Core Viewpoint - The stock of Jinyong Investment experienced extreme volatility, surging over 650% on July 8, 2023, before plummeting nearly 47% on July 9, 2023, indicating a highly speculative trading environment driven by recent announcements and market sentiment [3][4]. Group 1: Stock Performance - On July 8, 2023, Jinyong Investment's stock opened high and saw a maximum increase of 650%, closing with a gain of 533.17% [4]. - On July 9, 2023, the stock opened lower and fell nearly 47%, with a reported price of 7.6 HKD per share, reflecting a decline of 39.68% [3]. Group 2: Strategic Partnership - Jinyong Investment announced a strategic cooperation framework with AnchorX on July 7, 2023, focusing on cross-border payments, stablecoin applications, digital asset trading, and blockchain technology investments [6]. - AnchorX is a digital currency solution provider in Asia, licensed by Kazakhstan's financial regulator to offer digital asset-related currency services, particularly in issuing stablecoins pegged to fiat currencies [6]. Group 3: Market Context and Regulatory Environment - The stablecoin sector has seen increased interest, with the Wind Hong Kong Stablecoin Index rising over 10% in the past seven trading days [6]. - The Hong Kong Monetary Authority (HKMA) has expressed the need for a balanced view on stablecoins, emphasizing regulatory responsibilities to ensure financial stability while fostering innovation [7]. - The Hong Kong Legislative Council passed a draft stablecoin regulation on May 21, 2023, establishing a licensing system for fiat-backed stablecoin issuers [7][8].
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