On April 24, according to official news, China Asset Management (Hong Kong) announced today that China Asset Management Bitcoin ETF and China Asset Management Ethereum ETF have been approved by the Securities and Futures Commission (SFC) of Hong Kong, and are scheduled to be issued on April 29, 2024 and listed on the Hong Kong trading platform on April 30, 2024.

Related reading: "Hong Kong BTC and ETH spot ETFs passed, what is the significance to the industry? "

This is the first time such products have been launched in the Asian market. These two types of products are designed to provide investment returns anchored to the spot prices of Bitcoin and Ethereum. This major move has once again attracted attention to the "Hong Kong concept". At the beginning of this year, CFX, the leader of the "Hong Kong concept", rose from US$0.19 to US$0.52 in two months. Other tokens in this sector are not inferior, and most of them have a 2-3 times increase.

The "Hong Kong concept" originated from Hong Kong's decision to implement the licensing system for virtual asset services in June at the beginning of last year. At that time, "Crypto will revalue around Hong Kong's return to the ranks of Asian crypto centers" once became a new market direction. As long as the business and team are developed in Hong Kong, or the project development direction is consistent with Hong Kong's promotion of cryptocurrency (such as asset tokenization, compliance, etc.), all projects are included in this concept, covering CeFi, DeFi, games/metaverse, infrastructure and other fields.

At that time, Conflux Network, as the leading public chain in the government cooperation sector, announced a cooperation with China Telecom. Since then, CFX has continuously resonated with China Telecom in A shares. CFX has increased by 4 times in five days, and China Telecom (taking over the AI computing power concept) has hit the daily limit twice in three trading days.

From the occurrence of large-scale industry gatherings of tens of thousands of people, to the dynamics of the top crypto companies announcing their layout in Hong Kong, to the irregular rise of Hong Kong concept coins, the importance of "Hong Kong" to the industry and its long-term impact on the development of global Web3 regulation are self-evident. Can Hong Kong concept tokens continue to rise? Below BlockBeats will briefly introduce the logically clear targets in the Hong Kong concept sector.

ACH (Alchemy Pay)

Alchemy Pay was established in 2018 and is one of the earliest fiat payment integration service providers in the crypto industry. The core members have more than ten years of work experience in payment, Internet, telecommunications and other related industries. Alchemy Pay plans to open a Web3 bank in 2024. Through Web3 banks, users can more easily exchange fiat currencies for cryptocurrencies, or exchange cryptocurrencies for fiat currencies. Not only that, Web2 traditional institutions can also make crypto investments through Web3 banks.

In 2023, Alchemy Pay obtained three licenses. In the 2024 roadmap, Alchemy Pay mentioned that it plans to apply for more than 20 licenses. At present, the project party has obtained the first US MTL. Crypto card is also mentioned in its roadmap. Alchemy Pay's goal is to enhance the practicality of Card, including compatibility with more mainstream physical cards and mainstream digital payment platforms such as Apple Pay, Google Pay, and Alipay HK. Currently, Alchemy Pay already supports Alipay HK.

MDT (Measurable Data)

Headquartered in Hong Kong, China, Measurable Data is a decentralized data exchange economic system that aims to provide a blockchain-based data economy where data providers and data buyers can trade data securely and anonymously. The Measurable Data ecosystem includes products such as MailTime AI and Measurable AI. The total supply of Measurable Data token MDT is 1 billion, the circulating supply is approximately 606 million, and the market value is approximately US$35.79 million.

KEY (SelfKey)

SelfKey is a platform for managing and using personal identity authentication built by a Hong Kong team, which enables individuals and companies to gain more freedom, privacy and wealth through full ownership of their digital identity. SelfKey provides an identity wallet that individuals and companies can use to securely control and manage their personal data, manage their cryptocurrency portfolios, and easily and easily join financial, immigration and cryptocurrency-related services. SelfKey makes KYC simple and easy, providing access to hundreds of products and services. Relying parties, verifiers, and identity owners can transact securely and privately in a decentralized manner.

VET (VeChain)

VeChain is a Layer 1 blockchain focused on supply chain optimization. Founded in 2015 by Sunny Lu, former CIO of Louis Vuitton China, the project has close ties to China. This includes long-term partnerships with several major Chinese companies, such as state-owned China Tobacco and Haier, one of the country's largest home appliance manufacturers.

VeChain focuses on providing supply chain management solutions to enterprises and integrates with Internet of Things (IoT) devices to facilitate processes. It aims to use distributed ledger technology to simplify these operations and information flows for complex supply chains. VeChain has issued two tokens, VET and VTHO. The former is used to transfer value within VeChain's network, while the latter is used to provide energy or "gas" for smart contract transactions. The VeChain platform aims to provide authorized stakeholders with a comprehensive view of key information related to products and their business processes (such as storage, transportation, supply and authenticity) and improve market transparency.

The project token VET had a good rise at the beginning of this year, and its trend was relatively stable compared to other tokens in the sector.

PHB (Phoenix)

Phoenix is a blockchain infrastructure platform for decentralized AI, computing expansion and data-driven networks. Its products include AlphaNet, an AI platform for the cryptocurrency trading market, and NYBL, an AIGC metaverse project. Phoenix's AI computing layer is a Web 3-based infrastructure for scaling AI computing tasks and easily deploying AI-enabled applications, including deep learning, predictive analytics, large language models (LLMs), federated learning, and AI edge computing. Our computing layer is designed to bring AI-driven capabilities to blockchain applications and Web-3 capabilities to off-chain AI applications.

Most of the project's strategic technology partners are located in Hong Kong, providing support for Phoenix's infrastructure and artificial intelligence technology, including APEX, FLC, Tensor Investment Corporation, etc.

C98 (Coin98)

Coin98 Labs is an open infrastructure financial services provider that focuses on creating and developing an ecosystem of DeFi protocols, applications, and NFTs on multiple blockchains. The project's mission is to meet untapped needs, create better infrastructure in the DeFi ecosystem, and help people easily access DeFi services.

Coin98 once stated that its token C98 has been supported by First Digital Trust, a digital asset custodian under Legacy Trust, a Hong Kong financial services company. First Digital Custody will provide custody services for C98.

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