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As HK Stablecoins Ordinance Takes Effect Today, Related Concept Stocks Plunge; BRIGHT SMART, YUNFENG FIN, GUOTAI JUNAN I, OSL GROUP Slip 7-15%
Recommend 70 Positive 108 Negative 63 |
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The Stablecoins Ordinance of Hong Kong comes into effect today (1st). Rating agency S&P predicted that large tech firms and banks, with abundant resources and technology, are more likely to become the first batch of licensed institutions. Besides, the development of stablecoins presents both challenges and opportunities for the Hong Kong banking industry. S&P forecast that the development of stablecoins will not be disruptive to the market in the short term, and changes in the financial industry will gradually emerge, with regulators closely monitoring market developments. Previously hyped stablecoin concept stocks listed in Hong Kong plunged today (1st). BRIGHT SMART (01428.HK) last traded at HKD12.44, down 15.72%, with a turnover of HKD1.01 billion. YUNFENG FIN (00376.HK) last stood at HKD3.13, down 13.54%, with a turnover of HKD156 million. GUOTAI JUNAN I (01788.HK) last posted at HKD5.92, down 7.5%, with a turnover of HKD1.603 billion. OSL GROUP (00863.HK), the only HK-listed and SFC-licensed cryptocurrency trading platform in Hong Kong, last printed at HKD14.98, down 9.32%, with a turnover of HKD107 million. AASTOCKS Financial News Website: www.aastocks.com |
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