According to an exclusive report by Caixin, due to recent changes in policy direction, Chinese banks and other institutions that previously actively participated in applying for Hong Kong's stablecoin licenses may adjust their strategies. Internet giants and the branches of central state-owned enterprises and state-owned financial institutions in Hong Kong engaging in stablecoin and cryptocurrency businesses may be restricted; the behavior of internet platforms participating in investments in cryptocurrencies and cryptocurrency exchanges abroad will also face limitations, requiring a focus on developing the real economy.