Hong Kong Joins Asia Exchanges in Resisting Crypto Hoarders (2)

Three of Asia Pacific’s biggest stock exchanges are pushing back against crypto hoarding vehicles masquerading as listed companies.

Hong Kong Exchanges & Clearing Ltd. has challenged the plans of at least five firms seeking to pivot to digital-asset treasury strategies as their core business in recent months, citing rules that prohibit large liquid holdings, according to people familiar with the plans, who asked not to be identified as the applications are confidential. As yet, none of those firms have been given the green light. So-called DATs have met with similar opposition in India and Australia.

The resistance comes with both ...