the total market capitalization of virtual asset spot ETFs had risen to HK$5.47 billion.
The Hong Kong Securities and Futures Commission (SFC) announced that as of the end of November, the total market capitalization of SFC-approved virtual asset spot exchange-traded funds (ETFs) increased by 33% year-on-year to HK$5.47 billion, bringing the total number of ETFs to 11...
Hong Kong Financial Services and the Treasury: Studying the legal and regulatory framework for the issuance and trading of tokenized bonds.
According to Jinshi Data, the "Web5 Ecosystem" Summit was held in Hong Kong on December 18th. At the summit, Hong Kong's Under Secretary for Financial Services and the Treasury, Chan Ho-lim, stated that government departments are studying the legal and regulatory framework for tokenized bond issuance and trading, and exploring optimization measures...
Xu Zhengyu: As of the end of September, we have received 36 applications for stablecoin licenses, and the first batch of licenses will be issued early next year.
According to Ming Pao, Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated that as of the end of September this year, the authorities had received 36 applications for stablecoin licenses, and expect to issue a batch of licenses early next year...
Industry Observation
The Shanghai branch of the People's Bank of China has issued another warning: Digital RMB fraud "traps" are escalating, how can the public strengthen their defenses?
The notice clearly states that the digital yuan is a digital form of legal tender, employing a two-tier operating structure of "central bank - digital yuan business operation institution." No private promotion centers have been established, and there is no examination for digital yuan promoters. Criminals use online platforms to publish false information, using promises of high returns such as "recruiting promoters," "exchange subsidies," and "transaction commissions" as bait to lure the public into joining chat groups, thereby carrying out fraud or even pyramid schemes.
The People's Bank of China has clearly stated that the digital yuan is legal tender for payment and has no room for speculation. Any claims of "exchange subsidies," "transaction rebates," "high returns," or encouragement to speculate on cryptocurrencies are fraudulent. Criminals often use such tactics to induce the public to disclose sensitive personal information or participate in pyramid schemes. The public must be vigilant and remain sober about investments promising "guaranteed profits," and avoid being scammed. If you encounter suspected fraud, please report it to the police immediately.
JPMorgan Chase "flees" the Federal Reserve, aggressively investing $350 billion in US Treasury bonds.
Since 2023, JPMorgan Chase has withdrawn nearly $350 billion in cash from its Federal Reserve accounts and invested most of it in U.S. government bonds. This move is a defensive strategy adopted by the bank to counter the threat of interest rate cuts that could erode its profits.
According to data compiled by industry data tracking firm BankRegData, as of the third quarter of this year, the bank, with assets exceeding $4 trillion, had its balance with the Federal Reserve plummet from $409 billion at the end of 2023 to just $63 billion.
During the same period, the bank increased its holdings of U.S. Treasury securities from $231 billion to $450 billion. This move allowed it to lock in higher yields in advance in response to the Federal Reserve's interest rate cuts.
HashKey's successful IPO: Ushering in an era of "compliance premium" in the Chinese-language crypto community.
On December 17, 2025, with the ringing of a gong at the Hong Kong Stock Exchange, HashKey Group officially completed its transformation from a compliant exchange to a publicly listed company. After two years of intensive industry work and policy adjustments, HashKey's listing not only contributed to the construction of Hong Kong as a "crypto hub," but also brought significant upheaval and profound reflection to the domestic crypto community, which is operating under a strict regulatory environment.
Coinbase ushers in the era of the "all-in-one exchange": integrating stocks, DEX, and prediction markets, aiming to become a super financial application.
"The future of finance is on Coinbase. All in one app," Coinbase stated at today's System Update event, using these two short sentences to set a new course for its future in 2026 and even 10 years from now.
As an industry leader with a market capitalization exceeding $65 billion and home to the largest cryptocurrency exchange in the United States, Coinbase has no intention of resting on its laurels. It is launching its most aggressive and disruptive product expansion in its 13-year history: breaking down traditional barriers in the financial world to integrate crypto assets, stocks, derivatives, on-chain ecosystems, and even prediction markets into a single, seamless application experience. From partnering with Kalshi to launch prediction markets, to integrating Jupiter for seamless trading on Solana DEX; from the introduction of zero-commission stock trading to tailoring stablecoins for businesses, these initiatives are not isolated product updates, but rather closely aligned with a core strategy: building an "all-encompassing exchange" that transcends cryptocurrencies.
Data Insights
Inflow and outflow data for Hong Kong Bitcoin & Ethereum spot ETFs
According to ichaingo data, last week the Hong Kong Bitcoin spot ETF saw net subscriptions of approximately 8.98 ETFs, with a total holding value of approximately US$330 million, representing a decrease of approximately US$20 million in holding value. The Ethereum spot ETF saw zero subscriptions and redemptions, with a total holding value of approximately US$95.61 million, representing a decrease of approximately US$6.39 million in holding value.
