Since the official implementation of the Hong Kong "Stablecoin Regulation" in August 2025, global capital has focused on the new track of "Renminbi Stablecoin." This has not only attracted international giants like Standard Chartered and Ant Group to rush for licenses but also a group of "pioneer" companies in the A-share industrial chain that have quietly completed their technological positioning. From underlying security to cross-border scenarios, from official cooperation to hardware support, they are far from just riding the concept! An intense licensing battle around compliance dividends is unfolding in Hong Kong. Who will break through first and become the leader in the era of Renminbi stablecoins?
- The Hong Kong Licensing Battle is Heating Up: The Renminbi Stablecoin Track Ignites Global Capital
Regulatory Implementation: The Hong Kong "Stablecoin Regulation" officially took effect in August 2025, laying a compliance foundation for the new track of Renminbi stablecoins.
Giants Rush In: International giants like Standard Chartered and Ant Group are scrambling to apply for licenses, demonstrating immense enthusiasm for the Renminbi stablecoin market.
A-share "Pioneers" Emerge: Leading A-share companies in the industrial chain have quietly completed their technological positioning, with a number of "real" entities surfacing, from underlying security to cross-border scenarios, and from official cooperation to hardware support.
- Five "Pioneers" Emerge: Who Can First Reap the Compliance Dividends?
Sifang Jingchuang (300468): "Technical Vanguard" on the Hong Kong Battlefield
Core Competitiveness: The self-developed Finnosafe platform directly connects the entire process of stablecoin issuance and cross-border clearing, essentially providing financial institutions with a "stablecoin operating system." It has already provided solutions for multiple banks.
Official Cooperation: Close collaboration with the Central Bank Digital Currency Research Institute, always standing at the forefront of official compliance technology from digital Renminbi to stablecoins.
First-Mover Advantage: With the launch of the Hong Kong license application, this "technical service provider" has effectively obtained an "entry permit" in advance, regarded by many institutions as the "infrastructure leader" in the stablecoin field.
Hengbao Co., Ltd. (002104): "Market Share King" of Hardware Wallets
Core Competitiveness: As the core supplier of digital Renminbi hardware wallets, its market share exceeds 45%—meaning that one in every two hardware wallets comes from Hengbao, showcasing an almost "crushing" advantage in the hardware field.
Security Assurance: Quantum encryption technology can directly ensure asset security in cross-border payments and has participated in the Hong Kong Monetary Authority's sandbox testing, even providing hardware support for the JD stablecoin project.
Certainty: Under the "safety first" regulatory logic, this hardware leader with actual landing cases has an obvious certainty.
Lakala (300773): "Double Whammy" of License + Scenarios
Scarce License: The only third-party payment institution in China holding a full license for cross-border Renminbi, naturally possessing compliance advantages in stablecoin and fiat currency exchange and cross-border settlement scenarios.
Scenario Implementation: Smart POS terminals already support "instant exchange" between stablecoins and fiat currencies, covering 80% of cross-border e-commerce parks; the Hong Kong subsidiary is also racing for the first batch of Stored Value Facility (SVF) licenses, effectively "dual-line layout" in the Hong Kong market.
Real Barrier: For stablecoins, "having scenarios + having licenses" is the real barrier, and Lakala just happens to hit these two key points.
Tianyang Technology (300872): "Cost Killer" for Cross-Border Transactions
Core Advantage: Launched a stablecoin recharge credit card system, reducing fees to one-thousandth of traditional remittances, which is almost a "must-have" innovation for frequently cross-border enterprises.
Scenario Implementation: The self-developed cross-border payment system has passed the Hong Kong Monetary Authority's sandbox testing and has collaborated with JD to develop a cross-border B2B settlement system, focusing on the Southeast Asian market.
Electric Science Cybersecurity (002268): "Stabilizing Force" for Underlying Security
Core Competitiveness: The only company in China with the highest qualifications for both confidential and commercial secrets, recognized as an "officially certified security expert," and directly provides underlying cryptographic support to the Central Bank Digital Currency Research Institute.
Official Cooperation: Deeply involved in the Hong Kong Monetary Authority's stablecoin sandbox project, using quantum encryption technology to ensure cross-border payment security.
Irreplaceability: In the context of zero tolerance for "financial security" from regulators, such companies that can maintain the "underlying defense line" are equivalent to the "stabilizing force" of the stablecoin industrial chain, possessing strong irreplaceable attributes.
- Investment Warning: Opportunities and Risks Coexist
Stock Market Volatility: Stock market fluctuations are influenced by multiple factors such as the pace of policy implementation, licensing results, and market sentiment. Investors must assess their own risk tolerance and do their homework before making decisions.
Compliance First: With the first batch of stablecoin licenses in Hong Kong expected to be issued in early 2026, these leading companies that have positioned themselves in key links of the industrial chain are likely to become the focus of market attention—after all, in the new track of "compliance first," players who "enter early and have solid assets" will always be closer to the dividend window.
Conclusion:
The Renminbi stablecoin windfall is exploding, the Hong Kong licensing battle is heating up, and five "pioneers" have emerged. These companies have positioned themselves in technology, licenses, scenarios, and security, and are expected to be the first to reap compliance dividends in the era of Renminbi stablecoins. However, investment still requires caution and rational risk assessment.
Related Reading: 77 institutions express intent to apply for Hong Kong stablecoin licenses, Ant Group and PetroChina rush in.
Original: “Renminbi Stablecoin Windfall Positioning, 5 A-share Pioneers Compete for Compliance Dividends!”
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