A growing wave of Hong Kong-listed companies is tapping equity markets to back crypto ventures, raising more than $1.5 billion in July alone.
Key Takeaways:
Hong Kong-listed firms raised over $1.5 billion in July for crypto ventures. The funding surge follows new stablecoin regulations set to take effect. Investor interest in blockchain and stablecoins is accelerating across public and private markets.The trend comes as the city prepares to open applications for stablecoin licenses, signaling a broader shift in Asia’s financial hub toward digital assets.
At least 10 publicly traded firms disclosed share placements last month to fund projects tied to blockchain, digital currencies, and payment networks, according to Reuters’ analysis of exchange filings.
OSL, Dmall, SenseTime Lead Hong Kong’s Crypto Push
Among them are prominent names like OSL Group, Dmall Inc, and artificial intelligence firm SenseTime Group.
OSL Group, a digital asset platform, raised $300 million to fuel global expansion and invest in stablecoin infrastructure and blockchain-based payments.
The placement was fast-tracked in under three days, with bookbuilding completed in less than three hours.
According to CFO Ivan Wong, investor enthusiasm was “palpable,” with participation from sovereign wealth and hedge funds.
This surge in funding activity coincides with Hong Kong’s rollout of new stablecoin regulations, effective Friday.
The regulatory framework, passed in May, aims to position the city ahead of other global markets, including the US, by offering clarity around asset-backed digital tokens.
“There’s a real sense of acceleration in digital asset fundraising,” said Anthony Pang of Baker McKenzie, which advised on Dmall’s HK$388 million share sale. “The market momentum is building fast.”
Investor appetite is being fueled by optimism around stablecoins, which are designed to maintain value against fiat currencies like the US dollar.
Stocks tied to the stablecoin sector have surged, with a dedicated index up 65% year-to-date, significantly outperforming the broader Hang Seng Index.
Still, Hong Kong’s central bank has urged caution, warning of “frothiness” and “excessive exuberance” as excitement intensifies.
Beyond public markets, crypto-related enthusiasm is spilling into venture capital.
Kun, a digital payments startup backed by private investors, raised over $50 million in July, with legal backing from Shanghai-based attorney Liu Honglin. “This isn’t a bubble,” Liu noted. “It’s the beginning of a broader trend.”
SenseTime, JF SmartInvest Fuel Tokenized Asset Surge
Other firms riding the wave include JF SmartInvest Holdings, which raised HK$785 million for investments in tokenized Real World Assets (RWA), and SenseTime, which secured HK$2.5 billion to explore blockchain and stablecoin applications.
Crypto Flow Technology, ZA Online, and Easou Tech have also made equity moves aligned with digital asset expansion.
Traditional finance players are also leaning in. “Custodians, investment managers — they all want in,” said Kishore Bhindi of Linklaters.
“Interest in fintech, particularly stablecoins and tokenized assets, is set to rise.”
Hong Kong has unveiled its second major policy statement on digital assets, placing stablecoin regulation and real-world asset (RWA) tokenization at the core of its strategy to become a global fintech hub.
The new “LEAP” framework focuses on legal clarity, ecosystem growth, real-world adoption, and talent development, with a stablecoin licensing regime set to launch on August 1.
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