In the great theater of commerce, where men chase shadows and call them profits, the wise men of Hong Kong have raised their voices in solemn warning. They have barred at least five public companies from donning the gilded mask of digital asset treasuries, for such a masquerade, they argue, may lead the unwary into the abyss of inflated valuations and the folly of overpriced shares. “A man may sell a frog as a prince,” quipped the SFC’s chairman, “but when the curtain falls, the frog remains.”
- Behold, Hong Kong’s securities guardians have thwarted the ambitions of five listed firms seeking to cloak themselves in the shimmer of crypto, lest their share prices dance above the value of their holdings like a peacock strutting without feathers.
- And lo, the SFC ponders whether new rules must be etched in stone to bind these digital asset treasurers, for the world is a chaotic stage where even the wisest may falter.
As the Hong Kong press whispers, Kelvin Wong Tin-yau, the SFC’s steward, has declared war on the illusionists who trade in premiums higher than the value of their assets. “What madness,” he intoned, “when a company’s stock soars twice the worth of its crypto hoard! Is this not the height of folly?”
And thus, the Singaporean scribes of 10X Research have tallied the wreckage: $17 billion lost by retail investors, who, like children at a carnival, paid fortunes for tickets to a show that ended in smoke and mirrors. The poor souls bought shares not for substance, but for the shimmer of crypto-only to find the treasure was a bauble.
Among the fallen, Boyaa Interactive and Ourgame International now stagger, their share prices battered by the tempest of crypto’s volatility. One might say they were dancing on a tightrope over a volcano, and the ground cracked.
Hong Kong’s regulators, ever the stern schoolmaster, have clamped down on companies seeking to reinvent themselves as crypto vaults without the bones of a real business. “You cannot build a house of cards on a foundation of sand,” they warned, invoking the listing rules that forbid excessive liquidity-a rule, one suspects, written by someone who had seen too many ponzi schemes.
“Let the people understand the peril!” cried Wong, his voice echoing through the halls of power. “We shall teach them, lest they be led astray by the siren song of digital gold.”
And so, the SFC deliberates: shall they etch new guidelines into the stone of regulation? For now, Hong Kong walks a tightrope between innovation and chaos, unmoored by the lack of rules governing crypto’s wild frontier.
But Hong Kong is not alone in this dance of folly. Across the globe, in India and Australia, the same tale unfolds. The ASX, with its strictures against cash-like assets, bars companies from building pure crypto fortresses. And in Bombay, a hopeful named Jetking Infotrain dared to dream of crypto-funded glory-only to be rejected, his vision deemed too vaporous for the stock exchange’s rigid gaze.
The wise men of crypto, too, have sounded alarms. These digital asset treasurers, they say, are but phantoms-companies with no substance, no plan, no anchor. When the market turns, as it always does, the investors shall weep.
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2025-10-30 11:01