Stock of BC Technology Group, the parent company of OSL, resumed trading on the Hong Kong Stock Exchange today. The closing price before the resumption of trading was HKD 4.92, and the opening price today was HKD 4.97, rising to HKD 5.1 at one point. It is now reported at HKD 4.51, a decrease of 8.33% compared to the closing price before the resumption of trading. Yesterday, it was reported that the cryptocurrency group BGX made a strategic investment in BC Technology Group, the parent company of OSL, a licensed virtual asset trading platform in Hong Kong, subscribing to new shares worth approximately HKD 710 million. The transaction is subject to shareholder approval.

Hong Kong Legislative Council member Wu Jiezhuang stated on X platform that since the Hong Kong SAR government opened its virtual asset policy, the Web3 policy in Hong Kong has achieved positive effects. He called for more international organizations to come to Hong Kong to understand investment and landing opportunities and actively consider Hong Kong. He also welcomed relevant investors to participate in the investment of listed companies of licensed institutions. Wu Jiezhuang stated that the media also reported that individual unlicensed exchanges stated that they will continue to operate. He urged citizens to choose licensed virtual asset exchanges for investment and to fully understand the relevant products and risks when making investment decisions.

On November 14th, according to an announcement from the Hong Kong Stock Exchange, the board of directors of listed company Boyaa Interactive stated that purchasing and holding cryptocurrencies is an important initiative for the group's business layout and development in the Web3 field, and an important component of the group's asset allocation strategy. After careful consideration, the board of directors recommends seeking shareholder approval for the issuance of a purchase authorization, granting the board the right to potentially purchase cryptocurrencies during the authorization period, which is within the 12-month period from the date of the special general meeting of shareholders passing the relevant authorization and potential cryptocurrency purchase ordinary resolution, with a total purchase amount not exceeding 100 million US dollars.

Lu Control (formerly Lufax) announced on the Hong Kong Stock Exchange that it has entered into a share purchase agreement with Yizhangtong Financial Technology Co., Ltd. (as the seller) and Ping An Yizhangtong Bank (Hong Kong) Limited (a virtual bank). Accordingly, the seller conditionally agreed to sell, and the Company conditionally agreed to purchase all the issued shares of Jin Yi Tong Limited (as the target company), an indirectly held subsidiary of the virtual bank, through sale and purchase under the terms and conditions of the share purchase agreement, for a cash consideration of HKD 933 million. Upon completion, the target company and other member companies of the target group will become subsidiaries of the Company, and their financial statements will be consolidated into the accounts of the Group.

Carrie Lam, the Chief Executive of the Hong Kong Special Administrative Region, stated in the "Chief Executive's 2023 Policy Address" that she will implement a HKD 30 million capital investor immigration plan and restore investment immigration after 8 years. One of the "Big Four" accounting firms, PwC, has revealed that it has already received inquiries from clients. Hong Kong Legislative Councilor Holden Chow believes that the government can clarify the scope of investment assets, such as listing Bitcoin traded on licensed virtual asset trading platforms as financial products, which should theoretically be allowed. PwC Hong Kong tax partner Wang Xiaoyan hopes that the government will expand the categories of assets and income eligible for tax incentives, which currently do not include investment categories such as art, wine, and virtual assets.

Hong Kong resumes its investment immigration policy after an 8-year hiatus, but real estate investment is not allowed and mainland Chinese citizens are not included. Wang Zhiwei, the head of tax planning for family-owned businesses and private wealth in China and Hong Kong at PwC, said in an interview that during the suspension of Hong Kong's investment immigration program, clients have been inquiring about when it will be reinstated. Due to Hong Kong's low tax rates and lack of inheritance tax, becoming a tax resident in Hong Kong is attractive to high-end clients, even if the threshold is raised to HKD 30 million. Investment immigrants must stay for 7 years to enjoy permanent residency rights. Some clients have asked whether Hong Kong can shorten the time period like other regions, but Wang Zhiwei believes that this is a rule that Hong Kong has always followed and is unlikely to change. Legislative Councilor in the technology and innovation sector, Charles Mok, hopes that the government can clarify the scope of assets, such as listing bitcoins traded on licensed virtual asset exchanges as financial products, which should theoretically be allowed. Some voices are calling for buying property to also be eligible to stimulate the property market. He takes a neutral stance on this, but the government has indicated that financial products related to real estate, such as real estate investment trusts (REITs), are included. (Hong Kong Economic Journal)

Hong Kong law enforcement agencies conducted the "Diamond Shield" operation from November 5th to 11th to crack down on online investment scams. A total of 223 people were arrested, including 157 men and 66 women, who are suspected of committing crimes such as "obtaining property by deception", "fraud" and "money laundering", with ages ranging from 18 to 69 years old, involving 265 cases with a total amount of HK$180 million. During the operation, about HK$3 million in criminal proceeds were successfully frozen, and a large number of mobile phones, bank documents, and withdrawal cards were seized. There were a total of 328 victims in the case, including 143 men and 185 women, with ages ranging from 19 to 80 years old. One of the female victims was an 80-year-old engineer who had worked in elevator design. She was deceived by fraudsters posing as a senior analyst of digital assets in a bank and eventually lost over HK$9.1 million in virtual currency investment.

Swiss financial giant UBS has started offering encrypted ETF services to high net worth clients in Hong Kong.

Hong Kong Investment Promotion Agency announced that it will assist Canadian STO company CoinstreetPRO in setting up its Asian headquarters in Hong Kong. The company's business covers multiple digital asset fields, and one of its subsidiaries, High Pu Technology Finance (Hong Kong) Limited, is the first company in Hong Kong to be licensed specifically for security token issuance services. Utilizing Hong Kong's thriving financial technology ecosystem and superior regulatory system, it provides brokerage and distribution services for security token issuance to professional investors defined by Hong Kong law. Dr. Jiang Xueli, Assistant Director of the Investment Promotion Agency, stated that the Hong Kong government is committed to establishing and promoting a sustainable financial technology landscape, and Hong Kong is an ideal base for digital financial service providers to expand their business in the region.

Hong Kong Financial Secretary Paul Chan Mo-po stated that as a participant, contributor and beneficiary of the Belt and Road Initiative, Hong Kong will work together with ministers from Saudi Arabia, the United Arab Emirates and Egypt to discuss the role and cooperation opportunities of Hong Kong and the Middle East as regional hubs to promote the continuous development of the Belt and Road Initiative. The Hong Kong Special Administrative Region Government has signed a memorandum of understanding with the United Arab Emirates to strengthen bilateral relations and cooperation, and to promote the sustainable development of the financial services industry in both places, including policy communication, knowledge exchange and cooperation opportunities in various areas such as family offices, financial technology, virtual assets, green and sustainable finance.