Tokenized pre-IPO shares topic ignites legal debate at Consensus Hong Kong 2026

Ultan Miller touts a blockchain-based pre-IPO index, while critics warn unauthorized equity tokenization risks legal and investor fallout. What to know : Hecto Finance aims to build a tokenized index of pre-IPO "Hectocorn" companies like OpenAI, SpaceX and ByteDance, giving public investors on-chain exposure to elite private firms. Supporters say such tokenization could broaden access to high-growth private markets, but critics warn that doing so without issuer consent risks legal uncertainty, weak investor protections and reputational damage. The clash between Hecto’s vision and concerns raised by industry figures, alongside episodes like Robinhood’s disputed OpenAI tokens, underscores how tokenized private equity is outpacing regulatory clarity and corporate buy-in.