China rules all crypto illegal, page-9

some background guys
https://www.cnbc.com/2019/12/16/china-looks-to-become-blockchain-world-leader-with-xi-jinping-backing.html
https://www.reuters.com/technology/hong-kong-restrict-crypto-exchanges-professional-investors-2021-05-21/
Running blockchain business in mainland China is backing by Xi. They banned crypto currency only because the gov concerns the RMB capital fleeing China through virtual currencies. ”Common prosperity“ really scared the rich people in China and crypto is the efficient way to wash RMB out of mainland China. Hong Kong is still one country, two systems. The mainland's policies and regulations have little impact on Hong Kong. Virtual currency has always been subject to regulatory supervision in Hong Kong but it is completely legal.
I strongly agree that listing in the U.S. will greatly reduce the risk of mainland policies affecting Hong Kong stock exchange.