In heat-expandable microspheres as a starting material for hollow fine particles, which have excellent performances required for giving not only a durability in steady running region but also a durability in high-speed running region to a tire-rim assembly, and each consisting of an outer shell made of a thermoplastic resin obtained by polymerizing a monomer component in the presence of a polymerization initiator, and a foaming agent encapsulated in the outer shell and having a boiling point not higher than a softening point of the thermoplastic resin, the polymerization initiator comprises a peroxydicarbonate as an essential component, and the foaming agent comprises a fluorine-containing compound having an ether structure and a carbon number of 2-10 and containing no chlorine atom and bromine atom.