the Securities and Futures Commission of Hong Kong welcomes the measures proposed in the "2025 Policy Address" to support the continued development of Hong Kong as a leading international financial center. The policy address proposes measures to strengthen the stock market and optimize the listing system, which will consolidate Hong Kong's position as the preferred listing destination globally. At the same time, the proposal to include RMB counters and real estate investment trusts in the Shanghai-Hong Kong Stock Connect will help deepen the connection between Hong Kong and the mainland market. In terms of innovation, the proposal to expand the types of digital asset products and services provided to professional investors is expected to promote the development of Hong Kong's digital asset ecosystem. These measures are highly consistent with the strategic focus of the Securities and Futures Commission.