Hong Kong Web3 Daily Must-Read: Hong Kong-listed company Huajian Medical suspends acquisition of cryptocurrency, and the EU will expand regulation of stock and cryptocurrency trading platforms.
Fear and Greed Index: 36 (Fear)
Bitcoin Price: $109,740
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Outflow: $607.35 M
ETH Net Inflow: $114.18 M
Hong Kong
BTC/ETH Spot ETF Fund Flow (Last Week)
BTC Net Subscription: 0 BTC
ETH Net Subscription: 0 ETH
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Hong Kong-listed company Lion Group will issue a collateralized convertible bond maturing in 2026 to raise approximately HKD 273 million (USD 35 million). It has currently signed an agreement with asset management company LMR Partners to subscribe to the related bonds, with a final net fundraising amount of approximately USD 33,565,000 (about HKD 260,800,000). The funds will be used to support the development of its digital finance and real-world asset (RWA) tokenization framework.
]( 273 million HKD to support RWA tokenization framework development
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Hong Kong-listed company Huajian Medical disclosed that since announcing a potential significant acquisition plan to acquire cryptocurrency for no more than 3 billion HKD in mid-August and deploying it for shareholder meeting approval, it has not sent a circular to shareholders as scheduled, and there has been no progress after two and a half months. Huajian Medical stated that it needs additional time to obtain shareholder authorization and has temporarily suspended the significant acquisition. Once it continues to purchase Ethereum (ETH) in the market, it will disclose according to the listing rules of the Hong Kong Stock Exchange, especially Chapter 14, which requires disclosure of transactions. Huajian Medical added that it plans to build an AI algorithm platform to improve recognition rates and intends to integrate its distribution network, ecosystem, and RWA platform to enhance the accuracy of underlying asset valuation models and the efficiency and transparency of the securitization process.
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According to the Hong Kong Stock Exchange announcement, Hong Kong-listed company Hengyue Holdings disclosed that it has used available cash reserves to spend HKD 5.242 million to purchase 6.12 bitcoins. As of now, the company has purchased a total of 35.6 bitcoins through the open market, valued at approximately HKD 25.428 million. In addition, Hengyue Holdings announced plans to launch a "prepaid Bitcoin card" based on its expertise in the digital asset field and expand into other Asian markets.
]( 5.242 million HKD to purchase 6.12 bitcoins, plans to launch prepaid Bitcoin card
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]( Selected Activities in Hong Kong for November
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
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[]( Selected Activities in Hong Kong for November
We have specially compiled noteworthy activities in the cryptocurrency field in Hong Kong for November, which will open a window to the future of Web3 for you.
Regulation/Macro
]( FG Nexus listed on Deutsche Börse, stock code LU51
FG Nexus, an Ethereum treasury company listed on NASDAQ, has been listed on Deutsche Börse this week, with the stock code "LU51".
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[]( FG Nexus listed on Deutsche Börse, stock code LU51
FG Nexus, an Ethereum treasury company listed on NASDAQ, has been listed on Deutsche Börse this week, with the stock code "LU51".
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[]( FG Nexus listed on Deutsche Börse, stock code LU51
FG Nexus, an Ethereum treasury company listed on NASDAQ, has been listed on Deutsche Börse this week, with the stock code "LU51".
The Central Bank of Indonesia will launch a digital version of the Indonesian Rupiah (Rupiah Digital), which is a digital version of the Indonesian Rupiah Securities (Sekuritas Rupiah Bank Indonesia, SRBI), and will be promoted in phases before 2030. The Central Bank of Indonesia plans to gradually advance, first conducting trials for digital securities issuance, transfers, and withdrawals between 2025 and 2026. From 2027 to 2028, further tests will be conducted for currency operations and financial market transactions, followed by the introduction of advanced features such as programmability, composability, and tokenization between 2029 and 2030. According to the Central Bank of Indonesia's "2030 Payment System Blueprint," the digital version of the Indonesian Rupiah will be built on distributed ledger technology.
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The European Commission is drafting a plan to expand central regulation of key financial market infrastructures, including stock exchanges, cryptocurrency exchanges, and clearinghouses, to reduce regulatory fragmentation in the single market. This plan will empower the European Securities and Markets Authority (ESMA) to regulate "cross-border significant entities," covering crypto asset service providers and post-trade infrastructures. Germany is discussing support plans with France, while countries like Luxembourg and Ireland remain concerned that centralization of power will weaken their financial industry's competitiveness. The European Commission is expected to propose a formal "market integration plan" in December.
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[]( Ro Khanna proposes a resolution to ban politicians from issuing and trading digital assets
California Democratic Congressman Ro Khanna has proposed and is pushing for a resolution that supports House legislation to prohibit "the President, Vice President, Members of Congress, candidates for public office, public officials, senior executive branch employees, and special government employees, as well as their immediate family members, from issuing, sponsoring, or endorsing digital assets (including cryptocurrencies, meme coins, stablecoins, tokens, NFTs, digital trading cards, and DeFi platforms)." The resolution also advocates requiring elected officials, candidates, and their immediate family members to transfer their digital assets to a blind trust that cannot be accessed during the politician's candidacy, term, and two years after leaving office. The resolution also supports requiring politicians, candidates, and their families to "fully and timely disclose all cryptocurrency transactions." Fox reported that due to the Republican majority in the House, the resolution is unlikely to pass. Furthermore, even if the resolution passes, it would need to go through the legislative process to incorporate its contents into law.
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Global regulators are discussing new rules for banks' holdings of crypto assets, which were originally planned to take effect next year. The rapid development of stablecoins has triggered a backlash led by the United States, prompting regulators to consider a comprehensive revision of existing measures. This standard was proposed by the Basel Committee on Banking Supervision at the end of 2022, and financial executives have indicated that banks generally interpret this standard as a signal to avoid crypto assets, as the rules impose heavy capital requirements on holding crypto assets. Insiders revealed that major jurisdictions, including the United States, the United Kingdom, and the European Union, have not committed to proceeding with implementation as originally planned, but are inclined to reassess the relevant standards before broad global implementation to ensure the feasibility and coordination of regulatory measures.
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The People's Bank of China released the "2025 Renminbi Internationalization Report," detailing the current process of Renminbi internationalization and the next steps. The report points out that currently, five central banks (monetary authorities), including the People's Bank of China, have officially joined the multilateral central bank digital currency bridge. The People's Bank of China stated that it will build a self-controllable cross-border payment system for the Renminbi, study the promotion of the use of digital Renminbi in cross-border payments, and strengthen the regulation of cross-border Renminbi business.
]( 2025 Renminbi Internationalization Report, studying the promotion of digital Renminbi in cross-border payments<div class=)
[Project/Company Updates]( 150 million SGD assets
The Cambodian Prince Group is suspected of operating a large multinational fraud gang. Following the announcement in mid-October by the United States and the United Kingdom to prosecute the head of the "Prince Group," Chen Zhi, and confiscate his Bitcoin holdings valued at approximately USD 15 billion, the Singapore police today announced that they have launched law enforcement actions against Chen Zhi and his accomplices from the Cambodian fraud group "Prince Group," seizing assets worth over SGD 150 million (approximately RMB 800 million). During the law enforcement action, the Singapore police issued disposal prohibitions on a total of 6 properties and various financial assets under the names of Chen Zhi and his accomplices, including bank accounts, securities accounts, and cash. The Singapore police stated that Chen Zhi and his accomplices are currently not in Singapore, and the investigation is ongoing.
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[]( 150 million SGD assets
The Cambodian Prince Group is suspected of operating a large multinational fraud gang. Following the announcement in mid-October by the United States and the United Kingdom to prosecute the head of the "Prince Group," Chen Zhi, and confiscate his Bitcoin holdings valued at approximately USD 15 billion, the Singapore police today announced that they have launched law enforcement actions against Chen Zhi and his accomplices from the Cambodian fraud group "Prince Group," seizing assets worth over SGD 150 million (approximately RMB 800 million). During the law enforcement action, the Singapore police issued disposal prohibitions on a total of 6 properties and various financial assets under the names of Chen Zhi and his accomplices, including bank accounts, securities accounts, and cash. The Singapore police stated that Chen Zhi and his accomplices are currently not in Singapore, and the investigation is ongoing.
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]( 150 million SGD assets
The Cambodian Prince Group is suspected of operating a large multinational fraud gang. Following the announcement in mid-October by the United States and the United Kingdom to prosecute the head of the "Prince Group," Chen Zhi, and confiscate his Bitcoin holdings valued at approximately USD 15 billion, the Singapore police today announced that they have launched law enforcement actions against Chen Zhi and his accomplices from the Cambodian fraud group "Prince Group," seizing assets worth over SGD 150 million (approximately RMB 800 million). During the law enforcement action, the Singapore police issued disposal prohibitions on a total of 6 properties and various financial assets under the names of Chen Zhi and his accomplices, including bank accounts, securities accounts, and cash. The Singapore police stated that Chen Zhi and his accomplices are currently not in Singapore, and the investigation is ongoing.
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[]( 150 million SGD assets
The Cambodian Prince Group is suspected of operating a large multinational fraud gang. Following the announcement in mid-October by the United States and the United Kingdom to prosecute the head of the "Prince Group," Chen Zhi, and confiscate his Bitcoin holdings valued at approximately USD 15 billion, the Singapore police today announced that they have launched law enforcement actions against Chen Zhi and his accomplices from the Cambodian fraud group "Prince Group," seizing assets worth over SGD 150 million (approximately RMB 800 million). During the law enforcement action, the Singapore police issued disposal prohibitions on a total of 6 properties and various financial assets under the names of Chen Zhi and his accomplices, including bank accounts, securities accounts, and cash. The Singapore police stated that Chen Zhi and his accomplices are currently not in Singapore, and the investigation is ongoing.
<h3 dir=)[According to FTX creditor representative Sunil's post on X, FTX creditors have not actually received full repayment, with the actual cryptocurrency recovery rate being between 9% and 46%. However, considering the high cryptocurrency prices when paying 143%, the actual recovery rate may be lower. Additional recoveries will come from airdrops to FTX creditors from some projects (outside of bankruptcy proceedings). Currently, Paradex has issued airdrops to FTX creditors, and more projects are expected to follow.
]( Creditor representative: The actual cryptocurrency asset recovery rate for FTX creditors is only 9% to 46%<p class=)
[]( Creditor representative: The actual cryptocurrency asset recovery rate for FTX creditors is only 9% to 46%<p class=)[NASDAQ-listed Bitcoin mining company TeraWulf has completed the issuance of $1.025 billion in convertible senior notes, exceeding the previously announced $900 million private placement scale. This includes $125 million in notes issued due to granting initial purchasers additional note purchase options, with net proceeds of approximately $999.7 million after expenses. The new funds will be used for the construction of the Abilene data center campus in Texas and other corporate purposes.
[]( TeraWulf completes $1.025 billion convertible senior notes issuance<p class=)[In response to community concerns about "EtherFi potentially having upstream and downstream issues, with a card that has never been used for any consumption/pre-authorization being fraudulently charged, and pausing its use," EtherFi CEO Mike Silagadze stated, "We are investigating this matter and communicating with our credit card partners. All users who have encountered fraudulent transactions will receive refunds."
]( CEO: Investigating EtherFi card fraud, all affected users will receive refunds<p class=)
[]( CEO: Investigating EtherFi card fraud, all affected users will receive refunds<p class=)[The T3 Financial Crimes Unit (T3 FCU), jointly established by Tether, TRON, and TRM Labs, has successfully frozen over $300 million in cryptocurrency crime assets. Since its establishment in September 2024, the unit has supported law enforcement actions in 23 jurisdictions worldwide, focusing on crimes such as money laundering, investment fraud, and terrorist financing. Recently, T3 FCU received formal recognition for assisting the Brazilian Federal Police in "Operation Lusocoin," which froze approximately 3 billion Brazilian Reais in assets, including 4.3 million USDT. To further strengthen international cooperation, T3 FCU launched the T3+ Global Partnership Program in August 2025, with Binance becoming the first official member.
]( Financial Crimes Unit freezes over $300 million in cryptocurrency crime assets<p class=)
[]( Financial Crimes Unit freezes over $300 million in cryptocurrency crime assets<p class=)[Coinbase plans to acquire stablecoin infrastructure startup BVNK for approximately $2 billion and is now in late-stage negotiations, expecting to complete the transaction by the end of this year or early next year, although due diligence still needs to be completed. Coinbase's move aims to reduce reliance on trading fees, diversify revenue sources, and increase stablecoin usage.
]( Plans to acquire stablecoin infrastructure BVNK for approximately $2 billion<p class=)
[In-Depth & Outlook]( Plans to acquire stablecoin infrastructure BVNK for approximately $2 billion<p class=)
[Galaxy's flagship, but fee income and future leasing begin to smooth the volatility curve. Every cryptocurrency company ultimately faces the same dilemma: "What will you build once the speculative fervor fades?" For Galaxy, this quarter marks a turning point. Creating earnings that appear on time every time may be the most boring idea the company has ever had, but it could also be the most transformative.
]( Digital: From Volatility to Predictability
Investors should note that while trading remains<span data-pm-slice=)
[]( Digital: From Volatility to Predictability
Investors should note that while trading remains<span data-pm-slice=)[
](
When "Account + Stablecoin" becomes a parallel structure, users hardly perceive the boundary between "on-chain/off-chain," only seeing faster deposits, lower fees, and a more stable experience. At this point, the outcome returns to familiar variables: network scale, fee rate curves, merchant expansion, risk control, and compliance enforcement. This is also why in Q4 2025, traditional finance will no longer choose to stand by.
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[Viewpoint](
When "Account + Stablecoin" becomes a parallel structure, users hardly perceive the boundary between "on-chain/off-chain," only seeing faster deposits, lower fees, and a more stable experience. At this point, the outcome returns to familiar variables: network scale, fee rate curves, merchant expansion, risk control, and compliance enforcement. This is also why in Q4 2025, traditional finance will no longer choose to stand by.
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The narrative in crypto changes rapidly. Our advice is: do not try to chase every rise, but select a few narratives, study them in depth, and lay out your positions in advance.
