02598 Overview

Stablecoin Issuer Licenses: Hong Kong is expected to announce its first batch of stablecoin issuer licenses soon, with Standard Chartered, HSBC, and OSL GROUP shortlisted as potential candidates.

Market Reactions: OSL's stock price saw an increase, opening at HKD14.89 before settling at HKD13.94, reflecting a 7.15% rise amid significant trading volume.

Regulatory Environment: The shortlist for the licenses may change, as banks issuing notes are subject to strict regulations, indicating a likely dominance of banks in the final license list.

Additional Candidates: Initially, RD Technologies and digital payment provider LIANLIAN were also considered for the shortlist but may not be included in the final selection.

China's RMB Development: China is expected to approve a new roadmap for the development of the Renminbi (RMB) later this month, potentially including the launch of an RMB-pegged stablecoin to enhance its global usage.

Market Reaction: The news has led to a rally in stablecoin concept stocks, with notable increases in share prices for companies like ZA ONLINE and GUOTAI JUNAN I.

Stock Performance: ZA ONLINE saw a significant rise, trading at HKD20.1, while GUOTAI JUNAN I also experienced gains, closing at HKD5.44.

Short Selling Data: Various stocks showed substantial short selling activity, indicating investor speculation on future price movements amidst the anticipated developments in RMB policy.