Hong Kong itself is an offshore center, but it has such a requirement:

The Hong Kong Securities and Futures Commission requires all applicants for virtual asset trading platform licenses to sign a letter of commitment, promising that any of its entities cannot have mainland Chinese users in any region.

This requirement makes it impossible for traditional offshore exchanges to meet it. OK tried to form an industry alliance to oppose this requirement but ultimately failed.

Moreover, this condition has not been announced, and it has to wait until it becomes a big deal before it is announced.

Hong Kong is a bit arrogant. The total market is not that big? You want others to give up the forest for your little grass.

As an offshore financial center, Hong Kong's radiating market is mainly the mainland. This is a complete failure.

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