Core Viewpoint - The ongoing deepening of China's financial opening policies is creating new development opportunities for the internationalization of the Renminbi (RMB) [1] Group 1: Financial Opening and RMB Internationalization - China's financial opening policies have been continuously strengthened, with measures such as free trade zone reforms and cross-border connectivity mechanisms providing significant support for RMB internationalization [4] - Standard Chartered Bank has actively participated in China's financial opening and has benefited from it, launching various new products under the new policies, including free trade accounts in free trade zones [4] - The bank's client base includes not only corporate clients but also a large number of investors, such as sovereign funds, asset management institutions, banks, and brokerages [4] - There is an expectation for more open measures to be introduced, such as cross-currency repos, to enhance the convenience for international investors [4] Group 2: Trade Settlement to Investment Financing - The internationalization of the RMB is progressing from trade settlement to deeper investment financing [5] - Over the past three years, the transaction volume of RMB in international trade settlement and payment has doubled, with expanding applications in markets such as ASEAN, the Middle East, and Africa [5] - There is an increasing willingness among foreign enterprises to use RMB for trade financing, particularly in Southeast Asia, where Chinese enterprises are financing overseas projects in RMB [6] Group 3: Growing Interest in RMB - There is a notable increase in interest in the RMB in the African market, with local central banks and sovereign wealth funds showing greater interest in its application [7] - Non-Chinese enterprises in Africa are also expressing a desire to use RMB, indicating a growing recognition of the currency as a trade and financing medium [8] - The continuous implementation of financial opening policies and the acceleration of RMB internationalization are fostering confidence among foreign institutions regarding potential business opportunities [8]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 渣打集團有限公司 呈交日期： 2025年6月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 渣打集團有限公司 呈交日期： 2025年6月25日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存 ...

Core Viewpoint - The increasing supply of RMB in overseas markets is expected to boost the enthusiasm of foreign enterprises for RMB trade financing, driven by lower financing costs compared to USD and relatively stable RMB exchange rates [1][14][15]. Group 1: RMB in Trade Financing - The RMB's attractiveness for trade financing is growing due to significantly lower financing rates compared to USD, reducing costs for foreign enterprises [1][15]. - The RMB's stable exchange rate reduces concerns about exchange rate risks for overseas enterprises engaged in trade financing [1][15]. - The demand for RMB in cross-border investment is increasing as more Chinese enterprises invest overseas and prefer to use RMB for ODI (Overseas Direct Investment) [4][6]. Group 2: Global Trends in RMB Usage - As of the end of 2024, RMB is projected to become the third-largest trade financing currency globally, with cross-border payment amounts reaching 64.1 trillion yuan, a 23% year-on-year increase [8]. - Over 80 foreign central banks have included RMB in their foreign exchange reserves, reflecting a trend towards diversifying reserve assets away from USD [9][17]. - The share of RMB in global foreign exchange reserves is currently below 3%, indicating significant potential for growth [18]. Group 3: Challenges and Opportunities - The increasing use of RMB by foreign enterprises presents new challenges in meeting diverse needs for RMB settlement, investment, and reserve management [19]. - Enhancing RMB liquidity in overseas markets is crucial for encouraging foreign institutions to hold RMB assets [20][21]. - Recent policy measures, such as allowing foreign investors to use Chinese government bonds as collateral for RMB repurchase agreements, aim to improve the liquidity and attractiveness of RMB assets [22].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 渣打集團有限公司 呈交日期： 2025年6月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存 ...

Core Viewpoint - The international enthusiasm for the use of the Renminbi (RMB) has significantly increased following the implementation of "reciprocal tariffs" by the United States, with a notable rise in demand for RMB in cross-border investments and trade financing [2][3][4]. Group 1: RMB in Cross-Border Trade and Investment - After the U.S. introduced "reciprocal tariffs," more Chinese enterprises are willing to use RMB for overseas direct investment (ODI), leading to increased demand for RMB in cross-border investments [3]. - The RMB is evolving from a popular trade settlement currency to a multi-functional role, including trade financing and reserve currency [4][6]. - As of the end of 2024, RMB is projected to become the third-largest trade financing currency globally, with cross-border payment amounts reaching 64.1 trillion yuan, a 23% increase year-on-year [4]. Group 2: Central Bank and Reserve Currency Trends - More emerging market central banks are incorporating RMB into their foreign exchange reserves, reflecting a trend towards diversification away from the U.S. dollar [4][9]. - Currently, RMB accounts for less than 3% of global foreign exchange reserves, indicating significant potential for growth in this area [9]. Group 3: RMB Liquidity and Financing - The liquidity of RMB in overseas markets is increasing, which is encouraging foreign enterprises to use RMB for trade financing, thereby reducing their financing costs [8][11]. - The Hong Kong Monetary Authority has introduced measures to support RMB trade financing liquidity, which will further meet the financing needs of foreign enterprises [7][8]. Group 4: Challenges and Future Outlook - The internationalization of RMB faces challenges in meeting the diverse needs of foreign enterprises for RMB settlement, investment, and reserve management [11][12]. - Enhancing RMB liquidity in overseas markets is crucial for encouraging foreign institutions to hold RMB assets, which requires the development of a diverse range of RMB financial products [12].

FF305 | 1). | 於2025年6月16日購回但尚未註銷 | | 769,864 | 0.0329 % | GBP | 11.781659 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年6月16日 | | | | | | 2). | 於2025年6月17日購回但尚未註銷 | | 744,345 | 0.0318 % | GBP | 11.643327 | | | 變動日期 | 2025年6月17日 | | | | | | 3). | 於2025年6月18日購回但尚未註銷 | | 764,776 | 0.0327 % | GBP | 11.634824 | | | 變動日期 | 2025年6月18日 | | | | | | 4). | 於2025年6月19日購回但尚未註銷 | | 772,000 | 0.033 % | GBP | 11.602767 | | | 變動日期 | 2025年6月19日 | | | | | | 5). | 於2025年6月20日購回但尚未註銷 | | 776,000 | 0.0332 % | GBP ...

Core Viewpoint - The discussion on stablecoins highlights their role in enhancing global monetary policy coordination, innovating cross-border payments, and constructing regulatory frameworks, with a focus on the implications of dollar-pegged stablecoins and the need for careful consideration of their impact on economic sovereignty and financial stability [5][6][7]. Group 1: Introduction and Definition - Stablecoins are a special type of cryptocurrency designed to maintain price stability by pegging to fiat currencies, physical assets, or algorithmic mechanisms, making them suitable for payment mediums and value storage tools [14][15]. - The global stablecoin market has seen significant growth, with a total market value exceeding hundreds of billions, and USDT and USDC accounting for nearly 90% of the market share [19][19]. Group 2: Market Environment and Demand - Traditional cross-border payments face challenges such as long processing times and high fees, while stablecoins can facilitate near-instantaneous and low-cost transactions, enhancing global supply chain efficiency [20]. - The decentralized finance (DeFi) ecosystem relies heavily on stablecoins as core assets for lending, trading, and derivatives, directly affecting the health of the DeFi market [21]. - Traditional financial institutions are exploring stablecoin issuance to improve payment efficiency and expand business boundaries, as seen with JPM Coin [22]. Group 3: Types of Companies Issuing Stablecoins - Financial technology companies, such as SFJC and XD Technology, are well-positioned to issue stablecoins due to their expertise in blockchain and digital currency technologies [23]. - Cross-border payment companies, like HLJH and LKL, have the necessary licenses and technology to support stablecoin circulation in international transactions [24]. - Companies with relevant licenses or compliance qualifications, such as the issuer of USDC, are also capable of issuing stablecoins [25]. Group 4: Positive Impacts of Issuing Stablecoins - Stablecoins can significantly enhance cross-border payment efficiency and reduce costs, as they allow for real-time transactions without relying on traditional banking systems [31]. - They provide a stable trading medium in the volatile cryptocurrency market, allowing investors to mitigate risks associated with price fluctuations [32]. - The issuance of stablecoins can drive financial inclusion by lowering barriers to entry for financial services, particularly in underserved regions [33]. - Stablecoins can attract new participants and capital into the financial market, bridging traditional finance and cryptocurrency [34]. - Companies can generate revenue through interest on reserves, as demonstrated by Circle's USDC, which significantly contributes to its overall revenue [35]. Group 5: Regulatory Environment and Challenges - The regulatory landscape for stablecoins varies significantly across jurisdictions, with the U.S. and Hong Kong implementing specific requirements for issuance, including licensing and reserve management [86][91]. - Companies must navigate complex compliance requirements, including maintaining high liquidity reserves and adhering to anti-money laundering regulations [108][109]. - The potential for regulatory changes poses risks to stablecoin projects, as seen in instances where sudden policy shifts have impacted market confidence [39]. Group 6: Future Trends and Considerations - The future of stablecoins is likely to involve stricter regulations and a focus on compliance, as well as the expansion of application scenarios beyond traditional finance [115]. - Companies must consider market demand and operational capabilities when planning stablecoin issuance, ensuring alignment with existing business models [66][67]. - The competitive landscape will require companies to differentiate their stablecoin offerings and stay informed about regulatory developments to ensure sustainable operations [70][71].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 1). | 於2025年6月16日購回但尚未註銷 | | 769,864 | 0.0329 % | GBP | 11.781659 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年6月16日 | | | | | | 2). | 於2025年6月17日購回但尚未註銷 | | 744,345 | 0.0318 % | GBP | 11.643327 | | | 變動日期 | 2025年6月17日 | | | | | | 3). | 於2025年6月18日購回但尚未註銷 | | 764,776 | 0.0327 % | GBP | 11.634824 | | | 變動日期 | 2025年6月18日 | | | | | | 4). | 於2025年6月19日購回但尚未註銷 | | 772,000 | 0.033 % | GBP | 11.602767 | | | 變動日期 | 2025年6月19日 | | | | | FF305 第 ...

Core Viewpoint - The article discusses the emergence of stablecoins in Hong Kong, particularly focusing on the collaboration between Animoca Brands, Standard Chartered Bank, and Hong Kong Telecom to issue a Hong Kong dollar-pegged stablecoin, which is seen as a crucial link for cross-border transactions and financial settlements in the region [6][7][18]. Group 1: Stablecoin Development - The Hong Kong government has announced that the Stablecoin Regulation will take effect on August 1, 2025, marking a significant step in the regulatory framework for stablecoins [6]. - Animoca Brands is one of the first participants in the stablecoin issuance sandbox, alongside Standard Chartered Bank and Hong Kong Telecom, and they have formed a joint venture to prepare for the issuance of the stablecoin [6][7]. - The stablecoin is expected to facilitate various applications, including virtual asset transactions within gaming ecosystems and cross-border trade settlements [16][17]. Group 2: Company Overview - Animoca Brands initially gained recognition in the blockchain gaming sector and has since expanded into Web3, focusing on decentralized identity and education projects [14][15]. - The company's business model includes self-developed projects, returns from investments in over 570 Web3 companies across various sectors, and consulting services akin to investment banking [15][16]. - The collaboration with Standard Chartered and Hong Kong Telecom aims to leverage their respective strengths in banking and retail to enhance the stablecoin's market reach [16][19]. Group 3: Market Implications - The stablecoin is positioned as a vital tool for connecting mainland asset transactions to international markets, especially given Hong Kong's status as a major offshore RMB trading center [7][18]. - The article highlights the potential for the stablecoin to support a wide range of financial products and services, indicating a trend towards the digitization of financial assets on public blockchains [17][18]. - Animoca Brands emphasizes the need for a neutral currency in Hong Kong to facilitate international transactions, particularly in light of geopolitical influences [18][19]. Group 4: Regulatory Environment - The article notes that the Hong Kong Monetary Authority (HKMA) is actively working on a regulatory framework for stablecoins, which is crucial for building a compliant financial ecosystem [24][25]. - The company has gained valuable compliance experience during the sandbox testing phase, focusing on investor protection and regulatory requirements [21][26]. - There is a recognition that while stablecoins can offer high security, the lack of regulatory oversight poses risks, necessitating a push for legally compliant stablecoin solutions [26].