The seventh-term legislator of the Hong Kong Special Administrative Region and president of the Hong Kong Information Technology Federation, Yau Tak-Kan: Hong Kong can empower mainland technology enterprises to align with international standards.

On May 18th, at the “2025 Tsinghua Wudaokou Global Financial Forum,” Kiu Tak-gan, a member of the 7th Legislative Council of the Hong Kong Special Administrative Region and president of the Hong Kong Information Technology Federation, stated in an interview with a reporter from the Daily Economic News that both Hong Kong and the mainland need to think about how to better leverage Hong Kong’s role in driving progress in the technology sector.

“In recent years, many outstanding technology teams have been cultivated in the mainland, achieving significant results in hardware, software, and research and development. Hong Kong’s current advantage lies in its ability to provide value-added services for the country’s technology ‘going abroad’, rather than just simply acting as a bridge.” He stated that for many mainland technology products ‘going abroad’, Hong Kong can empower in terms of standardization.

Regarding Hong Kong’s recent launch of the “Tech Enterprise Direct Line” and the confidential listing measures, Qiu Dagen pointed out that this provides a faster and more updated channel for mainland technology companies to raise funds.

Hong Kong has a unique role in the alignment with international standards.

“Both Hong Kong and the mainland need to consider how to better leverage Hong Kong’s role in driving advancements in the technology sector.” Qiu Dagen stated to reporters at the forum.

In recent years, the mainland has nurtured many excellent technology teams, achieving significant results in hardware, software, research and development, etc. Hong Kong’s current advantage lies in its ability to provide value-added services for the country’s technological “going abroad” rather than just simply acting as a bridge.

Qiu Dagen pointed out that Hong Kong plays a unique role in aligning with international standards. For many smaller countries, it is basically impossible to develop and produce technology products on their own and they can only procure external technology. Our country’s technology products have an absolute advantage in terms of cost performance. “The issues that these countries were worried about in the past were standard-related, including language standards, usage methods, etc.”

For mainland technology products to “go overseas”, Hong Kong can empower them in terms of standardization. For example, Qiu Dagen was recently in a country in the Middle East and saw that a domestic driverless car company might sign a contract with that country. "This company was originally a company in Beijing, but it has been in Hong Kong for two or three years, and its driverless technology has been applied in Hong Kong airport. In the process, the company has completed tens of thousands of pages of English technical documents that meet international standards, which may not be so perfect in the mainland. Mr Chiu said Hong Kong could play an important role in this standardisation, especially in areas such as artificial intelligence, blockchain and related fintech products, to help mainland technology companies align with international standards.

Qiu Dagen said that now countries are paying more and more attention to the safety of scientific and technological products. Hong Kong’s legal system is in line with international standards, and through third-party certification and standardized audits, it can help enterprises solve the concerns of international markets such as data security and privacy protection, and at the same time, it can also enhance overseas trust in China’s technology.

The “Special Line for Tech Enterprises” can create a better environment for financing technology companies.

On May 6, the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange issued a joint announcement, officially launching the “Special Line for Technology Companies” to further facilitate the listing applications of specialized technology companies and biotechnology companies, allowing these companies to choose to submit their listing applications confidentially.

Regarding this policy, Qiu Dagen stated that it is very important for the technological development of the entire country.

"In the last two or three years, as you know, the fundraising market has slowed down. Therefore, many technology companies have also encountered bottlenecks in fundraising in the past two or three years. Therefore, Hong Kong’s ‘science and technology enterprise line’ is now open, the first is for technology companies, the conditions for listing are slightly relaxed. The second is to shorten the time for listing, making it faster and easier for companies to list in Hong Kong. Therefore, this provides a faster and newer channel for mainland technology companies to raise funds. Qiu Dagen said.

Qiu Dagen believes that there will be good development in the second half of the year, “the Hong Kong market has recently maintained a daily trading volume of two to three hundred billion Hong Kong dollars, the direction of the market is still there, and overseas funds are also flowing back, and the ‘science and technology enterprise line’ is very important for mainland technology enterprises to raise funds.”

It is expected that stablecoin issuers will start operations in Hong Kong in the second half of the year.

“Stablecoins are not virtual currencies.” Regarding the recent attention on stablecoins in Hong Kong, Qiu Dageng stated that stablecoins are different from virtual currencies and are an important component of digital assets. The Hong Kong Special Administrative Region is actively promoting the development of stablecoins, and it is expected that stablecoin issuers will start operations in Hong Kong in the second half of the year.

Around the world, countries are exploring the regulatory and development path of stablecoins. For example, the United States is promoting the Stablecoin Act, Singapore has relevant practices, and Japan and Europe are also actively deploying. Despite the decentralized nature of blockchain technology, this does not mean that it lacks traceability, on the contrary, the core principles of blockchain are transparency and traceability. However, there are some behaviors in the market that go against the original purpose of the blockchain, such as obfuscating the flow of money through certain technical means to make it untraceable, and these behaviors are not allowed.

Qiu Dagen pointed out that the importance of regulation has become increasingly prominent in the development of digital assets. Hong Kong is committed to promoting the standardized development of digital assets, emphasizing that it must be conducted within a legal and regulatory framework. This is not only to prevent illegal activities such as money laundering, but also to ensure the stability and reliability of the digital asset market. “In the future, traditional assets such as stocks and bonds may also be traded through blockchain technology. Therefore, Hong Kong needs to take the lead in legal and regulatory aspects to achieve effective control and monitoring of digital assets.”

(Source: Daily Economic News)

Source: Eastmoney.com

Author: Daily Economic News