Core Viewpoint - The issuance of stablecoin licenses in Hong Kong has officially begun, with a limited number of licenses expected to be granted, likely to major banks and financial institutions [1][4][5]. Group 1: License Application and Eligibility - The Hong Kong Monetary Authority (HKMA) has set specific criteria for stablecoin issuer license applications, including financial conditions, personnel qualifications, reserve assets, and custody requirements [1][3]. - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for stablecoin licenses due to regulatory compliance and business needs [1][5]. - The initial phase of license issuance is expected to be cautious, with only a few licenses (possibly 2-3) being granted [4][6]. Group 2: Role of Financial Institutions - Securities firms are likely to focus on trading, custody, financing, and consulting related to stablecoins, rather than applying for stablecoin issuer licenses themselves [2][9]. - A total of 44 financial institutions have upgraded their virtual asset trading licenses, with most being local securities firms [12][13]. - The upgrade of trading licenses is a prerequisite for firms to offer services related to stablecoins and other virtual assets [13][14]. Group 3: Application Scenarios and Market Potential - The application scenarios for stablecoins include digital asset trading, cross-border payments in global trade, and traditional asset tokenization [7][8]. - The use of stablecoins in different regions varies, with financial applications being more prominent in Europe and North America, while B2B trade is expected to be a focus in Asia, Africa, and Latin America [8]. - The potential for stablecoins as a stable medium of exchange and value storage tool in virtual asset trading is highlighted, with firms like Futu Securities reporting increased trading volumes and customer engagement [14]. Group 4: Future Outlook and Risks - The market is keen on the emergence of offshore RMB-denominated stablecoins, with recent developments indicating a growing interest in this area [15][16]. - The commercial model for stablecoins remains unclear, and there are concerns about market speculation and the safety of reserve assets [16].

Core Viewpoint - Standard Chartered Group's strong non-interest income performance and better-than-expected asset quality have led to an upward revision of the company's net profit forecasts for 2025E and 2026E by 30.6% and 21.2% to $5.01 billion and $4.80 billion respectively [1] Group 1: Financial Performance - The company's 2Q25 adjusted operating income was $5.5 billion, a year-on-year increase of 14.6% [2] - Adjusted net profit attributable to shareholders for 2Q25 was $1.8 billion, reflecting a year-on-year growth of 53.7%, exceeding both the company's and market expectations due to strong non-interest income [2][3] Group 2: Non-Interest Income - Non-interest income increased by 33% to $2.8 billion, with a contribution of $240 million from the sale of equity in Solv India, while excluding this, non-interest income still showed a 22% year-on-year growth [3] - Financial market services revenue grew by 47.2% year-on-year in 2Q25, driven by demand for interest rate and currency hedging amid market volatility [3] - Wealth management revenue in 2Q25 rose by 20.1%, primarily from affluent clients in overseas markets such as India, Hong Kong, and the Middle East [3] - The strong performance in non-interest income has prompted the company to revise its revenue growth guidance for 2025 from "below 5%" to a lower limit of "5%-7%" [3] Group 3: Net Interest Income - Net interest income was in line with expectations, remaining flat year-on-year but decreasing by 3% quarter-on-quarter, mainly due to the decline in HIBOR [4] - The adjusted net interest margin was measured at 2.03%, with a quarter-on-quarter decrease of 9 basis points [4] - The company plans to continue increasing structural hedging in the second half of the year, with guidance indicating a single-digit year-on-year decline in net interest income for 2025 [4] Group 4: Operating Expenses and Asset Quality - Operating expenses in 2Q25 grew at a rate lower than revenue growth, with the company maintaining guidance for 2026 operating expenses to be below $12.3 billion [5] - Credit costs were annualized at 16 basis points in 2Q25, slightly increasing but still at a low level, with guidance suggesting a gradual return to normalized credit costs of 30-35 basis points [5] - The company expressed confidence in the quality of its exposure to the Hong Kong commercial real estate market, with local real estate exposure amounting to approximately $2 billion, representing less than 50 basis points of overall risk exposure [5] Group 5: Dividends and Buybacks - The company has nearly completed the $1.5 billion buyback announced with the 2024 annual report and has declared a new $1.3 billion buyback, maintaining guidance for a total of at least $8 billion in buybacks from 2024 to 2026 [6] - The company aims to gradually increase the annual dividend per share and maintain a return on tangible equity (ROTE) close to 13% by the end of 2026, with plans for further increases thereafter [6]

Core Viewpoint - CICC has upgraded Standard Chartered Group's (02888) net profit forecasts for 2025E and 2026E by 30.6% and 21.2% to $5.01 billion and $4.80 billion respectively, due to strong non-interest income performance and better-than-expected asset quality [1] Group 1: Financial Performance - In Q2 2025, Standard Chartered reported adjusted operating income of $5.5 billion, a year-on-year increase of 14.6%, and adjusted net profit of $1.8 billion, up 53.7%, exceeding both CICC's and market expectations primarily due to better-than-expected non-interest income [2] - Non-interest income grew by 33% to $2.8 billion, with a contribution of $240 million from the sale of equity in Solv India, while excluding this, non-interest income still showed a 22% year-on-year growth [3] - The bank's financial market services income in Q2 2025 increased by 47.2%, driven by demand for interest rate and currency hedging amid market volatility [3] Group 2: Guidance and Projections - The strong performance in non-interest income has led the company to raise its revenue growth guidance for 2025 from "below 5%" to a lower limit of "5%-7%" [3] - Net interest income was in line with expectations, remaining flat year-on-year but decreasing by 3% quarter-on-quarter, primarily due to the decline in Hibor [3] - The company expects net interest income to decline in single digits year-on-year for 2025, based on the anticipated recovery of Hibor [3] Group 3: Operating Expenses and Asset Quality - Operating expenses in Q2 2025 continued to grow at a rate lower than income growth, with guidance to keep 2026 operating expenses below $12.3 billion [4] - Credit costs were annualized at 16 basis points, slightly increasing year-on-year but still at a low level, with guidance indicating a gradual return to a normalized range of 30-35 basis points [4] - The company expressed confidence in the quality of its asset exposure in Hong Kong's commercial real estate, with only about $2 billion in local real estate exposure, representing less than 50 basis points of overall risk exposure [4] Group 4: Shareholder Returns - The company has nearly completed the $1.5 billion share buyback announced in the 2024 annual report and has declared a new $1.3 billion buyback, maintaining guidance for a total of at least $8 billion in buybacks from 2024 to 2026 [5] - The company aims to gradually increase its annual dividend per share and maintain a return on tangible equity (ROTE) close to 13% by the end of 2026, with plans for further increases thereafter [5]

Group 1: Core Insights - The Hong Kong Stablecoin Regulation officially comes into effect on August 1, 2025, marking the establishment of the world's first licensed stablecoin system, transitioning stablecoins from a gray area to a compliant business [1][9] - This regulation positions Hong Kong as a leader in digital finance regulation, having completed legislation and established a licensing and auditing mechanism, serving as a model for global institutional exploration [1][4] - Stablecoins are evolving from niche tools in the crypto industry to key infrastructure in the global digital financial system, with a monthly payment and settlement scale exceeding $6 billion as of February 2025, tripling from the same period in 2023 [2][3] Group 2: Regulatory Framework - The regulation introduces a dual mechanism of "licensing + sandbox," allowing the Hong Kong Monetary Authority to oversee stablecoin operations, setting a global standard [4][6] - Entities wishing to issue or operate stablecoins must obtain relevant licenses, with stringent regulatory requirements including a minimum registered capital of HKD 25 million, 100% asset backing, and compliance with AML and KYC rules [6][10] - The regulatory framework includes 13 categories of regulated activities, with specific licenses required for various financial services related to stablecoins [6] Group 3: Market Participation - Ordinary users can now participate in the stablecoin ecosystem through licensed virtual asset exchanges, allowing them to purchase stablecoins and engage in on-chain investments [12][13] - The stablecoin ecosystem is currently open to Hong Kong residents, providing access to various investment opportunities, including on-chain fundraising and green bonds [13][14] - The introduction of stablecoins is seen as a bridge for ordinary individuals to engage in global digital assets, moving beyond institutional access to a more inclusive financial landscape [14]

Major Events - JD Group-SW (09618) has decided to make a voluntary public acquisition offer to CECONOMY and establish a strategic investment partnership [1] - Zhonghui Biological-B (02627) plans to conduct an IPO from July 31 to August 5, aiming to globally offer 33.4426 million H-shares [1] - WuXi AppTec (02359) intends to place 73.8 million new H-shares at a discount of approximately 6.90%, raising about HKD 7.65 billion [1] - Weihai Bank (09677) plans to issue up to approximately 758 million domestic shares and 154 million H-shares, raising nearly HKD 3 billion [1] - HSBC Holdings (00005) plans to repurchase up to USD 3 billion of ordinary shares [1] - Joy City Property (00207) proposes a share buyback through an agreement arrangement, with resumption of trading on August 1 [1] Operating Performance - MGM China (02282) reported total revenue of HKD 16.661 billion for the first half, an increase of 2.73% year-on-year [1] - Standard Chartered Group (02888) released interim results with a profit attributable to shareholders of USD 3.065 billion, a year-on-year increase of 41% [1] - Autohome-S (02518) reported a net profit attributable to the parent of RMB 416 million in the second quarter, with online marketing and other business revenues increasing by 20.5% year-on-year [1] - Tongguan Gold (00340) issued a positive profit alert, expecting a mid-term profit attributable to shareholders of approximately HKD 330 million to HKD 360 million, a year-on-year increase of about 259% to 291% [1] - Qingdao Bank (03866) reported a net profit attributable to the parent of RMB 3.065 billion for the first half, a year-on-year increase of 16.05% [1] - Faraday (09638) announced interim results with a profit attributable to shareholders of EUR 4.3454 million, a year-on-year decrease of 0.92% [1] - Budweiser APAC (01876) released interim results with a profit attributable to shareholders of USD 409 million, a year-on-year decrease of 24.4% [1]

渣打集团：以约820万英镑回购约60万股 智通财经7月30日电，渣打集团(02888.HK)在港交所发布公告称，7月30日在伦交所等交易所斥资约 820.2万英镑回购股份59.8万股，每股回购价在13.5至13.78英镑。 ...

渣打集团行政总裁温拓思(Bill Winters)表示，尽管其他银行对员工返回办公室工作提出更为严格的要 求，但他仍然认为无需下达强制命令，迫使高级别银行家增加在办公室工作的天数。"我们的员工是成 年人，"温拓思周四在接受采访时表示。"成年人之间可以像成年人一样进行对话，决定如何最好地管理 团队。"虽然汇丰控股、摩根大通（温拓思的前雇主）等同业收紧了疫情时期混合办公的模式，但温拓 思所带领的渣打则维持了较大的灵活度。（彭博） ...

智通财经APP讯，渣打集团(02888)公布，2025年7月30日耗资约820.17万英镑回购59.844万股股份。 ...

格隆汇7月31日丨渣打集团(02888.HK)发布公告，2025年7月30日耗资820.17万英镑回购59.84万股。 ...

渣打集团(02888)公布，2025年7月30日耗资约820.17万英镑回购59.844万股股份。 ...