Stablecoin Concept Stocks Surge Again, Leading Gains in A-Shares and Hong Kong Markets
Hong Kong's push for digital asset development has led to a rally in stablecoin-related stocks. Remarks from Financial Secretary Paul Chan on June 16 regarding digital asset regulation spurred gains in A-shares and Hong Kong stocks. Notable increases included Sifang Jingchuang and Tianyang Technology, both up around 20%. The Stablecoin Ordinance will take effect on August 1, with the HKMA speeding up license applications. U.S. stablecoin stocks also saw volatility, with Circle rising over 25%.
TradingKey – Hong Kong’s continued push for digital asset development has fueled another rally in stablecoin-related stocks.
On Monday, June 16, remarks from Hong Kong Financial Secretary Paul Chan regarding digital asset regulation triggered a surge in stablecoin concept stocks, leading gains in both A-shares and Hong Kong-listed stocks.
By the market close:
- In A-shares, Sifang Jingchuang and Tianyang Technology soared around 20%, hitting their daily limit. Lakala and Star Entertainment jumped 15%, while Xiongdike Technology, Feitian Chengxin, and Dongxin Peace followed with gains.
- In Hong Kong stocks, Lianlian Digital and Lianyirong Technology surged over 15%, ZhongAn Online climbed nearly 14%, and Yika gained over 10%. OSL Group, Huaxing Capital Holdings, and China Everbright Holdings also posted strong gains.
Last Friday, Paul Chan announced that Hong Kong will release its second digital asset policy statement, emphasizing that the Stablecoin Ordinance will take effect on August 1. The Hong Kong Monetary Authority (HKMA) will expedite stablecoin license applications once the regulation is in place.
Following this announcement, U.S. stablecoin-related stocks experienced significant volatility, with Circle — the first publicly traded stablecoin issuer — surging over 25%.
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