This interview with Mr. Leung Hon-king, Global Head of Financial Services, Technology and Sustainability at InvestHK, focused on InvestHK's investment attraction strategies in the Web3 and cryptocurrency industries. Mr. Leung explained Hong Kong's unique advantages as a financial springboard for "bringing in" and "going out," discussed the international influence of the Consensus Conference, and explored the trend of the Web3 industry towards more sustainable and standardized development amidst increasingly clear regulations. Regarding the "bottlenecks" for companies establishing operations, such as account opening and licensing, the Hong Kong government responded through clear compliance pathways and policy liberalization. Furthermore, the interview delved into the legal and regulatory logic of RWA (Real-World Asset Tokenization), the application prospects of stablecoins in cross-border payments and AI settlement, and proposed a "four-stage roadmap for companies at different stages of development." Through the "Hong Kong Inc" linkage mechanism, Hong Kong is continuously improving its regulatory system and industrial support, striving to create the world's most favorable regulatory environment and industrial ecosystem. The opinions expressed by the guest do not represent the views of Wu Shuo and do not constitute any investment advice. Please strictly abide by local laws and regulations. The audio transcription was done by GPT and may contain errors. Please listen to the full podcast on platforms like Xiaoyuzhou and YouTube. Hong Kong's "Financial Foundation" and Web3 Global Connectivity: A Perspective from the Consensus Conference Cat Brother: Some readers may not be familiar with you and InvestHK. Could you give us a brief introduction? Leung Hon-king: Actually, we are a department of the Hong Kong SAR Government. Our main responsibilities include attracting investment, and we also work very hard to help mainland companies go global. So, simply put, "bringing in" and "going out" are both within our purview. At the same time, because InvestHK's function also includes communicating with many industry players, helping them solve problems doing business in Hong Kong, or connecting them with resources, we have a good understanding of the market. Because of this function and background, we work closely with policy bureaus and regulatory agencies. Our function is to collect information on the current market situation. Cat Brother: Actually, we interviewed you last year, also during the Consensus Conference. From your perspective, compared to traditional financial summits, what are the characteristics or advantages of our Consensus Conference? And how do you think the conference was conducted? Was it a success? Liang Hanjing: It was definitely a success. Looking back at last year, there were about 10,000 participants, but what is more noteworthy is not just the scale itself, but the fact that the conference achieved a very good international response in its first year.As I recall, over 70% of last year's participants were not from Hong Kong, but from all over the world, from the US to Europe, Singapore, and of course, some with mainland Chinese backgrounds. This fully demonstrates the event's distinct international character. At the same time, the conference also attracted many business leaders and industry pioneers from the US, particularly those with highly innovative capabilities in cutting-edge fields like DeFi, to participate in the exchange. From the perspective of promoting cross-regional dialogue and industry exchange, this is a very positive and important signal. Regarding this year's situation, official data has not yet been released, as today is only the third day of the conference. However, judging from the participation and the atmosphere of exchange, we still hold a very positive view of the overall performance of this year's conference. We expect the figures they release later will be even higher than last year, because we see that in addition to the main forum, there are approximately 300 to 400 side events, making the overall event density and coverage quite considerable. From a broader perspective, these kinds of international industry events also have a positive impact on Hong Kong's economy, not only driving the conference and hotel industries but also generating significant spillover effects on the catering, retail, and entertainment industries, injecting important momentum into the city's overall vitality. Cat Brother: So how will the Hong Kong government and InvestHK continue to attract more international events, top developers, and global institutions to establish themselves or expand in Hong Kong? Leung Hon-king: This is easy to understand. Ultimately, Hong Kong's brand is that of a financial center, but most industries ultimately need funding. We've found that different events and industries come to Hong Kong because of its status as a financial center. For example, large-scale infrastructure projects, the so-called new infrastructure and new energy, such as wind power, photovoltaics, and batteries. Although Hong Kong's population isn't very large, only about 7 million, why do these institutions and related activities come to Hong Kong? Because these types of infrastructure projects need to go global. Of course, mainland companies also need a foothold to go global. So Hong Kong launched a new platform called the "Going Global Task Force," mainly using Hong Kong as a bridge to help mainland companies adapt to international market rules in Hong Kong. At the same time, they can raise funds in Hong Kong, such as listing on the Hong Kong Stock Exchange, and then leverage our resources, such as InvestHK's 35 offices worldwide, with local resources in each location. Therefore, using us as a springboard can help them get out of this situation.So what I want to say is that many of these companies choose to do business in Hong Kong because of its status as a financial center, using Hong Kong as a springboard to expand further. As the industry shifts towards long-term strategies, Hong Kong's regulatory policies are accelerating the "return" of existing high-quality projects. Cat Brother: Compared to our last interview last year, have you observed any changes in the types of projects that have come to Hong Kong for consulting or implementation over the past year? Which sectors are increasing? Which sectors are cooling down? If there are changes, what do you think are the driving forces behind them? Liang Hanjing: That's a topic of great interest to many industry experts. In the past two or three days of activities, I've also exchanged ideas with many people. If I were to summarize, I see three points worth understanding. First, because Hong Kong is an international financial center, many brokers and market makers at the transaction level are entering and developing virtual asset-related businesses. How can you understand this? It means that the traditional functions of finance are now also appearing in the virtual asset field, and these institutions have ultimately come to Hong Kong. Why? The first point is that, although they are virtual assets, such as Bitcoin and Ethereum, they are now widely recognized as alternative assets. Furthermore, ETFs already exist in Hong Kong and Western markets, effectively legalizing these assets. Therefore, corresponding services are needed in asset allocation. Due to compliance or internal arrangements, traditional banks have not yet fully covered these services, creating development space for a new generation of professional institutions—the functional logic remains financial, only the asset form has changed. Secondly, we have observed a significant decrease in the number of projects that were previously considered "interesting and appealing," primarily based on concepts and lacking clear business models. This trend is closely related to the overall market environment becoming more rational. In our discussions with investors, we have also noticed that they are now more focused on sustainable business models, real-world applications, and cash flow capabilities, rather than simply focusing on concepts or narratives. From an industry development perspective, this change helps the industry return to a path of long-term value creation. Time will gradually test the true capabilities of projects, and those that ultimately survive are often those institutions with actual commercial value and long-term development potential. Thirdly, many leaders and business owners from different places have actually traveled all over the world in the past three to five years, visiting island nations or the Middle East, and after going around in circles, they finally returned to Hong Kong.We are also very excited to see so many excellent companies finally returning to Hong Kong. The reason is simple: everyone has found that the cryptocurrency industry is relatively new, and ultimately, it requires confidence. First, it needs to be reliable, standardized, and regulated; second, it needs to be less likely to be exploited. Therefore, you need a market with relatively strict regulations to give investors and users confidence. For example, it may be easier to obtain licenses in some island nations, but in comparison, Hong Kong has a clear advantage in terms of regulatory clarity, institutional stability, and integration with the international financial system. This is why many institutions ultimately choose to return to Hong Kong, and this trend is very obvious. Responding to the obstacles for Web3 companies to settle in Hong Kong: Standards remain unchanged, but the compliance path is clearer Cat Brother: In the past year, when these companies settled in Hong Kong, did they report any obstacles to you? For example, where did they find it difficult to handle issues such as account opening, custody, audit disclosure, obtaining licenses, or marketing boundaries? From your perspective, have these issues changed or improved in the past year? Liang Hanjing: If I were to summarize briefly, I think there are three or four common obstacles. First, there is the account opening issue you just mentioned. If an institution states "we do crypto" when registering to open an account, but the description is not detailed enough, it will be difficult. Banks require them to explain their business logic more clearly. Currently, Hong Kong already has a number of banks—though not many—that have made a business decision to serve these institutions well. So, banking resources are available, but the most important factor is whether the background of these companies is compliant. If an institution has already obtained a license from the Securities and Futures Commission (SFC), opening a bank account should not be a problem, as this indicates reliable compliance. The second is obtaining a license. Obtaining a license takes time, depending on the type of license—Type 1, Type 9, or VASP, etc.—ranging from a few months to over 12 months. It's difficult to compare the speed of obtaining a license in Hong Kong with that of some smaller island nations, because Hong Kong is an international financial center. Our standards must be upheld, as this is the reputation Hong Kong has built over generations over decades. Therefore, the approval time will be longer than in some smaller markets. However, if you ask industry scholars, they will tell you that the SFC has implemented many new measures in the past year to accelerate this development, with a clear blueprint that is visible to everyone. We will speed up the process, but that doesn't mean we'll lower our standards. Finally, everyone is also worried about whether it's easy to make money in Hong Kong.If you followed yesterday's Consensus Conference, the CEO of the Securities and Futures Commission (SFC) also announced the opening up of some new products and a very clear roadmap for rules. We talked with people in the industry, and they are very welcoming of this kind of opening up, which mainly provides market participants with more product directions with profitable models. To summarize briefly, within the Hong Kong SAR government, from policy-making bodies and regulatory agencies to InvestHK, we are very aware of the market's needs. However, at the same time, we also need to open up very cautiously step by step. We understand the demands of enterprises and are simultaneously improving the environment to make it easier for the market to achieve profitability. Deconstructing the Logic of RWA Implementation: Legal Streamlining is More Crucial Than Technical Implementation Cat Brother: In fact, one direction that has been very popular in the past year is RWA (Real-World Asset Tokenization). On the path of "Mainland Assets + Hong Kong Issuance and Operation of RWA", where do you think the difficulties in compliance and execution lie? Is it in approval and filing, cross-border funds and foreign exchange, or data network security, information disclosure, or custody issues? My second question is, how do you usually advise companies to break down the path to achieve compliance and reduce risks? Liang Hanjing: This is a very hot topic. Let me explain simply. First, everyone has high expectations for RWA, which is indeed an innovation. However, for ease of understanding, regulators and the Securities and Futures Commission (SFC) often discuss tokenization in public. Essentially, it's like a technology wrapper, using technology to encapsulate the underlying assets and enabling more efficient transactions. That's the gist of it. That's why our regulators frequently emphasize that Hong Kong's regulatory framework is principle-based; they often say "same business, same risk, same rules." Following this logic, regardless of the type of business or asset, if it can legally and compliantly raise funds in Hong Kong, adding an RWA shell is also feasible, because there's no fundamental difference; only the wrapper differs. Therefore, from the SFC's perspective, if the essence is the same, it's regulated using unified methods and rules. The only difference is the added layer of technological packaging. Whether this technological packaging is secure, such as meeting cybersecurity standards, is crucial. If it meets regulatory requirements, it's the same as any ordinary asset project. Secondly, if you look at the past few years, some licensed institutions in Hong Kong (such as those holding Type 1 licenses) have experimented with certain projects, and the feedback after launching them to the market has been quite positive. Although the scale is not very large, there have been media reports on these cases.For example, a licensed institution in Hong Kong helped a large mainland-backed institution handle its Hong Kong charging pile business. Because the charging business was profitable, they used RWA (Random Asset Tokenization) to package the revenue and ultimately return it to investors. This sounds simple, but we've spoken with their CEO, and the most important aspect behind the scenes isn't the technology, but rather ensuring legal compliance. Ensuring the project aligns with our existing legal framework is the most time-consuming process. The benefit is that once it's successful, they can accelerate the launch of such projects because the legal path and precedents are clear. During this process, they maintained very close communication with regulatory agencies. Therefore, once one case is successful, the replication of similar models will be faster. Currently, we see increasingly active project implementation in Hong Kong in this area. Respecting the national strategic vision and leveraging Hong Kong's financial "sandbox" function Cat Brother: Actually, the mainland central government also issued a new policy announcement regarding RWA a few days ago, including the People's Bank of China and other departments. After the mainland issued policies related to the tokenization of domestic assets, how do you plan to explain Hong Kong's open space and the red lines that must be followed to these companies? Do you have a set of commonly used judgment criteria for external communication, such as what is permissible for Hong Kong and what is explicitly prohibited? Leung Hon-king: Okay, this is a question that everyone is very concerned about. On the one hand, we highly respect the country's overall considerations for risk control. Behind this must be a more macro and systematic judgment, which we fully understand. At the same time, as an international financial center, Hong Kong itself has a very clear functional positioning—serving the overall development of the country and assisting mainland enterprises to connect with international markets and "go global" through Hong Kong, under the premise of compliance. Therefore, from this perspective, we have always emphasized two points in our external communication: first, we must abide by the relevant rules and policy guidance of the country; second, Hong Kong's own regulatory system and legal framework are also the foundation that all projects must follow. For example, if some funds are already in Hong Kong, and Hong Kong banks are very strict in their review of the source of funds, as long as the source of funds is compliant, and the entire project is also compliant at the commercial and regulatory levels in Hong Kong, then from Hong Kong's perspective, such projects can generally proceed normally. To use a more easily understandable example, Hong Kong is a free port, where funds can freely enter and exit according to law; at the same time, the mainland has other risk considerations.Therefore, you'll see that Hong Kong's financial market has options, warrants, hedge funds, and long-short transactions, which are very common in Hong Kong. However, due to risk considerations, these types of business practices may not be suitable for full implementation in mainland China. This doesn't mean one side is "more open" or "more conservative," but rather that the division of labor and functional positioning are different. We view Hong Kong as a "sandbox": in Hong Kong's environment, ultimately, as long as it's legal and compliant, and the source of funds is compliant, we see that most projects can operate normally. Promoting Policy Implementation through Government-Business Communication Mechanisms Cat Brother: From InvestHK's market intelligence perspective, what are the most critical industry feedback points you've brought to the Hong Kong government system over the past year? And have any of these feedback points been translated into clear institutional arrangements or implementation mechanisms? Leung Hon-king: That's a good question. Industry insiders are very concerned about whether senior officials or regulatory agencies in the SAR government can understand the needs of the public. In fact, over the past three or four years, we have participated in many suggestions and discussions, and held hundreds of closed-door meetings to allow government officials to communicate deeply with the industry. We understand everyone's concerns. If you look back at the feedback we received a year or two ago, the first thing we wanted was for more products to be opened up, otherwise it would be difficult for institutions to survive. The government understands this very well, which is why, as mentioned earlier, the Securities and Futures Commission announced three different opening-up policies yesterday—to provide more business space for market operators. So that's the first point; we've been continuously responding through action. Secondly, for example, some institutions have pointed out that Hong Kong lacks a custody framework or an OTC (over-the-counter) regulatory framework. In fact, these have entered the legislative or drafting process over the past year, and the entire market is aware of our progress; everyone is very much looking forward to it. So, we have listened to everyone's voices and are implementing them step by step. Some might wonder why the government hasn't given a very clear response? Actually, we have already responded in many closed-door meetings, and what you can see are the various measures and actions we've continuously launched over the past few years—this is our response through action. Two Major Blueprints for the Future of Stablecoins: Cross-border Payments and AI Microservice Settlement Cat Brother: Let's talk about another hot topic, which is about stablecoins. Because I saw during the consensus meeting that Hong Kong government staff mentioned that some licenses might be issued in Q2 of 2026.Regarding stablecoins, the industry's focus has shifted from initial concepts and scenarios to licensing and real-world use cases over the past year. What do you think are the two most likely scenarios for large-scale stablecoin development to emerge in Hong Kong first? Is it cross-border B2B, supply chain settlement, or institutional fund management? Liang Hanjing: This is a topic of much discussion in the industry. Let me give a brief summary. First and foremost, it's undoubtedly cross-border payments. Because our country trades with over 180 countries, and behind this trade lies settlement, pricing, and payment, which is a very real and massive demand scenario. For example, for some Latin American and African countries, China is probably their largest or second-largest business partner. Therefore, using stablecoins to solve the problem of cross-border payments is a very clear solution. I can share a real-world example we heard during our exchanges in the Middle East to help everyone understand this more intuitively. When we communicated with local institutions, they positioned the Middle East as an important window connecting Africa, for example, using the UAE as a window to do business and settle accounts with Hong Kong. They mentioned that previously, if you needed to send money to buy Chinese goods in Africa, it would involve an average of five bank transfers, costing around 10% to 15%, which was very high. Many small and medium-sized enterprises (SMEs) don't even have that much profit margin, so a 15% fee is outrageous and puts immense pressure on their profitability. Therefore, stablecoins have a very clear value in solving this problem. Another highly discussed and closely watched area is the intersection of Artificial Intelligence (AI) and Web3. This is a direction many have started researching in the past three to six months, although it's not yet fully mature. However, if it develops as expected, it will be a huge market. Because the development of AI in different application scenarios relies on computing power, and the use of computing power itself requires a high-frequency, low-cost settlement method, which can be achieved using tokens. If, in the next one to three years, many application scenarios emerge in the form of AI Agents—meaning many robots perform tasks on your behalf and charge fees after completing them—this will accelerate many so-called Micro Services, which are very small tasks. For example, using AI to help you make a restaurant reservation or apply for personal documents can be completely solved by AI. However, the transaction costs for this type of fee must be kept extremely low to achieve large-scale implementation. From this perspective, AI settlement is essentially a form of tokenization.While it's still unclear what form stablecoins will ultimately take, as a payment tool for delivering AI-related services, it's certainly a huge application scenario. Emerging from the Shadow of the AI Narrative: Blockchain is Completing a "Silent Revolution" at the Financial Foundation Cat Brother: Since you brought up the topic of artificial intelligence (AI), let's follow up. From our perspective in the cryptocurrency industry over the past year, AI seems to have been much hotter than us, both in terms of social attention and the flow of funds. AI seems to have surpassed the crypto industry. I wonder if the Investment Promotion Agency has the same feeling? In the past year, have the AI industry surpassed the crypto industry among the companies you've worked with? Liang Hanjing: Actually, regarding this view, I can only represent some market situations I've observed personally, and cannot represent the position of the entire government. Overall, both artificial intelligence and virtual assets have cyclical changes in attention. From a long-term investment perspective, many successful investors, including Buffett or industry giants like Dalio, are usually not overly affected by short-term fluctuations if they hold a certain asset for the long term. The same logic applies to a city or economy. We can't just introduce a policy based on which project is popular in the first six months, and then introduce another policy when another project becomes popular in the second half. We need to take a long-term view and maintain policy continuity. Frankly, regarding virtual assets, we're not looking at the price of Bitcoin or Ethereum; we're looking at the "chain"—the potential of blockchain to upgrade the entire financial industry. Will this potential disappear completely in six months? Probably not, because the entire financial industry needs upgrading. And in the process of upgrading, many different business opportunities and product demands will inevitably emerge. We value this aspect, not simply the price of the coin. On the other hand, although artificial intelligence is very popular now, from an investment perspective, people won't blindly chase after it at high prices. We also see that artificial intelligence will change many aspects of life in the future. Therefore, the government leadership's view is: how do we build this ecosystem? InvestHK's job is to travel the world, looking for outstanding companies in the fields of artificial intelligence or Web3. If their technology or application scenarios are currently lacking or not yet perfect in Hong Kong, I will invite them to do business in Hong Kong to expand our ecosystem. We are thinking from an "ecological" perspective, rather than chasing short-term trends.A Four-Stage Roadmap for Web3 and Tech Companies to Settle in Hong Kong Cat Brother: You just mentioned inviting companies to Hong Kong. If we're talking about the actual implementation, let's say a compliant, non-ICO-oriented company (i.e., not just issuing a token and leaving). It might be a Web3 company or a fintech company. If it wants to come to Hong Kong, could you provide an actionable roadmap? For example, what should be done in the first 3 months, 3 to 6 months, and 6 to 12 months? What are the key points or risks involved? Leung Hon-king: That's an excellent question. First, we need to divide companies into two categories: one is tech companies that don't need licenses, and the other is those that do need licenses. The roadmaps for these two categories will differ. I'll start with the first category, businesses that don't need licenses. Phase 1 (0-3 months): Laying the Foundation and Building the Team. Companies first need to recruit. We will introduce many industry associations or headhunting agencies to help companies quickly find a leading "key figure" in the Hong Kong market. Simultaneously, we will provide implementation advice, because in today's fast-paced business environment, it's difficult for a single organization to operate alone. Therefore, we will connect potential partners to help them integrate into Hong Kong's ecosystem more quickly. Regarding office location, we will recommend science parks, Cyberport, or major business areas, which are relatively straightforward. Phase Two (3–6 months): Development and Client Connection. After laying a solid foundation, companies need to consider development and business implementation. For mainland companies, recruitment in Hong Kong is usually done while maintaining the development team in mainland China. We will help companies connect with clients. Although companies have technical capabilities, they may not fully understand the needs of Hong Kong clients (e.g., differences in needs between Hong Kong and mainland China or other countries). This requires time to adjust, and we can provide client resource connections. Phase Three (6–12 months): Funding and Expansion. After successfully acquiring several clients, companies usually consider fundraising. Although they come with initial capital, scaling up, such as expanding from Hong Kong to Southeast Asia or the Middle East, requires more capital. We will connect them with VCs (venture capital firms). For larger companies, such as the sustainable development and new energy organizations I oversee, they may even have IPO plans, and we will also introduce resources related to IPOs. Phase Four: Using this as a springboard to go global. Once funding and a solid foundation are in place, companies will consider further expansion. Utilizing the overseas resources we mentioned, we help them decide which overseas markets to prioritize and assist them in establishing a presence locally.For the second type of enterprise requiring a license, the steps are similar to the four stages mentioned above, but an early stage needs to be added: Initially, they must thoroughly understand the standards of Hong Kong regulations. At this level, we will introduce professional law firms or consulting companies to help them professionally interpret the policies. If they decide to apply for a license, they will submit the application form through a suitable law firm and begin the formal regulatory process. These are the four steps we recommend, hoping to provide a reference for interested enterprises. Hong Kong's Two Major Supports for Projects: Precise Matching and Professional Incubation: Deconstruction Cat Brother: You just mentioned the entire path for enterprise establishment and the assistance that InvestHK can provide. In promoting these projects to connect with traditional finance, international capital, and new markets, besides the resource introductions, experience guidance, and government department connections mentioned earlier, what other unique support do you offer? Leung Hon-king: To answer your question simply, we divide our support targets into two categories of institutions: the first category is institutions that are already very successful in other markets and want to expand their business in Hong Kong; the second category is relatively early-stage startups. The mindset and needs of these two types of enterprises are completely different. First, let's talk about those more mature and powerful institutions. To be honest, they have plenty of resources; money isn't an issue. Time is their most valuable asset. While they can certainly find the resources I mentioned themselves, the question is whether they'd rather spend a year, two years, or even three years slowly finding the right people, or have us directly connect them with the right people? There's a huge time lag involved. Therefore, these successful organizations highly value our ability to help them quickly connect with the right resources; it's invaluable to them. For another type of organization, such as startups, they often need more funding, assistance, advice, or mentors and investors to provide professional guidance. For these organizations, we introduce them to Hong Kong Cyberport or Hong Kong Science Park, as these parks have dedicated incubation programs that provide subsidies and resources to help them grow. Additionally, we can introduce them to early-stage VCs (venture capitalists) and angel investors to help them quickly define their development path. Integrating Hong Kong Inc. to Create the Most Friendly Web3 Regulatory Environment Cat Brother: From what you've said, the Hong Kong Promotion Agency can help businesses in many ways. But from the official website, it seems your staff isn't particularly large. Hong Kong is an extremely international city, attracting not only mainland companies but also cities and countries around the world to consider developing in Hong Kong.With a small staff and so many demands, do you feel overwhelmed? Will businesses have to wait a long time? Leung Hon-king: There is definitely some pressure. Over the past two or three years, Hong Kong's overall development environment has indeed improved significantly, as everyone has felt. Whether it's the activity of the capital market or the attention from international funds and institutions to Hong Kong, there has been a clear increase. In this environment, our work pace is indeed quite tight. We solve the manpower and efficiency issues mainly through three supportive aspects. First, the assistance isn't solely provided by our Hong Kong Promotion Agency; we are just one piece of the puzzle. We are called "Hong Kong Inc," and we are a whole. We have other sister agencies, such as Cyberport and the Science Park mentioned earlier. At the same time, regulatory agencies are also actively cooperating with market demands. For example, when I travel overseas, I ask almost every country with globally operating organizations: You have licensed businesses in five different markets; how do you compare Hong Kong's regulatory agencies—the Hong Kong Monetary Authority, the Securities and Futures Commission—to other regulatory agencies? Nine out of ten will say that Hong Kong's regulatory agencies are among the most friendly in the world, or at least one of them. They are very willing to communicate with organizations that need licenses. This is precisely Hong Kong's advantage: its standards are globally recognized, yet regulatory bodies are also very willing to communicate with market players, helping them understand the rules and navigate the compliance path. This is one of Hong Kong's key strengths and a manifestation of the collaborative operation of "Hong Kong Inc." Secondly, we will develop some platform-based tools. You can think of it as an online social media platform, helping everyone more easily match resources. We have already conducted early testing and will promote it through more activities this year, enabling more organizations to make good use of this platform and independently connect with the resources they need. Finally, we have also found that many friends living in Hong Kong, whether from mainland China or overseas, really enjoy living in Hong Kong and have a strong sense of belonging there. Many people who have worked in Hong Kong for a period of time love Hong Kong very much. Therefore, when we need assistance, we sometimes ask industry leaders for help. For example, a Swiss institution was very interested in understanding how European companies can do business in Hong Kong, so we would find some businessmen from nearby European countries who are already operating in Hong Kong and ask them to talk to them. Everyone is very willing to help. So, overall, InvestHK is not "going it alone."It's a collaborative effort involving the entire Hong Kong industry, institutions, and professionals to support businesses and jointly maintain and build Hong Kong's business environment. [Wu Blockchain]