Hong Kong has announced a comprehensive 10-year strategy to transform its capital markets through the tokenization of real-world assets (RWA) and the enhancement of digital infrastructure. The Financial Services Development Council (FSDC) detailed this initiative in a concept paper titled *Hong Kong Capital Market Leadership Strategy*. The plan emphasizes the use of tokenized issuance, smart contracts, and real-time settlement to modernize financial operations. In the short term, the strategy includes reforms to listing processes and the introduction of pilot programs to test new technologies. Over the long term, Hong Kong aims to establish a multi-asset, multi-currency capital formation environment. The city's existing market connections and global infrastructure are expected to play a crucial role in facilitating this transition.