According to online reports, the Hong Kong Securities and Futures Commission released its "2024-25 Annual Report", which pointed out that as of May, the cumulative net capital inflow of Hong Kong Stock Connect exceeded HK$4.35 trillion. The Hong Kong Securities and Futures Commission approved the first batch of three in the Asia-Pacific region to allow retail investors to invest in the last quarter. Tokenized money market funds have taken an important step towards the large-scale development of the tokenized market. As of the end of March, the total assets under management of these funds reached HK$736 million. In terms of virtual assets, the Hong Kong Securities and Futures Commission issued the "ASPIRe" roadmap earlier this year, aiming to promote the development of Hong Kong's virtual asset ecosystem. Later, it allowed two virtual asset exchange-traded funds (ETFs) to pledge, setting a precedent in the Asia-Pacific region. At the same time, the total market value of the six Hong Kong-listed virtual asset spot ETFs has surged by 95% since their launch in April last year, and the average daily turnover has increased by 16%. The number of license applications approved by the Hong Kong Securities and Futures Commission jumped 20% year-on-year, of which licenses have been issued to 11 virtual asset trading platforms.