Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong is expected to revolutionize digital currency, but the stringent licensing requirements have dampened market sentiment, leading to a pessimistic outlook on the future of stablecoins in Hong Kong [2][9]. Summary by Sections Licensing and Market Entry - The licensing requirements for stablecoin issuance in Hong Kong are exceptionally strict, making it difficult for major internet companies like JD.com and Ant Group to qualify for the initial batch of licenses [2][4]. - Only a limited number of licenses, in single digits, will be issued, significantly lower than the market's expectation of "dozens" [2][9]. Regulatory Concerns - Hong Kong's regulatory authorities prioritize safety, fearing that inadequate regulation could lead to financial crimes such as money laundering, especially given the cross-border nature of stablecoins [4][6]. - The regulations require stablecoin issuers to verify the identity of every user and track all transactions to prevent illicit activities [5][6]. Compliance Challenges for Internet Companies - Internet platforms like JD.com and Ant Group face challenges in meeting the stringent compliance and capital requirements set by Hong Kong's regulations, which are more easily met by traditional financial institutions [5][9]. - The regulations also impose high reserve requirements and asset backing for stablecoins, which are difficult for fintech companies to fulfill [5][6]. Comparison with Other Digital Currencies - The stablecoin model in Hong Kong emphasizes compliance, safety, and transparency, distinguishing it from decentralized cryptocurrencies like Bitcoin and USDT [6][9]. - The article suggests that Hong Kong's stablecoin could serve as a digital currency extension rather than a direct competitor to existing cryptocurrencies [6][7]. Global Context and Strategic Positioning - The dominance of USD-pegged stablecoins in global transactions highlights the need for Hong Kong to establish its own stablecoin to mitigate the risks associated with dollar hegemony [8][9]. - The article argues that Hong Kong's stablecoin initiative is both a defensive measure against dollar dominance and an offensive strategy to gain a larger role in the future global monetary system [7][8].

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong is expected to revolutionize digital currency, but the stringent licensing requirements have dampened market sentiment and limited the number of approved issuers to a few local financial institutions and banks, delaying the issuance of licenses until early 2026 [1][2][6]. Regulatory Environment - The Hong Kong regulatory framework for stablecoins emphasizes strict compliance and security, prioritizing the prevention of financial crimes such as money laundering and ensuring that issuers can identify users and track transactions [2][3][4]. - Non-local companies, including mainland enterprises, can apply for stablecoin licenses, but they must comply with both Hong Kong and mainland regulations, particularly regarding data security [2][3]. Market Implications - The high barriers to entry for internet giants like JD.com and Ant Group create a "high wall" that favors traditional financial institutions with established compliance capabilities, making it difficult for innovative platforms to participate [4][6]. - The stringent requirements for stablecoin issuance, including high reserve requirements and user identification protocols, position Hong Kong's stablecoin as a regulated digital currency rather than a decentralized cryptocurrency [4][5]. Strategic Objectives - Hong Kong's move to introduce stablecoins is seen as a defensive strategy to mitigate the dominance of the US dollar in global finance while also seeking to enhance its own position in the future monetary system [6][7]. - The regulatory approach aims to balance financial stability and innovation, although it may limit user privacy and flexibility, making it challenging for Hong Kong stablecoins to compete with established dollar-pegged stablecoins like USDT [6][7].

Group 1 - The core viewpoint is that stablecoins have gained significant attention in various sectors, including personal investment, financial markets, and government regulation, especially with the introduction of the "Genius Act" and increased involvement from major tech companies [1] Group 2 - Stablecoins are not fiat currencies but are issued by private entities, with examples including USDC by Circle and USDT by Tether, and they are primarily traded on private platforms [2] - Stablecoins are pegged to assets like the US dollar, ensuring that 1 stablecoin equals 1 dollar, with reserves backing their issuance, as mandated by the "Genius Act" [2] - The market for stablecoins is highly concentrated, with 99% pegged to the US dollar or dollar assets, and USDT and USDC accounting for approximately 90% of the over $240 billion market cap of stablecoins [2] Group 3 - The US government supports dollar-pegged stablecoins to reinforce the dollar's position as a global payment and reserve currency, especially as its dominance has been challenged [3] - The "Genius Act" allows US debt to be used as reserves for dollar stablecoins, potentially increasing their scale and attractiveness amid rising US federal debt exceeding $36 trillion [3] - The US aims to lead in financial innovation through stablecoins, preventing other countries from establishing new financial orders [3] Group 4 - The support for stablecoins by the US has caused turbulence in global financial markets, with increasing participation from various institutions and companies in issuing stablecoins [4] - Concerns arise regarding the potential for stablecoins to facilitate money laundering and cross-border crime, posing challenges for monetary authorities in managing exchange rates and capital flows [4] - The future status of the dollar as a key currency will depend on the US's economic strength and the international acceptability of its policies, rather than solely on innovations in financial tools [4]

投资者关系活动记录表 投资者关系活动 类别 特定对象调研 分析师会议 媒体采访 业绩说明会新闻发布会 路演活动 现场参观 其他（券商策略会、电话会议） 参与机构名称 Khazanah Nasional Berhad(马来西亚主权财富基金）、民生证券、太平资 管、中信证券、兴证基金、阳光资产、鹏扬基金、佳琪资产等 时间 2025 年 5 月 28 日-29 日 地点及形式 线下会议 上市公司接待人 员姓名 董事会秘书 周帆女士 助理总裁 徐海波先生 投资者关系经理钟雷先生 投资者关系活动 主要内容介绍 1、公司在稳定币方面是否有应用和进展？ 答：作为金融科技领域的积极践行者，宇信科技正以金融机构深度 合作伙伴的角色，开展相关领域应用和布局。一方面，公司基于产业方 面的丰富经验正联合境外高校开展基于Web3技术的零售支付课题研究； 另一方面，公司依托在国内数字人民币与各金融机构对接应用经验，正 积极布局拓展境外数字法币业务。 2、公司数字人民币应用的进展？ 答：公司在数字人民币和更广泛的支付清算交易领域有广泛布局， 不仅局限于常见的应用场景，还涵盖诸多广义应用。 公司已有案例，帮助国有大行分行推广数币应用并落地消 ...