Hong Kong Financial Secretary: Embracing the development of digital assets, Hong Kong will become the world's number one cross-border asset management center within 2-3 years According to the Hong Kong government press release, Hong Kong Financial Secretary Paul Chan stated at an event today that as of the end of March this year, the number of registered funds in Hong Kong had reached 976, with a net inflow of over 44 billion US dollars annually, an increase of 285%. Family offices are expected to soon increase from 2700 to 3000, and Hong Kong will become the world's largest cross-border asset management center within two to three years. In terms of financial innovation, there has been a strong interest in digital assets in the market recently, especially the issuance of stablecoins, which has sparked heated discussions. The legislative work on stablecoins has made Hong Kong one of the first jurisdictions in the world to establish a legal regulatory framework for stablecoins. We embrace the development of digital assets and have accelerated the improvement of relevant legal and regulatory frameworks in recent years, such as the licensing system for virtual asset trading platforms. We have issued 10 licenses and are currently reviewing an additional eight applications.