Core Insights - The article discusses the launch of three core products by OSL Group, marking a strategic declaration for the future of compliant crypto finance in Hong Kong as the region prepares for the implementation of the stablecoin regulation [1][6] Group 1: Compliance as a Central Theme - The term "compliance" was a recurring theme throughout the OSL launch event, contrasting with previous Web3 events that focused on disruption [2] - OSL's Chief Business Officer described the upcoming stablecoin regulation as a significant milestone in global digital asset regulation, emphasizing the importance of compliance and licensed platforms [2] Group 2: Comprehensive Infrastructure Development - OSL aims to create a full-chain compliant infrastructure covering the issuance of stablecoins, asset tokenization, and enterprise-level crypto payment solutions [3][4] - The StableX platform is designed for financial institutions, offering a one-stop solution for compliant issuance, secure custody, and cross-border payments [3] - Tokenworks targets asset management firms and brokers, aiming to simplify the tokenization process while ensuring regulatory compliance [4][5] - OSL Biz Pay facilitates the use of stablecoins for businesses, focusing on cost efficiency and instant payments [5] Group 3: Hong Kong's Positioning in the Global Market - OSL's management highlighted Hong Kong's ambition to become a global testing ground for compliant stablecoins and tokenized assets, especially in light of increasing global regulatory scrutiny [6] - The launch of OSL's products aligns with Hong Kong's strategy to attract international capital and projects by establishing a clear licensing framework [6] Group 4: Challenges Ahead - The success of OSL's products hinges on the actual adoption by financial institutions and traditional enterprises, as well as the market's genuine demand for these compliant solutions [7] - The article emphasizes that while the regulatory framework and infrastructure are in place, the real test will be the engagement of institutional capital and the evolution of user habits in the virtual asset market [7]

近日，多名香港稳定币生态参与者向记者透露了最新的准备进展。例如，圆币创新科技有限公司（RD InnoTech Limited，以下简称圆币创新）称，公司已完成多项稳定币牌照申请相关准备，正积极探索稳 定币在以太坊等区块链上的发行计划。HashKey Exchange（虚拟资产交易平台）表示，预计相关法案在 反洗钱、金融风险管控上非常严格，平台已为此做好充分准备。 香港稳定币生态参与者已着手准备相关业务 首批香港稳定币发行人"沙盒"（sandbox，指一种隔离的测试环境）参与者之一的圆币创新对记者表 示，其母公司圆币科技集团（RD Technologies，以下简称圆币科技）已成功完成接近4000万美元A2轮 融资，其在香港构建合规稳定币基础设施领域的地位有望进一步巩固。 据悉，本轮融资由众安国际（ZA Global）、中湾国际（China Harbour）、璀璨投资（Bright Venture） 及Hivemind Capital等现有及新投资人共同领投，其他投资人包括红杉中国（HSG）、恒久数字资本 （Eternal Digital）、君实投资与国泰君安国际私募股权基金等。 圆币创新表示，随着香港《稳定币 ...

Core Viewpoint - Stablecoins are reshaping the underlying logic of cross-border payments and asset transactions, serving as a "digital anchor" that connects traditional finance with digital assets, particularly in Hong Kong's strategy to become a global innovation center in the digital asset space [1] Regulatory Framework Development - Since 2022, Hong Kong has initiated a systematic exploration of stablecoin regulation, moving from legislative preparation to sandbox trials, and establishing a regulatory framework focused on the core value of "trust" [1] - The Hong Kong Monetary Authority (HKMA) recognized the dual impact of stablecoins on financial stability and innovation, aiming to balance these aspects in its regulatory approach [2] - In December 2023, HKMA proposed that issuers of fiat-backed stablecoins must apply for a license, with only licensed issuers allowed to sell to retail investors [3] Legislative Progress - 2024 is a pivotal year for Hong Kong's stablecoin regulation, with the HKMA and the Financial Services and the Treasury Bureau set to release a consultation report that establishes design principles for the regulatory framework [4] - The consultation received 108 submissions, indicating broad support for introducing regulatory measures for fiat stablecoin issuers to manage potential monetary and financial stability risks [4] - The legislative process accelerated in December 2024 with the publication of the Stablecoin Regulation Draft, which outlines licensing requirements, reserve asset standards, and risk protection mechanisms [6] Implementation and Market Response - The Stablecoin Regulation was officially passed by the Hong Kong Legislative Council on May 21, 2025, marking the introduction of a licensing system for fiat stablecoin issuers [8] - The HKMA has maintained a cautious stance amidst market enthusiasm, emphasizing that stablecoins are payment tools without appreciation potential, and warning against speculative behavior [9][10] - Initial licensing will be limited, with expectations that only a few licenses will be granted, reflecting a stringent regulatory environment [11]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - The Hong Kong Stablecoin Ordinance will officially take effect on August 1, with the Hong Kong Monetary Authority (HKMA) releasing relevant guidelines and documents [20][22] - The HKMA anticipates issuing the first batch of stablecoin licenses as early as next year, with no limit on the types of currencies or the scale of issuance [27][28] - Continuous improvements in Hong Kong's virtual asset regulatory framework are expected to stimulate market demand and expand application scenarios for stablecoins [24][25] Summary by Sections 1. Regulatory Framework - The HKMA has established a regulatory regime for stablecoin issuers, which includes guidelines on reserve asset management, compliance for issuance and redemption, and financial standards [23][24] - The guidelines emphasize risk management, compliance, information disclosure, and consumer protection [23][24] 2. Sandbox Participants and Use Cases - As of July 2024, three institutions have been announced as participants in the HKMA's stablecoin issuer "sandbox": JD Coinlink Technology, RD InnoTech, and a joint venture involving Standard Chartered Bank, Animoca Brands, and Hong Kong Telecommunications [8][28] - Use cases for these participants include cross-border payments, investment trading, and virtual asset transactions [28] 3. Licensing and Competitive Advantage - Companies that obtain early mover advantages in licensing, particularly for stablecoin issuers and virtual asset trading platforms (VATP), are likely to become major beneficiaries in the industry [25][15] - The report highlights that online brokers with a large customer base and VATP licenses, such as Futu, will have competitive advantages [25][15] 4. Market Demand and Future Outlook - The official launch of Hong Kong dollar-pegged stablecoins is expected to facilitate more efficient cross-border fund flows and extend the application of stablecoins beyond the cryptocurrency ecosystem [24][25] - The report suggests that ongoing regulatory enhancements will activate market demand for virtual assets and broaden their application scenarios [24][25]

Core Viewpoint - Hong Kong's "Stablecoin Regulation" will officially take effect on August 1, with the issuance of stablecoin licenses imminent, establishing a robust regulatory framework for stablecoin issuers and enhancing market credibility [1][3]. Regulatory Framework - The Hong Kong Monetary Authority (HKMA) has held technical briefings and released documents regarding the stablecoin issuer regulatory system, which will be implemented on August 1, 2025 [1][3]. - The regulatory guidelines include the "Licensed Stablecoin Issuer Regulatory Guidelines" and "Anti-Money Laundering and Counter-Terrorist Financing Guidelines" [3]. - The HKMA encourages interested institutions to contact them by August 31, 2025, to understand regulatory expectations and improve application efficiency [3]. License Issuance - As of July 29, no licenses have been issued, and the HKMA plans to publish the list of licensed stablecoin issuers on its website [4]. - The initial phase will see only a few licenses granted, with a focus on specific use cases such as cross-border trade [5][7]. Market Participants - Several institutions, including Ant Group and JD.com, are predicted to be among the first to receive licenses due to their blockchain technology expertise and application scenarios [2]. - The HKMA has received interest from dozens of institutions, but many lack concrete application scenarios and risk management capabilities [6]. Sandbox Testing - The HKMA will launch a "Stablecoin Issuer Sandbox" in March 2024 to provide a controlled testing environment for institutions planning to issue stablecoins [6]. - The first batch of sandbox participants includes five institutions, including two blockchain technology companies [6]. Virtual Asset Regulation - Hong Kong is actively building a global virtual asset center and exploring the application of offshore RMB (CNH) stablecoins [8]. - The Securities and Futures Commission (SFC) has released a regulatory roadmap for virtual assets, aiming to balance innovation and risk management [8]. Brokerage Developments - Chinese brokerage firms are rapidly entering the virtual asset trading service sector, with several obtaining relevant licenses from the SFC [9]. - The approval of these licenses is seen as a significant signal of Chinese banks entering the virtual asset market [9].

Core Viewpoint - The implementation of Hong Kong's "Stablecoin Regulation" on August 1 marks a significant milestone, leading to increased market interest and notable performance in related stocks, including several "10x bull stocks" [1][2]. Group 1: Market Performance - Since June, stablecoin-related stocks have surged, with companies like China San San Media and Jiaming Technology achieving remarkable gains, including a 72.73% increase in China San San Media's stock on July 16, and a cumulative increase of 17.70 times this year [2]. - Jiaming Technology has also seen its stock price double since June, with a cumulative increase of 16.12 times this year [2]. - Other stocks such as Yao Cai Securities, OK Blockchain, Yunfeng Financial, and others have reported cumulative increases exceeding 100% this year [3]. Group 2: Strategic Moves and Financing - Companies are actively preparing for stablecoin issuance, with China San San Media announcing plans to apply for a stablecoin license and utilizing funds from new share placements [2]. - Fourth Paradigm announced a placement of 25.9 million shares to raise approximately HKD 1.308 billion, aiming to develop a "stablecoin intelligent risk control & compliance solution" [5]. - ZHONGAN Online completed a share placement to raise HKD 3.92 billion, with 30% allocated for fintech innovation, and is involved in providing banking services for stablecoin issuers [6]. Group 3: Regulatory Environment - The Hong Kong Monetary Authority (HKMA) is set to release a summary of the "stablecoin issuer licensing system," which will detail the application process for licenses [7]. - The regulatory framework is expected to clarify compliance requirements, which will be crucial for the stablecoin industry's development and may enhance the internationalization of the Renminbi [1][7].

Core Viewpoint - The article discusses the regulatory concerns surrounding the hype of stablecoins in the Hong Kong market, emphasizing the need for a more cautious approach to their development and issuance [2][4]. Group 1: Regulatory Concerns - The Hong Kong Monetary Authority (HKMA) has expressed worries about the excessive conceptualization and market exuberance surrounding stablecoins, indicating a bubble-like trend [4]. - HKMA's president, Yu Weiwen, highlighted that despite initial plans to issue only a few stablecoin licenses, numerous institutions have approached the HKMA for potential licensing [8][9]. - Yu noted that many institutions are still in the conceptual phase and lack practical application scenarios, which raises concerns about their ability to manage financial risks effectively [10]. Group 2: Market Reactions - Several listed companies in Hong Kong have seen significant stock price increases due to the stablecoin concept, with the Oriental Fortune Hong Kong Stablecoin Index rising by 2.49% on July 23 [2]. - Notable stock movements include Puxing Energy, which surged by 141.38% on July 10, and Delin Holdings, which experienced a price increase of over 70% on the same day due to announcements related to stablecoin projects [5][6]. - The article mentions that many A-share companies have issued clarifications stating they do not engage in stablecoin activities after being classified as stablecoin concept stocks [6]. Group 3: Future Developments - The HKMA plans to release a summary of the stablecoin issuer licensing system next week, with the licensing process set to begin on August 1 [10]. - The article indicates that only a few institutions have officially announced their intentions to apply for stablecoin licenses, including JD Coin Chain Technology and a consortium involving Standard Chartered Bank [10].

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) is expressing concerns over the excessive hype surrounding stablecoins, indicating a potential bubble in the market as companies claim intentions to explore stablecoin businesses, leading to significant stock price increases [1][2][7]. Group 1: Market Reactions - Several listed companies in Hong Kong have seen substantial stock price increases due to the stablecoin concept, with the Hong Kong stablecoin index rising by 2.49% on July 23 [1]. - Notable stock performances include Puxing Energy, which surged by 141.38% on July 10, and subsequently recorded a cumulative increase of 275.86% over five trading days [3]. - Delin Holdings also experienced a significant rise, with a 70% increase on July 10, closing up 18.40% after announcing progress in a tokenization project [3][4]. Group 2: Regulatory Insights - HKMA has clarified that only a limited number of stablecoin licenses will be issued initially, emphasizing the need for real application scenarios for stablecoin issuers [2][7]. - Despite the regulatory stance, dozens of institutions have approached HKMA, with some expressing clear intentions to apply for stablecoin licenses [5][6]. - HKMA's president highlighted that many institutions remain in the conceptual phase without practical application plans, while others lack the necessary risk management capabilities [8]. Group 3: Future Developments - The "Stablecoin Regulation" in Hong Kong is set to take effect on August 1, with the licensing process about to commence [8]. - HKMA plans to release a summary of the stablecoin issuer licensing system, addressing the application process and related rumors in the market [8].

Investment Rating - The report maintains an optimistic outlook on the Hong Kong stock market, particularly regarding new IPOs and sectors such as stablecoins, new consumption, and innovative pharmaceuticals [3][10]. Core Insights - The report highlights new investment paths following the implementation of stablecoin legislation, emphasizing the positive sentiment towards Hong Kong and U.S. Chinese stocks, with a notable shift towards new concepts and small-cap stocks [3][10]. - There is a sustained bullish view on virtual assets, including stablecoins, with recommendations for traditional virtual asset companies and infrastructure assets related to blockchain technology [3][10]. - The report identifies potential risks associated with overseas Chinese assets, particularly concerning U.S.-China tariff issues, and suggests monitoring the progress of global tariff negotiations [3][10]. Industry Situation Tracking Education - The Chinese education index increased by 2.10% from July 14 to July 18, outperforming the CSI 300 and SSE 50 indices, while underperforming the Hang Seng Tech Index [11]. - Notable stock performances include a 25.09% increase for Fenbi and a 14.37% increase for Dongfang Zhenxuan, while New Oriental saw a decline of 3.39% [11][19]. Luxury Goods - The luxury goods sector faced slight pressure, with a 6% year-on-year decline in Burberry's sales revenue for Q1 of FY2026, although the decline was less severe than previous periods [25]. - The report notes that the jewelry segment remains a growth driver, with Richemont's jewelry sales increasing by 11% year-on-year [31]. Coffee and Tea Beverages - The coffee sector maintains high growth, while the tea beverage sector shows signs of recovery, benefiting from summer demand and delivery subsidies [5][28]. E-commerce - The e-commerce sector is experiencing slight pressure, with a slowdown in overall growth and intensified competition among platforms [5][34]. - The report highlights a 742.95 billion yuan online retail sales figure for the first half of 2025, reflecting an 8.5% year-on-year growth [37]. Streaming Platforms - The streaming media index rose by 7.8%, outperforming both the Hang Seng Index and the Hang Seng Tech Index [38]. - Notable stock performances include a 12.08% increase for NetEase Cloud Music and an 11.37% increase for Tencent Music [38]. Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization reached $392.19 billion, with Bitcoin and Ethereum prices increasing by 0.4% and 19.9%, respectively [40][43]. - The report emphasizes the positive trend in virtual assets following the passage of the GENIUS Act in the U.S., which establishes a regulatory framework for stablecoins [49].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The global virtual asset licensing system has essentially taken shape, with a systematic regional regulatory framework established [3] - Different regions exhibit variations in virtual asset licensing, reflecting distinct regulatory logics and strategic focuses [3] - Three major collaborative trends are emerging: local currency anchoring, asset custody, and anti-money laundering compliance [3] - Licensed operators and service providers are expected to become mainstream, with regulated trading platforms and stablecoin assets presenting lower risks [3] - The licensing will serve as a significant valuation support factor, with leading companies holding core licenses enjoying first-mover advantages and competitive moats [3] Summary by Sections 01 Global Virtual Asset Licensing System - The licensing framework in Hong Kong includes a dual regulatory structure for stablecoin issuers and virtual asset service providers (VASP) [8][9] - Hong Kong's VASP license requires compliance with strict operational and auditing standards, enhancing market transparency and investor safety [10] - Singapore's regulatory approach emphasizes innovation while ensuring market safety through a clear regulatory framework [11][12] - The European MiCA framework provides comprehensive regulations for crypto assets, categorizing them into electronic money tokens, asset-referenced tokens, and utility tokens [13][14] - The U.S. regulatory landscape is characterized by a complex multi-layered system involving federal and state-level oversight [17][18] 02 Differences and Collaborations in Regional Licensing - Hong Kong's licensing system is more inclusive for retail investors compared to Singapore's cautious approach [26] - The regulatory frameworks in Hong Kong and Europe aim to provide clear guidelines to foster innovation while ensuring compliance [26] - The U.S. regulatory environment is fragmented, requiring compliance with both federal and state regulations [26] 03 Investment Recommendations - Beneficial targets include licensed firms such as Zhongyou Capital, Bank of China Hong Kong, and Coinbase Global [4] - The report highlights the importance of holding licenses as a key factor for valuation and competitive advantage in the virtual asset industry [3][4]