HK Stock Market Move | DMALL(02586) opened nearly 15% higher today and closed up 23.64% yesterday. The company is preparing to apply for a stablecoin license.

DMALL (02586) opened nearly 15% higher, with the stock soaring nearly 90% in early trading yesterday before closing up 23.64%. As of the time of writing, it is up 14.9%, trading at HK$12.8 with a turnover of HK$131.994 million. On the news front, on the evening of July 3, DMALL announced that the group is preparing to apply for a stablecoin license and has purchased Bitcoin (BTC) through the public market HashKey Exchange (the investment). The funds are sourced from the company's existing cash reserves (but not from the remaining proceeds of the company's initial public offering). The announcement stated that, given Hong Kong's significant achievements in the Web3 field and the favorable environment created by the Hong Kong government through the issuance of a series of regulatory policies for the sustainable development of the Web3 industry, the group is confident in the future development of the Hong Kong Web3 industry and sees it as an emerging market with great potential for growth.