Core Viewpoint - The stablecoin sector is experiencing significant regulatory developments, with Hong Kong establishing a comprehensive regulatory framework, and Circle planning to list USDC on the NYSE, marking a potential IPO in the stablecoin space [1][3][4]. Summary by Sections What is Stablecoin? - Stablecoins are cryptocurrencies that use distributed ledger technology to peg their value to various fiat currencies, ensuring relative stability [3]. - The Hong Kong government has officially recognized stablecoins as a medium of exchange for goods and services, as well as for debt settlement and investment [3]. Regulatory Developments - The Hong Kong government published the "Stablecoin Ordinance," which marks the establishment of a regulatory framework for fiat-backed stablecoins [1][4]. - The ordinance requires stablecoin issuers to obtain a license and maintain a robust reserve mechanism, ensuring that the value of the reserves equals or exceeds the circulating stablecoins [7][12]. Market Reactions - The market has seen significant volatility in "stablecoin concept stocks," with some companies experiencing daily price fluctuations exceeding 80% [5][6]. - Analysts suggest that the recent price movements are largely driven by speculative trading rather than fundamental company performance [6]. Risks and Challenges - Stablecoins have historically operated in a regulatory gray area, but recent events have highlighted the need for robust oversight to mitigate risks such as liquidity crises and value decoupling [4][8]. - The design and regulation of stablecoins should focus on transparency, traceability, and separation from speculative assets to avoid becoming conduits for illegal activities [7][12]. Potential Applications - Stablecoins are expected to play a significant role in cross-border payments, investment transactions, and retail payments, offering advantages in speed and cost [10][11]. - The Hong Kong Monetary Authority's "sandbox" mechanism allows institutions to test stablecoin operations, with several companies already participating [9][10]. Participation of Mainland Users - Despite the regulatory advancements in Hong Kong, mainland Chinese users are unlikely to participate in stablecoin trading due to strict regulations against virtual currencies [13][14]. - The legal framework in mainland China remains stringent, and participation in stablecoin transactions would still be subject to existing regulatory constraints [14].

Group 1: Stablecoin Regulation in Hong Kong - The Hong Kong government has officially enacted the "Stablecoin Regulation," establishing a licensing system for issuers of fiat-backed stablecoins, enhancing the regulatory framework for virtual asset activities in Hong Kong [3][4] - The regulation aims to address the volatility of cryptocurrencies and is seen as a bridge between traditional finance and the crypto world, with stablecoins currently representing over 8% of the total cryptocurrency market capitalization, valued at over $240 billion as of May 20, 2025 [3][4] - The regulation is expected to accelerate the compliant development of stablecoins, leading to growth in the RWA ecosystem, including issuers, custodial banks, investors, and blockchain technology [4] Group 2: Domestic Innovative Drugs Approval - On May 29, 2025, China’s National Medical Products Administration approved 11 innovative drugs, marking a significant milestone in the domestic innovative drug sector, with many being the first of their kind in the country [8] - From the beginning of 2025 to the end of May, a total of 53 new drugs were approved in China, with 30 being domestic innovations, covering various therapeutic areas including oncology and rare diseases [8] - The innovative drug sector is expected to undergo a valuation reshaping, with upcoming national medical insurance negotiations being a critical event for newly approved drugs to gain market access and accelerate sales [8]

Core Viewpoint - Hong Kong's Financial Services and the Treasury Bureau plans to release a second policy declaration on virtual assets, focusing on integrating traditional financial services with technological innovations in the virtual asset sector, while enhancing the safety and flexibility of real economic activities [1] Group 1: Regulatory Developments - Licensed virtual asset trading platform operators must conduct due diligence on any virtual assets before offering them for trading, ensuring they meet all criteria and have high liquidity [1] - The Hong Kong Securities and Futures Commission (SFC) will continuously assess risks related to virtual assets, including volatility and market manipulation, and will monitor international regulatory developments [1][2] - The SFC has recognized the first virtual asset futures exchange-traded funds (ETFs) for retail investors in December 2022 and the first spot ETFs in April 2024, enhancing the variety of products available in Hong Kong's market [2] Group 2: Market Expansion and Innovation - The SFC's "ASPIRe" roadmap aims to enhance the security, innovation, and growth of Hong Kong's virtual asset market, focusing on expanding the types of virtual asset products and services while ensuring investor protection [3] - The SFC is considering introducing virtual asset derivatives trading for professional investors, along with robust risk management measures to ensure orderly and transparent trading [3] Group 3: Attracting Financial Technology Enterprises - The Hong Kong government has established a one-stop service through the Hong Kong Financial Technology Office to attract international fintech companies, providing assistance with licensing and regulatory frameworks [4] - Tax incentives and funding information will be shared with enterprises, and efforts will be made to connect them with educational institutions and research organizations [4] - Hong Kong's financial institutions have the highest usage rate of generative AI among global markets at 38%, significantly above the global average of 26% [4]

Investment Rating - The report maintains an "Increase" rating for the Southeast Asian fintech sector [8] Core Insights - Southeast Asia's fintech industry has significant growth potential, driven by a robust macroeconomic environment, improving infrastructure, and a friendly policy landscape [13][16] - The four main areas of fintech development are digital payments, internet lending, insurtech, and virtual assets [17][20] - The region's GDP growth is approximately 5%, with a population of 630 million, predominantly under 40 years old, providing a strong consumer base [22][23] Digital Payments - Digital payment penetration is expected to increase, with 44% of transactions still conducted in cash as of 2024, compared to 5.8% in China [39][40] - The COVID-19 pandemic has shifted consumer habits towards online payments, with 33% of consumers using e-wallets for the first time during the pandemic [40] - The main digital payment methods are card payments and e-wallets, with a competitive landscape lacking a dominant player like Alipay or WeChat Pay in China [38][50] Internet Lending - The internet lending market in Southeast Asia is projected to grow from $48 billion in 2022 to $71 billion in 2024, with a penetration rate of only 1.8% [4][14] - The lending market is characterized by high pricing limits (18-180%), small loan amounts (average $18), and short durations, providing substantial profit margins [4][14] - The risk profile is relatively stable, with SeaMoney's 90-day overdue rate at 1.1%, lower than domestic platforms in China [14][16] Insurtech - The insurtech market in Southeast Asia is in its early stages, with a market size of approximately $2.4 billion in 2024, expected to reach $7.5 billion by 2030 [5][14] - The penetration rate of insurtech is low, at about 1.5-3.1%, compared to 8.8% in China [5][14] - Three main business models exist: insurtech platforms, full-stack insurtechs, and insurtech enablers, with the latter focusing on B2B solutions [5][14] Virtual Assets - Southeast Asia shows high interest in virtual assets, with six countries ranking in the top 20 for global cryptocurrency adoption, and Indonesia ranked third [6][14] - The regulatory environment is generally supportive, with governments encouraging the development of the virtual asset market while managing risks [6][14] - Indonesia's cryptocurrency transaction volume reached $157.1 billion from July 2023 to June 2024, the highest in the region [6][14]

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly in the areas of virtual assets and Web3.0 development, suggesting a strong investment opportunity in these sectors [2][9]. Core Insights - The report emphasizes the importance of monitoring global tariff negotiations, particularly the recent developments in U.S.-China trade relations and their potential impact on market dynamics [9]. - There is a notable increase in the quality and risk appetite of Hong Kong assets, with a focus on asset trading platforms as valuable investment opportunities [9]. - The report highlights the active performance of virtual asset-related stocks in Hong Kong, driven by stablecoin policies, and anticipates further regulatory developments in this area [2][9]. Summary by Sections 1. Industry Situation Tracking 1.1 Education - The K12 education sector shows strong growth, with leading institutions reporting over 20% revenue growth for winter training sessions [4]. - Recent product launches in AI education indicate ongoing innovation in the sector [4][17]. 1.2 Luxury Goods - The luxury goods sector is experiencing disruptions due to U.S.-EU tariff policies, with cautious price increases observed among brands [4][19]. - LVMH expresses confidence in the Chinese market despite recent consumption declines, indicating a long-term positive outlook [21]. 1.3 Coffee and Beverage Chains - Coffee and tea remain key categories for delivery platforms, with recent subsidies from platforms like JD.com [4]. - Coffee futures have seen a significant decline, which may alleviate cost pressures for companies like Luckin Coffee [4][27]. 1.4 E-commerce - Major players like Alibaba and JD.com continue to compete aggressively in the delivery and retail sectors, impacting short-term profitability [4]. - The report notes strong performance in the "618" shopping festival, with significant growth in various product categories [32]. 2. Platform & Technology 2.1 Streaming Platforms - The streaming sector shows resilience, with Tencent Music and other platforms benefiting from scale effects [4][33]. - Recent transactions, such as HYBE's sale of SM Entertainment shares to Tencent Music, highlight strategic movements within the industry [34]. 2.2 Virtual Assets & Internet Brokers - The global cryptocurrency market capitalization is reported at $337.44 billion, reflecting a 4% decline [38]. - The introduction of the Stablecoin Regulation in Hong Kong marks a significant step in regulating digital asset activities [41].

Core Viewpoint - The enactment of the Stablecoin Ordinance in Hong Kong marks a significant step in regulating fiat-backed stablecoins, aiming to balance financial innovation with stability in the digital asset sector [1][3]. Summary by Sections Stablecoin Ordinance Implementation - The Stablecoin Ordinance was officially published in the Hong Kong government gazette on May 30, following its passage by the Legislative Council on May 21 [1]. - The ordinance establishes a licensing regime for issuers of fiat-backed stablecoins, requiring them to apply for a license from the Hong Kong Monetary Authority (HKMA) [3]. Regulatory Requirements - Issuers must comply with regulations regarding reserve asset management and redemption, including the segregation of customer assets and maintaining a robust stability mechanism [3]. - The ordinance mandates compliance with anti-money laundering and counter-terrorism financing regulations, risk management, disclosure requirements, and auditing standards [3]. Impact on the Financial Landscape - The HKMA emphasizes that the licensing system will enhance public and investor protection, allowing only licensed entities to sell fiat-backed stablecoins in Hong Kong [3]. - The ordinance is designed to create a stable regulatory environment that aligns with international standards, supporting the sustainable development of the virtual asset market in Hong Kong [3]. Industry Perspectives - Analysts view the passage of the Stablecoin Ordinance as a milestone in the regulatory process for virtual assets in Hong Kong, filling a regulatory gap for fiat-backed stablecoins [5]. - The ordinance is expected to position Hong Kong as a hub for Web3 and digital finance, facilitating the internationalization of the Renminbi and offshore financial services [5]. - The unique "value anchoring regulation" approach differentiates Hong Kong's regulatory framework from those of the EU and Singapore, allowing for comprehensive oversight of stablecoins linked to the Hong Kong dollar [5].

Group 1: Market Overview - The Hang Seng Index fell by 1%, down 235 points, closing at 23,366 points, while the Hang Seng Tech Index decreased by 1.32% [1] - The early trading volume in the Hong Kong stock market reached HKD 127.7 billion [1] Group 2: Airline Sector - Airline stocks continued their recent upward trend, with April civil aviation demand growth significantly improving compared to Q1, leading to expected profitability improvements in Q2 [1] - China National Airlines (00753) rose by 5.76%, Southern Airlines (01055) increased by 4.36%, and Eastern Airlines (00670) gained 1.85% [1] Group 3: Nuclear Energy Sector - The signing of the nuclear energy "revitalization order" by Trump indicates a clear trend towards nuclear power development, resulting in significant gains for nuclear stocks [1] - China General Nuclear Power (01164) increased by 5.63%, and China General Nuclear Power Electric (01816) rose by 3.92% [1][3] Group 4: Technology and AI Sector - Fubo Group (03738) surged over 6%, with Q1 total revenue growing approximately 23% year-on-year as the company accelerates its AI ecosystem layout [1] - Tencent Music (01698) rose over 4%, with Q1 ARPPU improving beyond expectations and stable growth in online music services [1] - Kangnate Optical (02276) increased by over 5%, with AI glasses expected to see rapid growth as the company advances both domestic and international sales [1] Group 5: Cryptocurrency and Virtual Assets - Zhong An Online (06060) surged over 13% following the Hong Kong legislation allowing stablecoins, as Zhong An Bank deepens its layout in virtual asset business [1][2] Group 6: Other Notable Stocks - Chaoyun Group (06601) rose over 8% due to strong growth in the pet consumption market as the company enters the emerging pet sector [1] - Xianjian Technology (01302) increased by over 5% after receiving formal registration approval from the National Medical Products Administration for its aortic arch stent system [1] - Rongchang Bio (09995) fell over 5% after raising approximately HKD 800 million through a recent placement, which is expected to strengthen its cash position [4]

2025.05. 26 本文字数：3734，阅读时长大约6分钟 作者 | 第一财经 周艾琳 近日，香港特区政府表示，欢迎立法会通过《稳定币条例草案》，以在中国香港设立法币稳定币发行 人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持金融稳定，同时推动金融创新。 就在同一期间，美国的稳定币法案推出在即。《引导和建立美国稳定币国家创新法案》(GENIUS法 案)目前以66票对32票通过了美国参议院的程序性投票，标志着该法案在参议院取得了重要进展。后 续，法案将进入参议院全体表决阶段。如果参议院最终通过，法案还需送交众议院审议并通过，最后 由总统签署生效。 事实上，从三年前起香港特区政府就开始关注稳定币。究竟港元稳定币背后的考量是什么？哪些机构 有资格获得牌照？对此，第一财经独家采访了金融科技集团Hashkey代币化高级经理李炼炫，此前他 负责牵头国内头部公募基金金在香港推出的第一批比特币ETF设计。在他看来，明确监管框架是主要 意图，特别是2022年TerraUSD的崩盘事件后（稳定币一周内价值归零），各地监管机构都开始意识 到，稳定币市场的有序发展需要清晰且明确的监管框架。同时，这也有助于维持香港的国际金 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has issued a circular allowing licensed virtual asset trading platforms to offer staking services, marking a significant step in the implementation of the A-S-P-I-Re roadmap for virtual asset industry development [1][2] Group 1: Staking Services and Regulatory Framework - The introduction of staking services is a key practice under the "Product Innovation" pillar of the A-S-P-I-Re roadmap, aiming to create a complete ecosystem from basic trading to derivative services [1] - The SFC's approval of staking services signifies a critical advancement in the financial engineering of virtual assets in Hong Kong, aligning with traditional financial tools like bond repurchase and securities lending [1][2] Group 2: Policy Implications and Risk Management - The policy includes specific arrangements for the staking of spot ETFs, requiring platforms to set a maximum staking ratio to mitigate liquidity spiral risks, reflecting a proactive approach to risk management [2] - The expansion of qualified virtual assets indicates a strategic consideration to enhance market breadth and attract international capital, laying the groundwork for future regulatory recognition with regions like the Middle East and Singapore [2] Group 3: Implementation Challenges and Opportunities - Despite positive market feedback, there are three main risks to monitor: operational pressure on technology, cross-market risk transmission, and management of yield expectations for retail investors [3] - The new regulations are seen as a landmark event in Hong Kong's adherence to the A-S-P-I-Re roadmap, balancing institutionalization, productization, and internationalization in virtual asset regulation [3]

香港财经事务及库务局局长许正宇表示，条例秉持"相同活动、相同风险、相同监管"的原则，着重风险 为本，致力缔造稳健的监管环境，不仅符合国际监管要求，亦为香港的虚拟资产市场提供稳定的基础， 推动行业的可持续发展，保障用户的权益，巩固香港作为国际金融中心的地位。 香港金融管理局总裁余伟文表示，条例建立了一个风险为本、务实和灵活的监管制度。相信稳健和适切 的监管环境可以缔造有利条件，支持香港稳定币以至数码资产生态圈的健康、负责任和可持续发展。 香港政府表示，会继续支持虚拟资产业界发展。随着虚拟资产交易平台及稳定币发行人监管制度的落 实，政府接下来将就虚拟资产场外交易及托管服务展开咨询，并将发表第二份发展虚拟资产政策宣言。 智通财经APP获悉，5月21日，香港立法会今日通过《稳定币条例草案》，以在香港设立法币稳定币发 行人的发牌制度，完善对虚拟资产活动在香港的监管框架。条例预计将在今年内生效，让业界有足够时 间了解发牌制度下的要求。发牌制度亦设有过渡期安排，以便业界能按照条例的要求申领牌照及作出适 当的业务安排。 《稳定币条例》实施后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称锚定 港元价值的法币 ...