[Hong Kong Explores Tokenization of Stable Cash Flows Such as International Shipping Rent] Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, stated that Hong Kong is studying how to tokenize stable cash flows such as international shipping rent and offer them to investors through blockchain technology. This model aims to create new investment products while leveraging blockchain technology to achieve asset traceability. He also mentioned that legislation related to stablecoins has been passed, and license applications are currently under review, with plans to start issuing licenses next year. Hui emphasized that the positioning of stablecoins is to address pain points in the real economy, particularly in cross-border payments, rather than for speculative trading. The initial number of licenses issued will be very limited, and regulation will remain cautious.