HK Stock Market Move | Concept stocks of stable coins rise, GUOTAI JUNAN I(01788) up nearly 5%, YUNFENG FIN(00376) up over 4%.

Concept stocks of stable coins are rising. As of the time of writing, GUOTAI JUNAN I (01788) is up 4.82% at 2.61 Hong Kong dollars; YUNFENG FIN (00376) is up 4.5% at 3.48 Hong Kong dollars; ZA ONLINE (06060) is up 4.42% at 16.07 Hong Kong dollars; BRIGHT SMART (01428) is up 3.35% at 8.33 Hong Kong dollars. In terms of news, Hong Kong Financial Secretary Paul Chan attended an event on December 19 and stated that as of the end of September this year, they have received 36 stable coin license applications from various industries. It is expected that some licenses will be issued early next year, with a priority on prudent reserve management, price stability, and anti-money laundering measures. He believes that these measures not only protect investors, but also reduce potential trading conflicts by establishing a clear compliance path, helping to address potential disputes. Regarding the progress of the licensing system for virtual asset trading and custody service providers, Paul Chan mentioned that they are working with the Hong Kong Securities and Futures Commission to establish detailed content for the licensing system. They plan to submit it to the Legislative Council for review next year. The regulatory framework will cover key aspects of the virtual asset industry, aiming to strike a balance between risk management and innovation.