Chinese Internet Powerhouses Quietly Exit Crypto – Could Hong Kong’s Crypto Boom Stall?

Chinese Tech Giants Appear to Retreat from Hong Kong Cryptocurrency Market

Reports suggest that major Chinese internet companies, including Alibaba and Tencent, are scaling back involvement in Hong Kong’s cryptocurrency sector.

Observers note a notable absence of these firms from recent stablecoin licence applications, with no public statements issued by Ant Group, Baidu, or other key players.

The reports remain unverified and no direct evidence has been provided.

Why Are Major Firms Skipping Stablecoin Licences

The withdrawal comes amid a complex regulatory environment following China’s 2021 crypto ban.

Speculation points to a focus on developing the real economy rather than maintaining cryptocurrency operations.

As of now, central enterprises and major internet groups have not applied for stablecoin licences in Hong Kong, suggesting a potential shift in strategic priorities.

Muted Market Reactions Amid Speculation

Despite these reports, the market has shown little immediate reaction.

No abnormal capital movements or on-chain activity linked to these developments have been observed.

Major exchanges in Hong Kong continue normal operations, and executives at leading companies have not made public comments addressing the situation.

Tech Companies Pivot Toward Digital Services for Energy Sector

Some firms are reportedly redirecting resources toward areas combining artificial intelligence, IoT, and blockchain to support new energy assets.

Xu Changjun, Chairman of Longxin Technology Group, stated,

“Both parties will leverage artificial intelligence, Internet of Things technology, and blockchain technology to provide digital services for new energy assets.”

Could Hong Kong’s Crypto Landscape Shift Without Mainland Players

The absence of large mainland tech firms from Hong Kong’s crypto licensing process could reshape the city’s financial and regulatory landscape.

Analysts are watching to see whether smaller players or international firms will fill the gap left by Alibaba, Tencent, and others, potentially affecting the dynamics of cryptocurrency markets in the region.

Uncertainty Remains With No Official Statements

As of 12 September 2025, neither Hong Kong authorities nor Chinese regulators have commented on the reported withdrawals.

With no confirmed policy changes or executive statements, the full impact on Hong Kong’s cryptocurrency market remains uncertain.