Founder of Hyperchain, Shi Xingguo, Provided His Interpretation of The Hong Kong SAR Government’s Policy Statement Regarding Virtual Assets

The Hyperchain’s founder, Mr. Shi Xingguo, believes that Hong Kong is more attractive to mainland China than other Asia-Pacific regions. He also stated that Hong Kong has always had a solid foundation for financial business, but its initiative in virtual assets has been surpassed by other regions in recent years. Therefore, it is crucial for Hong Kong to lead in virtual assets in the Asia-Pacific region and even internationally, while maintaining long-term and consistent policies.

In addition to policies, Hong Kong has plans to attract major upstream and downstream participants to settle in Hong Kong, forming a relatively complete ecosystem. Hong Kong and mainland China can complement each other in many ways. Previously, many Web3 projects in mainland China, including encrypted asset projects, were forced to develop overseas due to regulatory reasons, but they still rely heavily on domestic development resources and application development capabilities. If they were to operate in other areas, there would be distance issues, and they would need to quickly adapt to the policies, environment, and culture of other regions, but sometimes conflicts happened.

Hong Kong itself is from Chinese culture, and also speak Chinese. Recently, there has been a view in the industry that “are Chinese people becoming the Jews of Web3,” which means that due to language communication issues, Chinese projects may not be as competitive as overseas projects in English-speaking environments. However, this is not an issue in Hong Kong, where Chinese is also a good communication medium. Therefore, it is relatively easy for mainland Web3 companies to take advantage in talent and application development in Hong Kong. From this perspective, the Web3 market in mainland China can provide more real business support for virtual asset applications in Hong Kong, and Hong Kong’s virtual asset-related policies can enable more real businesses in mainland China to combine with virtual assets and reach a legal and compliant balance. Moreover, Hong Kong has financial flexibility that mainland China lacks, and Hong Kong can leverage its own advantages while using mainland China’s development and application advantages. Therefore, in the overall picture, Hong Kong is actually as competitive as Tokyo or even Singapore, so they hope that this policy can truly promote the industry development for a long term. This is an opportunity that Web3 practitioners should take and pay special attention to.

Shi Xingguo is a member of the Blockchain Special Committee of the China Computer Federation, the founder of Hyperchain, a senior practitioner and technical expert in the internet and operating system industries, a winner of the National Science and Technology Progress Award, the inventor of parallel blockchain technology, and the founder of Paralism. He has served as Vice President of the Red Flag Linux Company and Chief Internet Engineer of the Institute of Software, Chinese Academy of Sciences. In 2016, he led the team from Chinese Academy of Sciences to establish Hyperchain Information Technology Co., Ltd., which focuses on parallel blockchain technology and has made important breakthroughs. Its core technology has obtained patent authorization in 27 countries in China, the United States, and the European Union.

Hyperchain is the most advanced parallel blockchain and the first parallel blockchain to receive patent authorization internationally. Its core team comes from the Chinese Academy of Sciences and is China’s earliest and most professional blockchain technology and product development team. Hyperchain’s groundbreaking parallel blockchain technology has overcome key technical bottlenecks in blockchain, such as performance, scalability, and capacity, and can comprehensively support public chains, consortium chains, and private chains. It also has the ability to support backbone-level value transmission and storage on the internet, and is currently the only blockchain technology that can meet the requirements of enterprise development and industrial transformation. As the creator of the parallel blockchain technology system, Hyperchain Technology is currently the only provider that can provide parallel blockchain products, consulting, customized solutions, and services internationally and domestically.