Our weekly roundup of news from East Asia curates the industry’s most important developments.
Hong Kong crypto stocks up 40% amid Bitcoin bull run
Hong Kong crypto stocks have surged as part of the broader market recovery. Two notable entities, licensed crypto exchange OSL and crypto custodian Sinohope Technology, have seen weekly gains of 46% and 36% respectively.
The performance is all the more noteworthy given the Hong Kong and Chinese stock markets are in an ongoing bear market. The city-state’s Hang Seng Index has fallen 24% over the past year and currently trading at 2009-lows.OSL and Sinohope’s market caps currently stand at $650 million and $140 million, respectively.
The two firms are currently focused on expanding partnerships with entities in traditional finance. On February 7, Swiss multinational bank UBS’ Hong Kong subsidiary tokenized an options call warrant on Xiaomi Corporation stock together with OSL.
Sinohope’s share price recovery comes after revenue and profits fell last year due in part to having $18.1 million worth of digital assets stuck on failed crypto exchange FTX, which are unavailable for capital deployment. The firm remains a creditor in FTX’s ongoing bankruptcy proceedings.
Huobi and Sinohope co-founder Leon Li meets with Vladamir Putin advisor Sergey Glazyev (PRNewsfoto/Huobi)
Huawei signs Web 3 memorandum with Hong Kong government
Chinese telecom conglomerate Huawei has signed a memorandum of cooperation with Hong Kong’s Cyberport initiative, a digital hub set up by the city’s government to transform the nation into a digital technology hub by attracting talent and promoting innovation.
Cyberport and Huawei Cloud will work together to provide Web3 and AI infrastructure to prominent Hong Kong tech startups for the next three years.
“We are excited to jointly explore various possibilities of industrial cloud innovation and related technologies, and deepening AI and the development of the Web3 field, and injecting new impetus into Hong Kong’s innovation and technology ecosystem,” said Cyberport chairman Ximing…
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