HK Stock Market Move | Stablecoin craze triggers surge in brokerage stocks, South China Fin (00619) up more than 90% in the afternoon, CC Securities (01375) up over 70%.

Brokerage stocks are rising strongly. As of the time of writing, SOUTH CHINA FIN(00619) rose by 94.2%, to 0.435 Hong Kong dollars; CC SECURITIES(01375) rose by 64.14%, to 3.25 Hong Kong dollars; WELL LINK SEC(08350) rose by 49.36%, to 0.233 Hong Kong dollars; CISI FIN(06058) rose by 32.63%, to 0.63 Hong Kong dollars; Guolian Minsheng(01456) rose by 18.44%, to 5.46 Hong Kong dollars; Guotai Haitong(02611) rose by 12.34%, to 15.24 Hong Kong dollars. On the news front, the "Stable Coin Regulations" of the Hong Kong Special Administrative Region will officially take effect on August 1, 2025. Prior to this, GUOTAI JUNAN I, Tianfeng International Securities, and other brokerage firms have been formally approved to expand their license business scope and provide virtual asset trading services to professional investors. China Great Wall believes that major domestic and international events will enter a period of intensive overlap after July, and the grand narrative may be a key factor in determining further market strength. In the short term, the stable coin-related license obtained by GUOTAI JUNAN I has attracted widespread market attention. Market trading volume has recently rebounded, which may increase the attractiveness of the securities sector in terms of pricing. In terms of trading pace, the market may focus on internal issues in stages, which will depend on key high-level meetings in July, as well as the expected heavyweight conferences and major events. In addition, the Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting on July 10 to study the development trends and response strategies of cryptocurrencies and stable coins. Hua Long Securities stated that as more "players" enter the stable coin circle, global competition in on-chain finance is expected to accelerate. At the same time, encrypted assets will shift their focus from mainly anchoring US Treasury bonds to a diversified range of assets. Leveraging RWA as a bridge, financial innovation will better enhance the activity of asset investment and increase liquidity, and stable coins as a key payment tool are expected to play a significant role in this.