Market Performance: The HSI surged by 637 points (2.5%) to 25,884 at the open, later stabilizing at 25,744 with a turnover of HKD62.23 billion, driven by strong performances from major tech stocks like JD-SW and BABA-W.

Stablecoin Regulatory Concerns: Chinese tech giants, including Ant Group and JD-SW, have halted plans to issue stablecoins in Hong Kong due to regulatory concerns from China regarding private sector-controlled stablecoins, impacting related stocks negatively.

Stock Performance: YUNFENG FIN's stock rose by 9.42% to $6.39 after acquiring a share in Anthea, a global cryptocurrency life insurance company, with a trading volume of 49.4569 million shares.

Strategic Partnership: The company signed a Memorandum of Understanding (MOU) with Anthea to explore blockchain-based insurance solutions, targeting compliance workflows and digital asset users, including crypto life products and savings plans.

Stock Performance: YUNFENG FIN (00376.HK) opened down 10.64% at HKD6.55, with a significant short selling volume of $21.71 million and a ratio of 2.419%.

Share Placement Announcement: The company plans to conduct a top-up placement of 191 million shares at HKD6.1 each, representing a 16.8% discount from the previous closing price, aiming to raise approximately HKD1.15 billion.

Share Placement Announcement: YUNFENG FIN announced a top-up placement of 191 million shares, representing about 4.71% of its enlarged share capital, at a price of HKD6.1 per share, which is a 16.8% discount from the previous closing price of HKD7.33.

Use of Proceeds: The company expects to raise approximately HKD1.15 billion from the placement, with around 70% allocated for system upgrades and talent recruitment, and 30% for general working capital.

Stablecoins Ordinance Implementation: The Stablecoins Ordinance in Hong Kong is now effective, with S&P predicting that large tech firms and banks will likely be the first licensed institutions, while also noting that stablecoins present both challenges and opportunities for the banking sector.

Market Reaction to Stablecoin Stocks: Following the ordinance's implementation, previously hyped stablecoin concept stocks in Hong Kong experienced significant declines, with major drops observed in companies like BRIGHT SMART and YUNFENG FIN.