Key Points - The Hang Seng Index closed at 24,902, up 0.68% for the day and up 24.14% year-to-date [1] - The Hang Seng Technology Index closed at 5,521, up 0.73% for the day and up 23.57% year-to-date [1] - The A-share market saw the Shanghai Composite Index close at 3,617, up 0.96%, marking a new high for the year [6] - The S&P 500 Index closed at 6,299, down 0.49%, while the Nasdaq Index closed at 20,916, down 0.65% [7] - The Eurozone's July PMI for services rose to 52.6, indicating expansion in the services sector [11] Market Performance - The Hong Kong stock market showed a strong afternoon performance, with the Hang Seng Index rising over 190 points at one point [6] - Major stocks like BYD Electronics saw a significant increase of nearly 8%, while major banks also rose by 1% to 2% [6] - In the U.S., major indices opened high but closed lower due to concerns over economic data and trade tariffs [7] Currency and Commodity Trends - The Renminbi Index was at 96.940, up 1.67% month-on-month but down 3.73% over six months [2] - Brent crude oil was priced at $68.36 per barrel, up 1.77% month-on-month but down 4.58% over six months [2] - Gold prices increased by 0.87% month-on-month, reaching $3,365.59 per ounce, and rose 17.38% over six months [2] Company-Specific Developments - JD.com is preparing for a stablecoin license application amid market rumors [10][12] - Alibaba's Tmall International reported a 45% year-on-year increase in the number of overseas brands opening stores on its platform [14] - In July, China's wholesale sales of new energy passenger vehicles reached 1.18 million units, a 25% year-on-year increase [15] Economic Indicators - China's July services PMI improved to 52.6, indicating a slight expansion in service activities [11] - The U.S. trade deficit narrowed by 16% in June to $60.2 billion, the lowest in nearly two years [7] - The upcoming economic data releases include China's July CPI and PPI, as well as U.S. retail sales for July [28]

Group 1 - Southbound funds recorded a net inflow of HKD 12.207 billion, marking the fourth consecutive day of net inflows exceeding HKD 10 billion [1] - Notable net purchases included the Tracker Fund of Hong Kong (HKD 3.744 billion), China Enterprises Index (HKD 1.72 billion), and Xiaomi Group (HKD 1.099 billion) [1] - Southbound funds have consistently net purchased Tencent for 7 days, totaling HKD 3.5417 billion, and Xiaomi for 6 days, totaling HKD 4.13539 billion [3] Group 2 - Xiaomi Group's chairman Lei Jun announced that the company delivered over 30,000 vehicles in July and plans to open 18 new stores in August, expanding its presence to 352 stores across 97 cities [4] - InnoCare Pharma announced a partnership with NVIDIA to promote the large-scale implementation of an 800 VDC power architecture in AI data centers, which significantly enhances system efficiency and reliability [4] - Stone Pharmaceutical completed a transaction with Madrigal involving a GLP-1 small molecule drug with an upfront payment of USD 120 million and potential milestone payments of up to USD 1.955 billion [4] Group 3 - The Hong Kong Monetary Authority's stablecoin licensing regime officially took effect on August 1, with expectations of a limited number of initial licenses being issued [5] - BlackRock reduced its stake in Innovent Biologics from 5.19% to 4.69% as the company registered a Phase II clinical trial for IBI363, indicating confidence in its new generation immunotherapy [5] - UBS forecasts a 36% year-on-year revenue growth for Innovent Biologics in the first half of the year, projecting the company to achieve breakeven [5]

Core Viewpoint - The Hong Kong Stablecoin Regulation officially took effect on August 1, with the first batch of licenses expected to be issued in early 2026, but the number of licenses will be limited to single digits, indicating a high barrier to entry for applicants [1][9][10]. Licensing Process - The Hong Kong Monetary Authority (HKMA) has not issued any licenses yet, and the planned issuance timeline is later than previously expected [1]. - The HKMA has emphasized a "high threshold" and a limited number of initial licenses, which has been interpreted by the market as an "invitation-only" approach [1][4]. - Despite the "invitation-only" interpretation, HKMA officials clarified that any interested institutions can proactively communicate with the HKMA regarding licensing matters [4]. Transition Period - A six-month transition period has been established for existing stablecoin issuers to comply with the new regulations, running from August 1, 2025, to January 31, 2026 [6]. - Existing issuers have two options: actively apply for a formal license or enter a winding-up period [6]. - If an existing issuer fails to apply successfully within three months after the regulation takes effect, they must orderly cease operations within four months [6]. Temporary Licenses - The Financial Management Commissioner will grant "temporary licenses" to qualified existing issuers during the first six months, allowing them to continue their issuance activities [7]. - Entities receiving temporary licenses will be treated as licensed until the temporary license expires or a final decision is made [7]. Market Dynamics - The initial licensing phase is expected to be slow, with the HKMA indicating that the timeline for issuing licenses may change based on the completeness of applications and maturity of use cases [10]. - Some institutions have received regulatory guidance to reduce stablecoin issuance, aligning with the HKMA's recent stance on cooling the market [10]. Potential Applicants - The three major note-issuing banks in Hong Kong—Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), and HSBC—are likely to be among the first to apply and receive approval [12]. - Other potential applicants include Chinese-funded banks, sandbox testing companies, large state-owned enterprises, and internet giants with payment licenses [12]. - Securities firms are expected to play a supporting role in stablecoin trading, custody, financing, and consulting services, with 44 institutions upgrading their virtual asset trading licenses as of now [12].

Core Viewpoint - The Hong Kong Stablecoin Regulation officially took effect on August 1, 2023, with the first batch of licenses expected to be issued in early 2026, but the number of licenses will be limited to single digits, indicating a high barrier to entry for applicants [1][7]. Licensing Process - The Hong Kong Monetary Authority (HKMA) has not issued any licenses yet, and the timeline for issuing licenses is later than initially expected [1]. - The HKMA clarified that the term "invitation system" is not an official description of the licensing process, as any interested institutions can proactively communicate with the HKMA regarding their applications [2]. - Institutions wishing to apply for a license must demonstrate compliance, specificity in application scenarios, and sustainability in financial conditions [2]. Transition Arrangements - A six-month transition period has been established for existing stablecoin issuers to comply with the new regulations, running from August 1, 2025, to January 31, 2026 [3][4]. - Existing issuers have the option to either actively apply for a formal license or enter a winding-up period if they do not succeed in their application within three months of the regulation's enactment [4][5]. Expected License Recipients - The three major note-issuing banks in Hong Kong—Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), and HSBC—are likely to be among the first to apply and receive licenses [8]. - Other potential applicants include Chinese-funded banks, sandbox testing companies, large state-owned enterprises, and internet giants with payment licenses [9]. Market Sentiment - The HKMA has indicated a cautious approach towards stablecoins, emphasizing the need to avoid market bubbles and the importance of a well-prepared application process [7].

21世纪经济报道记者 黄子潇 深圳报道 8月1日，21世纪经济报道记者获悉，香港《稳定币条例》今日正式生效。 截至记者发稿时，香港金管局尚未发出任何牌照。发牌时点晚于预期。 此前7月29日，香港金管局发布一系列咨询文件，并召开一场技术简报会。香港金管局副总裁陈维民在 会上透露，将于2026年初发出首阶段牌照，首次发行的牌照数量将为个位数。 此前，香港金管局多次强调"高门槛""首批仅数个牌照""预先沟通"的态度，被市场广泛解读为"邀请 制"。7月31日，香港金管局人士对21世纪经济报道记者表示，"邀请制"并非官方说法。 香港金管局称"邀请制"非官方说法 7月31日，香港金管局人士对21世纪经济报道记者表示，"邀请制"并非官方说法，更多为一种市场解 读。 该人士表示，"邀请制（by invitation）"并未完整反映金管局的发牌模式，因为事实上有意愿、有兴趣申 请的机构，均可事先主动与香港金管局沟通发牌事宜。 此外该局强调，不会公布向其表达意愿或提交申请的机构名单。 设6个月过渡安排及临时牌照 如何将现有稳定币发行业务平稳转为"合规"发行，是《稳定币条例》需要解决的问题。 此前，许多机构已实质性在香港设有法币稳 ...

香港稳定币牌照细则出台，需在9月30日前提交申请。稳定币牌照资质堪比银行，储备资产、反洗钱等要求 严格。首批牌照或仅个位数，蚂蚁、京东等巨头竞逐，跨境支付成关键场景。 香港《稳定币条例》将于8月1日实施，香港金管局在7月29日下午披露了稳定币牌照监管制度，并发布一系列配套文 件。 香港监管局表示，发牌将是一个持续进行的过程，有意较早获得批牌照的机构应于2025年9月30日之前向金管局提交申 请。 "严禁炒作"是香港金管局始终强调的内容，金管局在会上也强调，截至今日，金管局尚未发出任何牌照，虚假声称自 己为持牌人或申请人均属违法。 监管细则落地，稳定币牌照申请在即，不少券商第一时间给出解读，从申请时间线，牌照资质要求、到发牌机构的猜 想等多个要点进行了解读。业内预期，首批发牌数量肯定非常少，并调侃"申请门槛难度直追银行"。 明确首批牌照申请时间线 香港金管局披露，相关牌照制度共包括四份文件，分别为《持牌稳定币发行人监管指引》咨询总结及指引、《打击洗 钱及恐怖分子资金筹集指引（持牌稳定币发行人适用）》咨询总结及指引、与发牌制度及申请程序相关的《稳定币发 行人发牌制度摘要说明》以及《原有稳定币发行人过渡条文摘要说明 ...

Core Viewpoint - The implementation of the Stablecoin Regulation in Hong Kong is expected to inject compliance momentum into the cryptocurrency market and reshape the competitive landscape of cross-border payments, digital asset investment, and financial infrastructure, thereby enhancing Hong Kong's status as an international financial center [1] Group 1: Regulatory Environment - The Stablecoin Regulation officially took effect on August 1, following the Legislative Council's approval in May, leading to a surge in interest in stablecoins in Hong Kong [1] - The Hong Kong Monetary Authority (HKMA) has emphasized the need for a rational perspective on the development of stablecoins, despite the market's enthusiasm [1] Group 2: Market Participants and Innovations - Companies like Round Coin Group and JD Coin Chain are among the first to apply for stablecoin licenses, focusing on cross-border payment applications and retail scenarios [2][3] - Round Coin Group's HKDR stablecoin aims to enhance merchant payment efficiency and reduce transaction costs, while JD Coin Chain plans to integrate stablecoin usage in its e-commerce platform [2][3] Group 3: Ecosystem Development - The issuance of stablecoin licenses is seen as just the starting point for issuers, who must invest in ecosystem development, including wallet management and fiat conversion processes [4] - The value of a stablecoin license is tied to the issuer's business model and the ability to build a comprehensive ecosystem rather than merely holding a license [4] Group 4: Market Dynamics and Competition - The dominance of USD stablecoins, which account for over 90% of the global market, poses significant competition for Hong Kong's proposed HKD stablecoins [6] - The initial focus on HKD stablecoins may face challenges as merchants find it more convenient to use USD stablecoins directly [6] Group 5: Future Outlook - The future of stablecoins may depend on the performance of the USD and the emergence of real transaction demands, with major e-commerce platforms like JD and Ant Group leveraging their transaction volumes to enhance stablecoin efficiency [7][8] - A healthy development of stablecoins requires a foundation of scale, frequency, and liquidity [8]

Core Viewpoint - Guojin Securities is actively preparing to apply for a virtual asset trading license in Hong Kong through its wholly-owned subsidiary, Guojin Securities (Hong Kong) Limited, aiming to enhance its overseas business operations and provide comprehensive financing and investment services to international clients [2]. Group 1: Company Developments - Guojin Securities (Hong Kong) Limited holds multiple licenses from the Hong Kong Securities and Futures Commission, including licenses for securities trading, futures contract trading, and asset management, which will facilitate its application for the virtual asset trading license [2]. - The company is engaging with experienced institutions in both international and Hong Kong markets to advance its license application process [2]. Group 2: Industry Context - The Hong Kong virtual asset regulatory framework is currently in a "system formation period," with the "Stablecoin Ordinance" set to take effect on August 1 [2]. - The Hong Kong Monetary Authority is consulting the market on specific guidelines related to the ordinance, which will include stringent anti-money laundering and other regulatory requirements [3]. - The first batch of stablecoin licenses will be limited to a single-digit number, with high approval thresholds to ensure user protection and market stability [3]. Group 3: Market Trends - Several institutions, including JD Coin Chain Technology and Yuan Coin Innovation Technology, have expressed interest in applying for stablecoin licenses and are currently participating in the HKMA's "sandbox program" to test cross-border payment applications [4]. - Stablecoins are transitioning from being "behind the scenes" in the crypto world to becoming a "frontline" financial infrastructure, enhancing the operational efficiency of traditional financial systems and fostering new financial explorations [4].

Core Viewpoint - The Hong Kong government plans to issue stablecoin licenses within this year, aiming to enhance the regulatory framework for virtual assets and facilitate cross-border payments [1][4]. Group 1: Stablecoin Licensing - The Hong Kong Monetary Authority (HKMA) is consulting the market on the guidelines for the stablecoin regulation, which will include anti-money laundering and other related requirements [4]. - The number of stablecoin licenses issued is expected to be in single digits, with at least nine institutions expressing interest in applying for licenses, including three that are part of the HKMA's stablecoin issuance sandbox [5]. Group 2: Market Reaction - Following the announcement, stocks related to cross-border payments and stablecoins surged in both A-share and Hong Kong markets, with several stocks hitting their daily limit [2][7]. - In the A-share market, companies like Zhongyi Technology and Huafeng Superfiber saw significant gains, while in the Hong Kong market, firms such as Cathay Financial and Hong Kong Securities experienced substantial increases in stock prices [7][9]. Group 3: Cross-Border Payment Context - The stablecoin is expected to address challenges in cross-border payments, particularly in regions with high local currency risk or underdeveloped financial systems [4][5]. - The HKMA aims to promote stablecoins as effective payment tools to reduce transaction costs and facilitate cross-border transactions [4]. Group 4: Regulatory Developments - The Stablecoin Regulation is set to take effect on August 1, 2023, with the HKMA beginning to accept license applications [5]. - The recent approval of the Stablecoin Regulation by the Legislative Council marks a significant step in establishing a licensing system for stablecoin issuers in Hong Kong [5].

Core Viewpoint - The company, Jihong Co., currently has no plans to apply for a stablecoin license [1] Group 1 - The company is not pursuing any regulatory approvals related to stablecoins at this time [1]