Written by: Oliver, Mars Finance

On July 9, 2025, the Hong Kong stock market was enveloped in a bizarre atmosphere of extremes. The previous trading day, Jinyong Investment (01328.HK) had surged like a runaway wild horse, with its stock price skyrocketing from less than HKD 2 to HKD 15, a more than sixfold increase, thanks to a memorandum of understanding for a "stablecoin" partnership, briefly pushing its market value past HKD 10 billion. However, just 24 hours later, the dazzling fireworks turned into a cold waterfall, with the stock price plummeting over 40%, trapping countless latecomers at the peak.

This thrilling capital roller coaster was like a thunderclap, shattering the noisy prelude of Hong Kong's "stablecoin concept." It is not only a classic case of speculation and bubbles but also a prism reflecting the capital's desires, anxieties, and confusions under the grand narrative of Hong Kong's journey towards becoming a global Web3 hub. As everyone focused on the supposedly "single-digit" number of stablecoin licenses, a deeper question emerged: in this "gold rush" carefully orchestrated by regulators, who are the real players? Who are the speculators swept along by the tide?

The Map of Regulation and the Gold of "Licenses"

To understand this frenzy, one must first comprehend the carefully drawn "treasure map" in the hands of the Hong Kong Monetary Authority (HKMA). At the core of this map is the "sandbox" plan for stablecoin issuers and the future license that will be as precious as gold.

Unlike many regions around the world that have an ambiguous or hostile attitude towards cryptocurrencies, Hong Kong has chosen to embrace a path of active engagement alongside strict regulation. The Secretary for Financial Services and the Treasury, Christopher Hui, has already sent a clear signal to the market: the stablecoin licenses to be issued in the future will be "single-digit." This seemingly casual remark is akin to announcing a limited auction of top-tier resources in the capital market. At this moment, licenses have become the new "oil," a ticket to enter the future digital financial world, with their scarcity itself constituting unparalleled value.

The HKMA's "sandbox" plan is the first checkpoint on the road to treasure. It is not an open selection process that anyone can participate in, but an invitation-only competition limited to elites. The first three groups of finalists announced in July 2025 reveal the regulators' clear vision for the future stablecoin ecosystem:

• JD Coin Chain Technology: Backed by Chinese e-commerce and supply chain finance giant JD, targeting the enormous potential of stablecoins in the real economy, especially in cross-border trade and payment.
• Yuan Coin Innovation Technology: Its shareholders are linked to China's leading internet insurance company ZhongAn Online, pointing to innovative scenarios in fintech and inclusive finance.
• The cross-industry alliance of Standard Chartered Bank, Animoca Brands, and Hong Kong Telecom: This can be considered a "royal flush" combination, gathering the compliance experience of an international bank, the ecological network of a top global Web3 gaming company, and the user base of a local telecom giant.

It is not difficult to see that the "gold diggers" sought by regulators are those who hold real application scenarios, possess strong capital strength, and have a solid compliance foundation. They are expected to use the tool of stablecoins to genuinely address the pain points of the real economy, rather than merely creating a speculative chip detached from reality.

The Diverse Faces of Gold Diggers

Guided by this official map, various players in the Hong Kong stock market began to perform a vivid tableau of diversity. They can be roughly divided into three categories: "franchisees" holding official licenses, "shovel sellers" providing services around the gold rush, and "wildcat explorers" attempting to find shortcuts outside the map.

"Franchisees" undoubtedly include companies like ZhongAn Online (06060.HK) and JD Group (9618.HK) that are directly associated with sandbox participants. They are the most prominent "seed players" in the market, with their value deeply tied to whether the sandbox can successfully "exit the box" and commercialize. ZhongAn Online's layout is particularly far-reaching, as its virtual bank "ZhongAn Bank" has even begun to provide reserve services for stablecoins, transitioning from a mere "concept stock" to a core infrastructure provider for the future stablecoin ecosystem.

"Shovel sellers" are licensed institutions like OSL Group (00863.HK) and Victory Securities (08540.HK). As one of the first licensed virtual asset trading platforms (VATP) in Hong Kong, OSL's business serves as the "water, electricity, and gas" of the entire ecosystem. Regardless of who ultimately obtains the stablecoin license, transactions and circulation will need to occur on compliant platforms. OSL's recent announcement of acquiring Canadian crypto payment company Banxa further highlights its ambition to build a global compliant digital asset network. The business model of such companies is clearer and relatively lower in risk, as they steadily sell shovels and jeans during the gold rush.

On the other hand, Jinyong Investment has become the most vivid footnote of "wildcat explorers." Before the announcement in July, the company's main business had no connection to virtual assets. It relied on a non-binding memorandum of understanding signed with a company called AnchorX. However, the market's fervent enthusiasm selectively ignored two fatal details: first, the memorandum is not legally binding, and the partnership could collapse at any time; second, the core license of its partner AnchorX is granted by Kazakhstan's financial regulatory authority, which is almost equivalent to a worthless piece of paper within Hong Kong's regulatory framework.

The story of Jinyong Investment is a typical tragedy of "gold digging with the wrong map." It attempted to bypass the strict path delineated by the HKMA, hoping for a "offshore RMB stablecoin" narrative filled with imagination but lacking any compliance foundation. The market's brief enthusiasm stemmed from a blind worship of the term "stablecoin" and a collective anxiety of fear of missing out (FOMO). When the tide receded, and investors finally saw the illusion of its partnership and the thinness of its qualifications, the collapse of the stock price became inevitable.

After the Revelry, the Trial of Value

The farce of Jinyong Investment, rather than a scandal, can be seen as an expensive market education. It revealed a simple truth to all participants in the most extreme way: in Hong Kong, any Web3 narrative detached from "compliance" is ultimately a castle in the air.

This incident also forced the market to engage in deeper reflection. The capital's pursuit of new narratives is eternal, especially in a market environment lacking growth highlights, where "stablecoins" and "Web3" serve as a shot of adrenaline. However, when narratives detach from fundamental value, they inevitably evolve into a dangerous game of hot potato.

True value lies hidden beneath the noise. When century-old financial giants like Standard Chartered Bank are willing to partner with Web3 newcomers like Animoca Brands to explore the use of stablecoins for in-game payments and digital collectible transactions; when JD attempts to use stablecoins to solve the efficiency of cross-border settlements in its vast supply chain network—this is the most exciting part of Hong Kong's stablecoin story. It signifies that digital assets are moving from the margins to the mainstream, from speculation to application.

For Hong Kong, the ultimate goal of this regulator-led experiment is not to spawn a few stocks that soar and plummet. The real objective is to establish a globally leading and trustworthy stablecoin ecosystem by introducing players with the highest standards and strongest capabilities, thereby consolidating its position as an international financial center and seizing the initiative in the future Web3 wave.

The stock price K-line chart of Jinyong Investment will be remembered as an interesting footnote in Hong Kong's financial history. It marks the end of an era—an era where stocks could be wildly speculated based solely on concepts and announcements. A new era is beginning, where the true "gold" does not belong to the best storytellers, but to those who can build real value on the regulatory map, one shovel and one pick at a time. The revelry of the gold rush has ended, but the trial of value has just begun.

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