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Investment Rating - The report does not explicitly provide an investment rating for the stablecoin industry Core Insights - The stablecoin market is experiencing explosive growth, driven by increased trading frequency in the cryptocurrency market, advantages in payment and settlement, rising geopolitical risks, and a positive cycle of regulatory compliance and institutional adoption [1][18] - Stablecoins are evolving from mere trading tools in the crypto ecosystem to a new financial infrastructure, acting as a bridge between the crypto world and traditional finance [1][30] - The growth drivers for the stablecoin industry are shifting from cryptocurrency trading demand to cross-border payments, with Real World Asset (RWA) tokenization expected to become a new growth driver in the long term [1][18] Summary by Sections What are Stablecoins? - Stablecoins are cryptocurrencies that maintain value stability by being pegged to assets like fiat currencies or commodities, solving the volatility issues of traditional cryptocurrencies while retaining the advantages of blockchain technology [7] Market Size - As of August 5, 2025, the global stablecoin market capitalization is nearly $270 billion, with a compound annual growth rate (CAGR) exceeding 100% from 2020 to 2025. The transaction volume is projected to reach $27.6 trillion in 2024, surpassing traditional payment giants Visa and Mastercard [18][22] Competitive Landscape - As of August 5, 2025, the stablecoin market is dominated by two major players: USDT with a market cap of approximately $164.7 billion (61% market share) and USDC with a market cap of $64.3 billion (24% market share) [22][23] Potential Impacts of Stablecoins - Stablecoins are expected to reshape global financial systems by lowering costs and increasing efficiency in cross-border payments, accelerating financial disintermediation, reinforcing the dominance of the US dollar, and promoting the development of decentralized finance (DeFi) [1][38] Global Regulatory Framework - A global regulatory framework for stablecoins is rapidly forming, transitioning from unregulated growth to structured development. Key regulations include the US GENIUS Act, Hong Kong's Stablecoin Ordinance, and the EU's MiCA regulation, all aiming to establish clear guidelines for stablecoin issuance and operation [2][43][44]

Core Insights - Nansha, located at the geometric center of the Guangdong-Hong Kong-Macao Greater Bay Area, is set to undergo significant changes due to new supportive policies aimed at enhancing financial innovation and cooperation [1][2][6] Financial Market Connectivity - The Greater Bay Area is recognized as one of the most open and economically vibrant regions in China, with Nansha being a key area for financial reform and innovation, having implemented various policies such as QFLP pilot programs and integrated currency pools [1][2] - Nansha has established itself as a unique zone receiving national-level financial opening policies three times, fostering eight distinctive financial sectors including cross-border finance and shipping finance [1][2] Cross-Border RMB Business - The "Nansha Financial 30 Measures" emphasizes the promotion of cross-border RMB business innovation, with a reported RMB 2.49 trillion in cross-border RMB settlement in the Greater Bay Area from January to April 2025, marking a 28.8% year-on-year increase [2][3] - Nansha aims to leverage its position to enhance the effectiveness of cross-border RMB services for the real economy, supporting new trade settlement models and facilitating international shipping fee settlements in RMB [2][3] Technological and Digital Financial Innovation - The policy encourages the development of diversified intellectual property financial services, with a focus on technology and digital finance, as evidenced by the rapid credit assessment capabilities provided by the "Suiqi Cloud" platform [4][5] - Financial institutions are actively launching combined financial services such as "technology special loans + external direct investment" to address short-term funding needs while supporting long-term development [5][6] Market Response to Policy - The introduction of the "Nansha Financial 30 Measures" is seen as a critical step in deepening financial reform and supporting the Greater Bay Area's development as a high-level open portal [6][7] - Various financial institutions, including the Guangzhou Data Exchange, are quickly adapting to the new policies, forming international ecosystems for digital asset transactions and enhancing cross-border cooperation in futures and insurance [6][7] Nationwide Implications - The financial innovations and practices in Nansha are expected to serve as a reference for other regions in addressing financing challenges for technology innovation and enhancing financial market connectivity with overseas markets [7][8] - The ongoing reforms in Nansha are anticipated to accelerate the multiplier effect of financial reforms across the country, with a focus on improving regulatory frameworks and operational processes to facilitate cross-border investments [8]

Core Viewpoint - The third-party payment platform Kuaiqian has been acquired by China Ruyi for 240 million yuan, marking its entry into the fintech sector after a series of strategic acquisitions in the entertainment industry [2][3][11]. Group 1: Acquisition Details - China Ruyi announced the acquisition of a 30% stake in Kuaiqian Financial Services for 240 million yuan, with the payment structured in three installments [3][11]. - The seller, Wanda Group, previously acquired a controlling stake in Kuaiqian for 315 million USD in 2014, holding 30% post-acquisition [3][11]. - Kuaiqian has been operating independently under Wanda's ownership, with limited management involvement from Wanda in recent years [4][11]. Group 2: Strategic Rationale - The acquisition is seen as a strategic move for China Ruyi to diversify into the fintech sector, leveraging its existing entertainment and content ecosystem [5][11]. - China Ruyi aims to enhance its platform capabilities by integrating payment solutions into its various business lines, including gaming and cinema [7][11]. - The company has a significant user base, with over 500 million users across its platforms, which could provide substantial growth opportunities for Kuaiqian [7][11]. Group 3: Future Collaboration - China Ruyi plans to maintain Kuaiqian's independent operations while participating in major decisions, including board appointments and strategic direction [7][11]. - There is potential for developing payment products tailored to entertainment scenarios, such as cinema payments and membership wallet solutions [7][11]. - Kuaiqian has initiated overseas expansion efforts, and the partnership with China Ruyi may accelerate these initiatives by providing additional resources [7][11]. Group 4: Market Context - The third-party payment license has become increasingly valuable, with multiple acquisitions in the sector, highlighting the competitive landscape [3][11]. - Kuaiqian, as one of the earliest licensed payment institutions in China, has established a foothold in various sectors, including insurance and finance [6][11]. - The acquisition aligns with regulatory encouragement for compliant and resourceful institutions to participate in the payment industry [5][11].

Group 1 - Northbound capital recorded a net purchase of HKD 29.02 billion in the Hong Kong stock market on July 10, with HK Stock Connect (Shanghai) contributing HKD 15.79 billion and HK Stock Connect (Shenzhen) contributing HKD 13.23 billion [1] - The most purchased stocks by northbound capital were China Construction Bank (00939), Alibaba-W (09988), and Meituan-W (03690) [1] - The most sold stocks included Tencent (00700), Xiaomi Group-W (01810), and Sunac China (01918) [1] Group 2 - China Construction Bank saw a net purchase of HKD 5.87 billion, with its stock price reaching a new high [4] - Alibaba-W and Meituan-W received net purchases of HKD 5.72 billion and HKD 4.85 billion, respectively, amid a competitive subsidy war among major food delivery platforms [5] - Derlin Holdings (01709) received a net purchase of HKD 3.55 billion, planning to tokenize assets worth HKD 500 million [5] Group 3 - E-surfing Technology (02550) had a net purchase of HKD 262 million, with Barclays increasing its stake significantly [6] - Guotai Junan International (01788) faced a net sell-off of HKD 903.5 million despite projecting a substantial profit increase [6] - Xiaomi Group-W experienced a net sell-off of HKD 3.78 billion, with a significant drop in electric vehicle sales [6]

Summary of Conference Call on Stablecoins Industry Overview - The focus of the conference call is on the stablecoin industry, which is characterized by significant potential, novelty, and multiple catalysts for growth. The implementation of stablecoin regulations in Hong Kong and the potential IPOs of overseas cryptocurrency companies are highlighted as key catalysts for the market [1][5]. Core Insights and Arguments - **Theme Investment Trend**: The current market trend favors theme investments, driven by the development stages of industries. The dominant industry, AI, has released its upstream computing power, while downstream applications are yet to see systematic investment. This has led to a focus on themes such as humanoid robots, controlled nuclear fusion, new consumption, and stablecoins [2]. - **Investment Logic for Stablecoins**: The investment logic for stablecoins includes: 1. The implementation of stablecoin regulations in Hong Kong starting August 1, which is expected to drive business developments [5]. 2. Potential IPOs of overseas cryptocurrency companies, such as Circle, which could influence the stablecoin market [5]. 3. Numerous catalysts from both industry and policy perspectives warranting close tracking [5]. - **Key Beneficiaries**: Companies involved in the technical infrastructure for stablecoins, such as blockchain technology and issuance support, digital wallets, and cross-border payment companies, are expected to benefit as stablecoin applications become more prevalent [6][7]. Important but Overlooked Content - **Financial IT Relevance**: The stablecoin market is closely linked to financial IT, including banking IT systems, non-bank institution IT systems, and third-party payment services. Companies with a strong presence in these areas, especially those with international operations, are likely to have significant growth potential [8]. - **Highlighted Companies**: - **Jinbeifang Bank IT Company**: Recognized for its leading software development revenue among bank IT companies, with deep involvement in the digital RMB infrastructure and strategic partnerships in Hong Kong, making it a key recommendation in the stablecoin context [9][10]. - **Changliang Technology**: Noted for its high overseas revenue share and experience in virtual asset trading and digital currency system construction, with significant backing from Tencent [11]. - **Hengsheng Electronics**: Gained a substantial market share in Hong Kong's brokerage trading systems and is well-positioned to benefit from the growing virtual asset market [12]. - **New Guodu**: Established a strong global payment network and is well-prepared to expand virtual asset trading in cross-border payments [13]. - **RWA Companies**: Companies like Longxin Technology and Jieshun Technology are positioned to explore the digital asset value chain, including stablecoin issuance and compliance trading [14].

Market Overview - The A-share market showed an overall upward trend on June 30, with most sectors and stocks rising [3][4] - The large financial sector experienced a slight decline, with the securities sector seeing the largest drop [5][6] Sector Performance - Key sectors that performed well included aviation, internet, public transportation, shipping, communication equipment, and semiconductors [4] - The large financial sector, including banks and insurance, showed weak performance [6] Delisting and Stock Performance - Three stocks entered the delisting arrangement period, with prices dropping significantly, some by over 60% [2][8] - Specific stocks that faced severe declines included Zhongcheng Tui (300208) and Tui Shi Jin Gang (600190), with Zhongcheng Tui's price dropping over 70% at one point [10][11] Company Announcements - Zhongcheng Tui was notified of its stock termination due to negative net assets and received adverse audit opinions for its financial reports [10] - Tui Shi Jin Gang faced penalties for falsifying profits through false trade practices and had multiple years of financial reports with false records [11] Hong Kong Market Activity - In the Hong Kong market, Yisou Technology saw a dramatic increase, with its stock price rising over 100% after announcing a framework cooperation agreement with a technology partner [12] - The agreement involves collaboration on asset tokenization and potential acquisitions for data centers, with a budget not exceeding 3 billion HKD [13]

Core Viewpoint - The A-share market showed an overall upward trend on June 30, 2023, while the large financial sector experienced a slight decline [1][3]. Market Performance - The A-share market performed well in the morning, with most sectors and stocks rising [4]. - Key sectors with significant gains included aviation, internet, public transportation, shipping, communication equipment, and semiconductors [5]. - The large financial sector saw a slight decline, with the securities sector experiencing the most significant drop, where Guosheng Jinkong fell over 6% and Xiangcai Co. dropped over 5% [6][7]. - The banking and insurance sectors also showed weak performance in the morning [8]. Delisting Events - On June 30, 2023, two listed companies entered the delisting preparation period, with three stocks experiencing a drop of over 60% [2][10]. - Zhongcheng Tui, a company that entered the delisting preparation period, saw its stock price plummet over 70% during the morning session. The company was notified of its stock termination by the Shenzhen Stock Exchange due to negative net assets as of April 30, 2024 [11][13]. - Jincheng Port also entered the delisting preparation period, with its A-shares and B-shares both experiencing maximum intraday declines exceeding 60%. The company faced penalties for falsifying profits through false trade practices and had multiple years of false records in its annual reports [12][14]. Hong Kong Market - The Hong Kong market showed a slight decline in the morning, with notable stocks like SMIC, NetEase, and Kuaishou leading the gains [15][16]. - Yisou Technology experienced extreme volatility, with its stock price surging over 100% after announcing a framework cooperation agreement with a Hong Kong tech company [17]. The agreement involves collaboration on asset tokenization and potential acquisitions for data centers [18].

Core Viewpoint - The stablecoin market has experienced significant growth, increasing from $20 billion in 2020 to over $250 billion currently, with a projected potential supply of $1.6 trillion to $3.7 trillion by 2030, according to Citigroup [1][6]. Group 1: Market Trends and Changes - The rise of stablecoins has been a notable change in the global digital asset market, with the total stablecoin market exceeding $250 billion, marking an 11-fold increase from $20 billion in 2020 [3][6]. - Stablecoins are increasingly being used as intermediaries in cryptocurrency transactions, accounting for over 90% of trading volume [4]. - The tokenization of real-world assets (RWA) is rapidly developing, with traditional financial institutions beginning to engage in this area, indicating a growing interest from general investors [4]. Group 2: Challenges and Unresolved Issues - There are multiple unresolved questions in the stablecoin sector, including whether stablecoins should be based on centralized or decentralized systems, and their classification as payment tools or investment assets [6][7]. - Governance issues surrounding stablecoins, such as credit control of issuing institutions and consumer protection, are critical challenges that need to be addressed [7]. Group 3: Regulatory Perspectives - The development of stablecoins requires a balance between risk management and innovation support, with regulatory frameworks needing to adapt to changing market conditions [10]. - The introduction of the Stablecoin Regulation in Hong Kong, effective from August 1, 2025, aims to provide a testing ground for non-USD stablecoins, such as those pegged to the Hong Kong dollar or Renminbi [9]. Group 4: Future Outlook - The future of stablecoins may see a resurgence of dollarization, with the U.S. dollar currently dominating the stablecoin market, holding about 90% market share [9]. - The potential for stablecoins to reshape traditional payment systems and the challenges they pose to financial regulation are significant considerations for future developments in this space [9][10].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the development of compliant stablecoins in Hong Kong, with the legislation set to take effect on August 1, 2023, allowing for license applications by the Financial Management Authority [1][3]. Core Insights and Arguments - **Stablecoin Issuance**: Round Coin Technology plans to issue a Hong Kong dollar stablecoin first, with considerations for other types based on different scenario needs [1][4]. - **Demand for Compliant Stablecoins**: There is significant demand for compliant stablecoins in cross-border trade, payments, virtual asset trading, and high-frequency trading scenarios, offering advantages over traditional payment methods like SWIFT [1][5]. - **RWA Settlement**: The settlement and clearing of Real World Assets (RWA) in Hong Kong require the use of compliant stablecoins to achieve high efficiency and low costs in on-chain transactions [1][6]. - **Regulatory Framework**: Hong Kong's legal framework does not restrict the underlying blockchain for stablecoins, but issuance requires regulatory approval. Ethereum is preferred for its stability, while multi-chain solutions are considered for future scalability [1][7]. - **Asset Backing Requirements**: The law mandates that stablecoins must be fully or over-collateralized with low-risk, high-liquidity assets, such as bank deposits or government bonds [1][9][10]. - **Market Competition**: The stablecoin market faces homogenization pressures, with regulations prohibiting interest-bearing stablecoins in compliant jurisdictions [1][11]. - **Market Potential**: The potential for stablecoin issuance is vast, with expectations that traditional payment systems will increasingly adopt compliant stablecoins, particularly in the B2B payment sector, which is projected to exceed $12 trillion in 2024 [1][18]. Additional Important Content - **Distribution Channels**: Round Coin Technology has established partnerships with various traders and payment institutions, enhancing its distribution capabilities for stablecoins [1][13][14]. - **User Wallet Requirements**: Users do not need customized wallets to use stablecoins; any wallet that can accept smart contract-based stablecoins will suffice [1][8]. - **Liquidity Assurance**: Market liquidity for stablecoins is primarily maintained by market makers who hold significant amounts of stablecoins to meet immediate trading demands [1][20]. - **Regulatory Compliance**: The requirement for 100% reserves means that for every unit of stablecoin issued, an equivalent amount of fiat must be held in reserve, ensuring transparency and compliance [1][21]. - **Technological Challenges**: Round Coin Technology faces technical challenges in implementation and is committed to ongoing research and exploration to adapt to emerging payment landscapes [1][27]. This summary encapsulates the key points discussed in the conference call, highlighting the opportunities and challenges in the stablecoin market in Hong Kong.