[Former Chairman of the Hong Kong Securities and Futures Commission, Anthony Neoh: Stocks Are Essentially a Form of Token] In an exclusive interview, former Chairman of the Hong Kong Securities and Futures Commission, Anthony Neoh, stated that the U.S. Nasdaq has already experimented with tokenized stock trading and used stablecoins (such as USDC) for settlement. He believes that stocks are essentially a form of token, and if stocks are converted into digital tokens on the blockchain, operations can be completed within a single system with instant settlement. He also mentioned that combining asset tokenization with central bank digital currencies could reshape the way markets operate. Neoh pointed out that for Hong Kong to establish a new capital market based on asset tokenization, it must overcome three major challenges: technological infrastructure, regulatory framework, and market acceptance.