A capital frenzy spawned by Hong Kong's stablecoin licenses is sweeping the Hong Kong stock market; small-cap companies soar upon receiving licenses, and loss-making enterprises instantly become market darlings.
The market is glaringly red. The stock price of Jin Yong Investment (01328.HK) skyrocketed from 1.99 HKD to 15 HKD like a rocket, with a single-day maximum increase of 650%, ultimately closing with a gain of 527%.
The trading volume increased nearly 300 times, with 230 million HKD flooding into this company, which had lost 180 million HKD last year. The ignition point was merely a notice—a strategic cooperation memorandum signed with AnchorX, the issuer of the offshore RMB stablecoin AxCNH.
This is not an isolated case. As soon as the news of Duodian Shuzhi preparing to apply for a stablecoin license was released, the stock price soared 90%; Guotai Junan International surged 198% after obtaining a virtual asset trading license; Victory Securities surged 161% in a single day after receiving a license.
Hong Kong stocks associated with 'stablecoins' have become a magical spell in the eyes of capital, turning stone into gold.
Policy dividends, Hong Kong presses the 'accelerate' button for stablecoins.
Hong Kong's regulatory sandbox is hatching capital monsters.
On August 1, the (stablecoin regulation) will officially take effect, and the Hong Kong Monetary Authority has initiated market consultations, with the first batch of licenses to be issued within the year and limited to 'single digits'.
The Secretary for Financial Services and the Treasury, Xu Zhengyu, clearly stated: 'Licenses are not sprinkled like sesame seeds; we must select the best among the best.' This expectation of scarcity directly ignites market enthusiasm.
More significantly, the (Hong Kong Digital Asset Development Policy Declaration 2.0) was released, listing stablecoins and RWA (tokenization of real-world assets) as strategic dual cores. In the Hong Kong Monetary Authority's sandbox, giants like Ant Technology, JD Coin Chain, and Standard Chartered Bank have been secretly training for a long time, just waiting for the license to be issued.
The regulatory arbitrage window is opening. While the U.S. strictly restricts algorithmic stablecoins and the EU builds high walls with the (Crypto Asset Market Regulation Act), Hong Kong, on the other hand, opens its arms.
The policy gap has made global capital smell opportunity—the Eastern crypto hub is rising.
The battle among giants for stablecoin licenses is heating up.
A silent battle for 'currency issuance rights' has quietly begun.
The actions of Zhao Linghuan, the leader of Hongyi Investment, can be described as textbook-level capital strikes. Before the surge of Jin Yong Investment, he precisely increased his holdings by 11,000 shares, bringing his shareholding ratio to 63.02%.
At its peak of 15 HKD, its single-day paper profit exceeded 2.1 billion HKD. This capital tycoon from the Lenovo system, through the marriage of Jin Yong Investment and AnchorX, has positioned himself in the cross-border payment scene for stablecoins.
The real catfish is traditional financial giants. Guotai Junan International has obtained the 7th category license from the Hong Kong Securities and Futures Commission, becoming one of the few Chinese brokerages allowed to trade cryptocurrencies and stablecoins.
Banking institutions are also unwilling to be outdone; Standard Chartered Hong Kong and Hong Kong Telecom are forming a stablecoin issuance alliance.
Tech companies are taking a different approach. Duodian Shuzhi positions stablecoins as 'efficiency tools for cross-border payments', and Vice President Tang Yifan openly stated that they have allocated Bitcoin and recruited Web3 talent.
Industry giants like Ant Group, JD.com, and Xiaogoods City are queuing up to apply for licenses; a cross-industry hunting spree has already begun.
The revolution in cross-border payments, a new path for RMB internationalization.
Behind the frenzy of stablecoins lies a larger narrative—the revolution in cross-border payment efficiency.
When Ant Chain reduced cross-border remittance time from 3 days to 10 minutes and transaction fees from 6% to 0.3%, the traditional SWIFT system appeared as clumsy as a dinosaur. The 'Multilateral Central Bank Digital Currency Bridge' (mBridge) promoted by Hong Kong further achieves cross-border settlement in 6-9 seconds, with costs reduced by 50%.
Offshore RMB stablecoins are the key to breaking the deadlock. AxCNH, issued by AnchorX, is pegged 1:1 to offshore RMB, and if recognized by Hong Kong regulators, it could open up new channels for RMB internationalization.
Xu Zhengyu has an open attitude towards this: 'If it involves currencies from other jurisdictions, I am willing to discuss with relevant institutions.'
Data reveals huge potential: by 2025, the global cross-border payment scale will exceed 94 trillion yuan, with China accounting for 1.3 trillion USD.
The penetration of stablecoins in B2B trade and e-commerce settlement scenarios is triggering limitless imagination in the capital market.
The risk of speculative stocks, a deadly divergence between fundamentals and stock price.
Behind the carnival, the sound of bubbles bursting can be faintly heard.
The surge of Jin Yong Investment is like a dangerous magic trick: with a revenue of only 120 million HKD in 2023 and a net loss of 180 million HKD, its market value soared to 3 billion HKD due to a memorandum of cooperation.
Duodian Shuzhi is also deep in the quagmire of losses, with a net loss of 420 million HKD last year.
Small-cap companies in Hong Kong stocks have become a perfect hunting ground for speculative capital. 80% of the market's average daily trading volume is concentrated in 200 blue-chip stocks, while the other 4,000 stocks average less than 10 million HKD in daily trading.
In this liquidity desert, a small amount of funds can trigger a tsunami in stock prices.
The regulatory alarm has sounded. The Shenzhen Special Task Force for Preventing and Combating Illegal Financial Activities issued a risk warning, pointing directly at the chaos of 'illegal fundraising under the guise of stablecoins.'
The Hong Kong Securities and Futures Commission strengthens monitoring of abnormal transactions, and the Bank for International Settlements pointed out the three major pitfalls of stablecoins: lack of national credit backing, weak anti-money laundering defenses, and inability to flexibly generate loans.
The future battlefield, the power struggle of the new order of digital finance.
When the tide of speculation recedes, the true value anchor will eventually emerge.
Hong Kong's ambition is to build a dual-track system of 'regulatory sandbox + license management' to prevent risks through high thresholds while attracting global digital asset enterprises.
Technological evolution is irreversible. The deep integration of blockchain and AI has improved the interception efficiency of Tencent's anti-money laundering system by 5 times; the coverage of the CIPS system has increased to 47 countries, and the Shenzhen-Hong Kong 'cross-border payment' achieves second-level settlement.
By 2030, the global cross-border payment scale may reach 320 trillion USD, with digital currencies contributing more than 30% of the increment.
The tokenization of real-world assets (RWA) has become a key battlefield. Hainan Huatie is digitizing 26 billion yuan of assets on-chain, and the issuance of government tokenized bonds is beginning to take shape.
Hong Kong has established the 'Blockchain and Digital Asset Pilot Funding Program', and the battle for the global digital financial high ground has just begun.
The market is always looking for the next Jin Yong Investment. After AnchorX, giants like Ant Technology, JD Coin Chain, and Xiaogoods City are lining up for licenses in Hong Kong.
In the Hong Kong Monetary Authority's sandbox, a consortium of Standard Chartered Bank and Hong Kong Telecom is testing the HKD stablecoin system.
When a strange temperature difference appeared on both sides of the Shenzhen River—while Shenzhen cracked down on 'illegal fundraising using stablecoins', Hong Kong accelerated the construction of a regulatory framework for stablecoins—capital is voting with its feet to give a clear direction.
Whether Hong Kong can become the global third pole for stablecoins beyond New York and Zurich depends on the first batch of single-digit licenses.
In the face of changing winds, how can one walk alone? The ace team has gathered! Non-madmen and ambitious people, please stay away!
