The Uncertificated Securities Market (USM) initiative seeks to remove the need for manual and paper-based processes, thereby enhancing operational efficiencies and elevating Hong Kong’s financial market infrastructure. Investors will have the capability to hold prescribed securities in their own names and in uncertificated form, thus granting them direct legal ownership of their securities electronically. This advancement will provide investors with improved shareholder protection and the convenience of managing their portfolios electronically. Additionally, other market participants, including issuers and intermediaries, will benefit from increased efficiencies through streamlined and automated processes.