Consensus Hong Kong 2026 witnessed a heated debate over the tokenization of private shares, highlighting a divide between innovation and regulatory concerns. Ultan Miller introduced Hecto Finance, an on-chain token index tracking unlisted companies like SpaceX and OpenAI, valued over $100 billion. This platform, built on the Canton Network, aims to democratize access to high-value investments. However, Edwin Mata of Brickken raised concerns about tokenizing shares without company consent, warning it could undermine investor protection and corporate governance. The debate reflects broader regulatory challenges, with bodies like the SEC and Hong Kong's SFC emphasizing the need for clear guidelines to balance innovation with investor protection.