智通财经网·2025-06-03 00:58Group 1 - Hong Kong's "Stablecoin Regulation" is the world's first specialized legislation for fiat-backed stablecoins, filling a regulatory gap and promoting compliance in the stablecoin sector [1] - The Hong Kong Legislative Council passed the draft regulation on May 21, with licensed stablecoin issuers expected to emerge by the end of this year [1] - The Hong Kong Monetary Authority has released the first batch of stablecoin issuer sandbox participants, including Round Coin Innovation Technology [1] Group 2 - Citic Securities reports that recent legislative progress in Hong Kong and the U.S. on stablecoins enhances market liquidity and supports the issuance of Real World Assets (RWA) by mainland enterprises in Hong Kong [2] - The stablecoin legislation is expected to indirectly boost the development of digital currency payment and settlement interfaces in Hong Kong's financial sector, benefiting financial IT companies experienced in cross-border settlements [2] - With the ongoing development of RWA, various stakeholders in the RWA ecosystem, including issuers, custodial banks, and investors, are anticipated to grow rapidly, presenting investment opportunities in RWA asset operations and cross-border payments [2] Group 3 - ZhongAn Online (06060) holds a 43.43% stake in ZhongAn Bank, the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers, and has a 8.7% stake in Round Coin Innovation Technology, a sandbox participant [3] - LianLian Digital (02598) indirectly owns 100% of LianLian Pay Global Limited and collaborates with Round Coin Technology on stablecoin applications in cross-border payments [3] - PCCW (00008) announced a partnership with Standard Chartered Bank and Animoca Brands to explore stablecoin issuance, aiming to leverage their combined expertise and technology [3]