Market Performance - The Hang Seng Index and Hang Seng Tech Index both opened high on October 2, reaching new highs for the year and over four years [2][3] - The Hang Seng Index closed at 27,294.61, up 1.63% from the previous close of 26,855.56, with a trading volume of 900.50 million [3] - The Hang Seng Tech Index rose by 2.79% to 6,646.13, with a trading volume of 316.74 million [4] Chinese Stocks - Chinese concept stocks saw a general increase in the U.S. market, with the Nasdaq Golden Dragon China Index rising by 1.44% and the Wind China Concept Technology Leaders Index increasing by 1.23% [6][7] - Notable gains included Vipshop up 5.36%, Baidu up 4.3%, JD.com up 3.4%, and Alibaba up 2.25% [6] Regulatory Developments - The Hong Kong Monetary Authority received 36 applications for stablecoin licenses from various institutions, including banks and tech companies, with plans to announce the first batch of issuers early next year [8] Technology Advancements - DeepSeek announced an upgrade to its app and web platform, significantly reducing service costs by over 50% for developers using its API [9] Investment Outlook - According to a report by Founder Securities, Chinese assets are expected to benefit from a potential new interest rate cut cycle by the Federal Reserve in Q4 2025 [11] - The report highlights that the Hong Kong market is responsive to global liquidity improvements and a weaker dollar, with historical data showing a rebound in the Hang Seng Index around Fed rate cuts [11]

今日，有媒体称，复星已确定在港申请稳定币牌照，且已组建了完整的稳定币牌照申请团队。 责任编辑：梁斌 SF055 上述消息称，郭广昌于8月6日带领复星旗下稳定币团队骨干及其他部分高管，分别拜见了香港特别行政 区行政长官李家超及香港特区财政司司长陈茂波。 对于上述消息，截至发稿，复星方面表示，暂不置评。 ...

8月1日，香港《稳定币条例》正式生效。记者获悉，中国银行（香港）、渣打银行（香港）等香港特区 发钞行是其中不可或缺的主体，无论是出于自身发展需要，还是顺应监管推动，大概率会率先申请稳定 币发行人牌照。此外，中资银行、沙盒测试企业、大型央国企以及拥有支付牌照的互联网大厂都跃跃欲 试。而证券公司在初期将更多承担稳定币的交易、托管、融资、咨询等业务，并提供传统资产代币化相 关的数字资产配置服务。目前，已有44家券商等机构升级了虚拟资产交易牌照，相比6月末新增了3家。 （证券时报） ...

Core Viewpoint - Ant Group's subsidiaries, Ant Digital Technology and Ant International, are applying for stablecoin licenses in Hong Kong, reflecting a strategic move to enhance their global financial technology services and cross-border payment capabilities [1][3]. Group 1: Company Actions - Ant Digital Technology has initiated the application for a stablecoin license in Hong Kong and has engaged in multiple rounds of communication with regulators [1]. - Ant International is also planning to apply for a stablecoin license, focusing on global cash management and expanding its investments in AI, blockchain, and stablecoin innovations [1][3]. - Both subsidiaries operate independently with their own management teams, allowing them to pursue stablecoin licenses without conflict [3]. Group 2: Market Context - The application for stablecoin licenses is seen as a response to the evolving regulatory environment in Hong Kong, particularly with the upcoming implementation of the Stablecoin Regulation Bill on August 1 [1][4]. - Stablecoins are expected to lower cross-border payment costs and enhance settlement efficiency, making them attractive for Ant International's focus on cross-border payments [3][4]. Group 3: Strategic Implications - Ant Digital Technology aims to leverage its existing blockchain capabilities to drive the development of new asset classes centered around technology [4][6]. - The establishment of "Ant Xinneng" in collaboration with GCL-Poly Energy Holdings indicates a commitment to creating digital trading scenarios based on stablecoins, enhancing market potential [5][6]. - The focus on compliance and infrastructure development is crucial for ensuring the successful integration of stablecoins into traditional financial systems [5][6].

Group 1 - The Chinese Ministry of Foreign Affairs emphasized the importance of the recent China-US economic and trade consultation meeting, highlighting that both sides reached a consensus on implementing the key agreements from the June 5 call between the two heads of state [1] - The People's Bank of China and the State Administration of Foreign Exchange announced measures to support the construction of a multi-level financial market across the Taiwan Strait, encouraging quality Taiwanese enterprises in Fujian to list in mainland China [2] - The National Development and Reform Commission stated that reforms in financial markets will support eligible companies listed on the Hong Kong Stock Exchange to issue depositary receipts on the Shenzhen Stock Exchange [2] Group 2 - Major Chinese automotive companies, including FAW, Dongfeng, and GAC, committed to a payment term of no more than 60 days, which is seen as a positive step for the sustainable development of the automotive industry [3] - The Hangzhou government issued regulations to enhance the management of intelligent connected vehicles, aiming to promote the development of the entire industry chain [3] Group 3 - Ant International announced plans to apply for a stablecoin license in Hong Kong and Singapore, expressing its commitment to contribute to Hong Kong's development as an international financial center [4]

Core Viewpoint - The Hong Kong Special Administrative Region's "Stablecoin Regulation" will take effect on August 1, 2025, establishing a licensing system for stablecoin activities, which is seen as a milestone for the sustainable development of Hong Kong's stablecoin and digital asset ecosystem [1][2]. Licensing Requirements - The regulation mandates that any entity issuing fiat-backed stablecoins in Hong Kong or claiming to issue such stablecoins must apply for a license from the Financial Management Commissioner [2][3]. - Entities must not engage in regulated stablecoin activities without a license, which includes issuing specified stablecoins or promoting activities that would constitute regulated activities if conducted in Hong Kong [2][4]. Regulatory Framework - The regulation sets a minimum paid-up capital requirement of HKD 25 million for non-bank entities seeking a license, which may pose a barrier for smaller players [6][8]. - Licensed entities must maintain separate reserve asset portfolios for each type of stablecoin, ensuring that the market value of these reserves is at least equal to the face value of the outstanding stablecoins [7][8]. Impact on Market Participants - The high entry barriers may lead smaller companies to pivot towards providing compliance technology or operational support to licensed entities rather than issuing stablecoins themselves [8]. - Mainland Chinese companies may seek to establish subsidiaries in Hong Kong to apply for stablecoin licenses, as participation in virtual currency activities is heavily restricted in mainland China [11][12]. Timeline of Regulation Development - The timeline includes key milestones such as the release of discussion papers and consultation summaries by the Hong Kong Monetary Authority (HKMA) and the Treasury, culminating in the announcement of the regulation's effective date [10].