TOP STORIES
Hong Kong to issue first stablecoin licenses next month, CE says
- 2026-02-13
- Business
- The Young Reporter
- By: TANG Siqi、Zhou XinyingEdited by: Wang Yunqi、ZHOU Yun
- 2026-02-13
CoinDesk held Consensus 2026 on digital finance and emerging technologies from Tuesday to Thursday, with the acceleration of stablecoin license issuance becoming a highlight. “The Hong Kong Monetary Authority (HKMA) is actively processing licensing applications,” Chief Executive John Lee Ka-chiu said at the conference’s opening ceremony. “We believe the first batch of stablecoin issuer licenses will be issued within the next month.” Financial Secretary Paul Chan Mo-po said at the conference that stablecoins are helpful in easing funding pressure on the real economy, especially in payment and settlement. Hong Kong’s Stablecoins Ordinance, which took effect on August 1, 2025, establishes a licensing regime for issuers of fiat-referenced stablecoins in Hong Kong, placing the issuance and related activities of stablecoins under the formal regulatory oversight of the HKMA. In terms of the licensing criteria, Chan stressed that “we ensure that licensees have real-world use cases, a credible and sustainable business model, as well as strong regulatory compliance capabilities”. Chan also added that a small first batch of licenses will be issued in March, and more will follow subsequently. Sion Xiang, community manager at the decentralized finance protocol Phoenix, said that issuing stablecoin licences could boost the internationalisation of the domestic currency and strengthen its resilience against external shocks. However, Xiang pointed out potential risks that if banks or financial institutions use stablecoins as collateral, it could trigger a chain reaction of reserve imbalances across the financial system. In addition, he also mentioned that stablecoins may face the risk of de-pegging due to insufficient reserve assets. To address this threat, he emphasized the need for sufficient reserve assets, potentially through blockchain-based verification. Looking ahead, Hong Kong’s digital asset regulatory rollout will forge ahead, as Paul Chan stated that the government is also finalizing the details of new licensing regimes for digital asset …
Dry stall rent reaches three-year high in lunar new year fair
- 2026-02-12
- Culture & Leisure
- The Young Reporter
- By: Man Cheok Lam Lorraine、Baguio AnneEdited by: CHENG Tsz Sen Sean
- 2026-02-12
Dry stall holders at the city’s largest Lunar New Year Fair at Victoria Park are facing the highest rent since the return of dry goods stalls in the 2024 fair. The government reintroduced dry goods booths after a four-year suspension after the dry stalls were canceled due to crowd control reasons in 2020. In the following years, they were canceled due to the pandemic. According to the Food and Environmental Hygiene Department, this year’s fair had an average bid of HK$17,847 for a regular-sized dry stall, a 52.5% increase compared to last year. Icy Lo, 22, a Japanese goods seller, has been at the fair since last year. Lo said her rent this year has increased by around HK$4000-$5000. She added her sales on the first day were fine, and more people will be at the fair after normal working hours. Belle Chan, 25, a local nursing student, sells traditional Hong Kong snacks with her family. This is her fourth time holding a stall at Victoria Park. “The rent has gone up. Last year's rent was just around HK$8,000.” Chan said. Chan said more people are going to the fair when compared to the early post-COVID years, leading to higher bidding prices for a store. This year, her stall moved from the corner to the aisle and she worried this would worsen their sales. Despite the increased cost, some still wanted to try running a store. Kenny Cheung, 25, returned to Victoria Park to sell lion dance-themed merchandise after a seven-year absence. He said the rent was similar when he was last here. “I didn’t come to make a lot of money, but to enjoy the atmosphere and promote traditional culture,” Cheung said. Yeung Ying-kei, 18, a local student, visiting the fair for the first time with her friend from …
Migrants risk death in the Alps to reach France
- 2026-02-11
- Society
- The Young Reporter
- By: LEUNG Chi NgaiEdited by: SIU Tsz Hang
- 2026-02-11
“Good luck. Danger – call 112,” a volunteer from a refugee shelter reiterated to a group of around 15 migrants at the bus stop in Oulx, an Italian town near the border with France, on Dec. 4, 2025. To avoid being caught by the French police when they crossed the border, these migrants were planning to ascend the 2,000 -meterre Alps to reach France that night. Others have died on this same route before. If these migrants get in trouble in the mountains, emergency operators will put them in touch with the Italian Red Cross to save them. An hour later, their bus arrived at Claviere – a small Italian Alps village near the French border – and the group began its climb into the mountains. Soon they found a shallow mountain cave, and they huddled inside to rest. It was below freezing. They wrapped their limbs with thermal blankets; some had bread with an energy drink; others lay on the floor for a nap. The mountains that claimed lives Thousands of migrants each year brave the mountain passes from Oulx in Italy to Mongenèvre in France to avoid police. Since the reintroduction of border controls by France after the 2015 Paris attacks, pushbacks by French border police to migrants in the Hautes-Alps region have become routine, even though denying access to asylum seekers is illegal under EU law. In early December, I visited Rifugio Fraternità Massi, a refugee shelter in Oulx, to report on African migrants. Oulx is the major transition point prior to their departure to either the more popular, southwest town of Claviere or the northwest town of Bardonecchia before crossing the border. The around 30 sq-metre reception was filled with chairs; drawn pictures in English, Arabic and other languages with various countries' flags were stuck onto …
Kowloon City's Tei Mou Koon closes after 42 years in business
- 2026-02-10
- Society
- The Young Reporter
- By: SHI Puxuan Amy、WU Sitan ElaineEdited by: Fu Rong
- 2026-02-10
After 42 years of catering for Kowloon City residents, Tei Mou Koon closed on Jan. 31. The restaurant closed due to the increase in rent and the development scheme of Kowloon City. Many people expressed their reluctance. For local residents, coming to this restaurant gives them a sense of being back home.
Apple Daily founder Jimmy Lai sentenced to 20 years in national security trial
- 2026-02-10
- Politics
- The Young Reporter
- By: Dake LiuEdited by: LAI Uen Ling
- 2026-02-10
Hong Kong High Court on Monday sentenced Apple Daily founder Jimmy Lai to 20 years in prison, the harshest penalty imposed so far under national security law. The 78-year-old media tycoon was convicted in December 2025 on two counts of conspiring to collude with foreign forces to endanger national security and one count of conspiring to publish seditious materials. The court described Lai as the “mastermind and driving force” behind a years-long campaign that included urging foreign governments to impose sanctions on Hong Kong and China. The court ruled that the engagement of a foreign entity in endangering national security is regarded as more serious and “deserving of a more serious penalty". Lai has already spent more than five years in custody on separate fraud charges related to his media company. The sentence means he will likely remain imprisoned well into his 90s. Eight other defendants, including former Apple Daily staff and members of the “Stand with Hong Kong” activist group, received prison sentences ranging from 6 years and 3 months to 10 years. Three companies linked to the newspaper, who are already insolvent, were each fined more than HK$3 million. The verdict sparked strong criticism from the international community. The UK’s Foreign Secretary Yvette Cooper said the term is “tantamount to a life sentence” in a statement. The Committee to Protect Journalists also called the decision the “final nail in the coffin for freedom of the press in Hong Kong”. Hong Kong and Beijing officials said the ruling upholds the rule of law and safeguards national security. Hong Kong Chief Executive John Lee Ka-chiu said in a statement, “Lai’s actions sacrificed the well-being of the people, betrayed the country, harmed Hong Kong and damaged the interests of both the nation and the city. Lai deserved the punishment.” This case marks the first full sentencing under the national security law for “collusion with foreign forces.” It comes nearly five years since Apple Daily was forced to cease operations in 2021 following a series of police raids and asset freezes. The legal teams representing Jimmy Lai and the other defendants have not yet indicated whether they will appeal the verdict.
Champion cracks men’s rock-paper-scissors “paper” habit amid 1000-people competition
- 2026-02-10
- Culture & Leisure
- The Young Reporter
- By: ZHENG Yuan Elaine、ZHENG WU AnnyEdited by: Lan Xinbei
- 2026-02-10
More than a thousand people took part in the city’s first large-scale rock-paper-scissors competition, with 32-year-old Polly Kong crowned champion after observing many male players tended to start with “paper.” In the final round, Kong defeated Lam Tsz-fung, the organiser of the event, who had been crowned "Boxing Champion" due to his consecutive victories on a YouTube series. “A secret to winning was that I found male players tend to start with paper,” Kong said. “I also kept an eye on opponents’ moves to guess their next gestures.” The first rock-paper-scissors competition was held at The Mills in Tsuen Wan, drawing over a thousand people, who ditched their phones and came face-to-face to play. Organised by former Trial & Error members, the competition used a standard best of five elimination format. Lam said people often play rock-paper-scissors casually, but rarely compete with it strategically. “In the Cuttlefish Game segment of the YouTube show Trial & Error, I was fully immersed in the Rock-Paper-Scissors game and was determined to win,” he said. “This interesting experience sparked the idea of sharing, and so I organised this competition," he added. The rock-paper-scissors event was more than a competition, it also revived the nostalgic memories for Hongkongers of the classic face-to-face play. Participants said the event recalled other classic face-face games like the hand-guessing drinking game Fifteen-Twenty and “Tong Ci Dau,” a close-contact partner game. The lively atmosphere drew participants from different age groups and industries. Celebrities and influencers, such as actress Li Man-yi and singer Lee Hoi-kiu, also participated in the competition. “I’m really exhilarated today. I can't believe the game got me jumping up and down," Lee said. Many parents attended the event with their children. A father-son duo stood out, with the father winning three group stage rounds and the son …
Flea market closes after 17 years saddened locals
- 2026-02-04
- Culture & Leisure
- The Young Reporter
- By: LI Cin Hang Olivia、CHAN Hiu YingEdited by: CHAN Hiu Ying
- 2026-02-04
Reported by: Talja Blumenthal, Olivia LI Cin-hang, Kate Chan Hiu-ying Edited by: Kate Chan Hiu-ying A flea market in Kam Tin closed permanently on Jan. 31 after 17 years of operation due to the development plan of the Northern Link, leaving many visitors and merchants saddened as they attended its farewell. Located a few meters away from Kam Sheung Road Station, the Kam Sheung Road Flea Market has been a local landmark, renowned for selling nostalgic snacks, second-hand items and handmade clothes across nearly 200 colourful stalls every weekend since 2008. "I feel lost about not coming here on weekends anymore," said Liu Chau-king, 68, who has sold handmade crafts at the market for 17 years. Liu is reluctant to leave as she has become close friends with some merchants and customers. "I've known some of them since they were kids and I watched them grow into adults." Liu said she is considering moving to a new bazaar or selling her products in her daughter's shop in the future. A few stalls away from Liu’s stall, Tiffany Lam, a 50-year-old apparel manufacturer, said that discussing fashion styling with female customers who frequently visited her booth was part of her life after 16 years of the market, and now has come to an end. Lam said she will not continue her business after the closure as she plans to retire. A longtime local visitor, Connie Wong, 60, said this flea market cannot be replaced. "This place is special because what they sell is very unique and nostalgic, so it’s a pity that it is shutting down.” "There used to be many flea markets in Hong Kong, but now one of the larger ones is gone as well,"she said. After the closure of the Kam Sheung Road Flea Market, only a few …
International Education Fair Myanmar records lowest turnout since relaunch in 2023
- 2026-02-04
- Society
- The Young Reporter
- By: Pann Hnin Nay Chi PannEdited by: CHEN Xiyun
- 2026-02-04
Yangon, Myanmar - The International Education Fair Myanmar 2026 drew around 300 registered visitors, a 40% decline compared to last year and the lowest turnout since the event resumed in 2023, according to the fair’s public menu. Aimed at connecting local students with both domestic and international institutions, the fair falls Jan. 31 to Feb. 1 in Yangon, organised by Dagon Exhibition Limited. “Some institutions are strong at marketing but may offer a different experience after enrolment, ” said Phoo Sone Nyi Tun, 24, who came to seek a potential university for her younger sister. “We don’t have the chance to visit the campuses in person now, so this is the only way to check,” Phoo Sone Nyi Tun said. Naing Lin Tun, 17, said, “I came to the fair to look for alternative universities and understand what options are still open for this year's intake.” He dropped out of a “2+2 degree” programme at INTI International University in Malaysia, which promised students the opportunity to complete the final two years of college in the United States. “The main reason I enrolled was the transfer pathway. I expected the programme to be a stepping stone, but without the chance to transfer to the United States, I felt the education I was receiving wasn’t strong enough for me to continue,” Naing Lin Tun said. According to the National Immigration Forum, Burmese residents were no longer eligible to obtain a student visa to the United States after a travel ban announced in 2025. To address families’ concerns and the long-term loss of talents, the local community hopes more international institutions establish their branches in Myanmar, said Nay Oke, 82, patron of College and University Association Myanmar. “If these schools establish local campuses, young people won’t need to leave the country to access …
Pet the insect: Mantis exhibition sparks interest among pet buyers
- 2026-02-03
- Society
- The Young Reporter
- By: LI Jinyang Carlos、RONG Miu Tung ShellyEdited by: CHEN Ziyu
- 2026-02-03
Visitors gathered around rows of glass cages to observe the live mantises at the annual Hong Kong Pet Show, held at the Hong Kong Convention and Exhibition Centre from Jan. 29 to Feb. 1. The exhibition aims to show the unique charm of mantises as a kind of pet, breaking the public’s stereotypes towards mantises, said Lai Kai-keh, 61, who is responsible for marketing and sourcing of mantises. “There are many misunderstandings about insects in Hong Kong. For instance, stick insects can actually be kept as pets,” Lai said. Over 50 species of mantises were displayed, including more than 10 new varieties, such as the colourful Metallyticus mantis and the impressive Peruvian shield mantis. All mantises were provided by the organisation “Mantis Forest”. Lai said education is more important than promotion. “We don’t encourage impulsive ownership if owners do not really understand this species. They should learn more about mantises,” he added. He added the ownership of insect pets has increased. “There are already more than 300 members in the Hong Kong mantis association on Facebook.” Visitors were interested in the mantis's camouflage and the setup of its breeding cage. Some booths were crowded with people looking for those well-hidden mantises. Some traditional pet lovers were considering keeping mantises for the first time due to their beauty, both in stature and active posture. “The special posture and its tiny size are really eye-catching," said Canny Heoi, a cat owner who was attracted by the petal-like limbs and elegant posture of the orchid mantis. “For a city known for its love of cats and dogs, this special mantis exhibition proved that even the smallest species can be the spotlight of the public,” Lai said.
2025 in finance: The biggest stories through AI and expert eyes
- 2026-02-02
- Business
- By: LIN Xiaoyou、CHEN Yongru、LO Shing KwanEdited by: Haoming Zhou、BO Chuxuan
- 2026-02-02
The financial landscape in 2025 has been dynamic, with trade tensions and policy shifts drawing intense market attention. In Hong Kong, the performance of local capital markets and the broader economy have also been in focus. The rapid development of AI has been another major theme. We used three AI models with web-search capabilities, enabling them to access real-time information, to compile a preliminary ranking of the top financial news stories of 2025, both internationally and in Hong Kong. The following prompt was used for all three AI models: "Please select the top 5 economic and financial news stories related to [Hong Kong/International] in 2025. You must use credible news websites and official news reports as information sources. For each selected news story, provide a clear ranking, detailed reasons for the ranking, and the source of the news. Ensure the information is accurate and up-to-date,” The list is presented in the table. Duan Yang, a senior lecturer of the Department of Accountancy, Economics and Finance in HKBU, noted that the results closely reflected key market developments, including the slow recovery of China’s real estate sector, weak consumer spending, the Hong Kong IPO surge, HSBC privatization, and Hong Kong government fiscal policies. In terms of Hong Kong’s financial market, Duan observed that the city’s position as a financial hub had strengthened this year. While (Global Financial Centres Index) rankings had declined in previous years, strong activity in the overall financial market, particularly in the IPO sector, combined with substantial capital inflows, contributed to consolidating Hong Kong’s financial standing. Duan also highlighted a notable trend in the Stock Connect program, with a majority of funds investing in Hong Kong equities now originating from mainland China, compared with a larger share from foreign investors in prior years, indicating a significant shift in market …