The momentum in stablecoin-related equities continues to ripple through global markets, but signs of divergence are emerging as investor sentiment shifts from broad enthusiasm to selective scrutiny. On July 3, news broke that Hong Kong-listed Dmall Digital Intelligence (02586.HK) was preparing to apply for a stablecoin license under Hong Kong’s newly established regulatory framework. The announcement sent shockwaves across the market—its shares surged nearly 90% intraday before settling with a 23.64% gain, closing at HK$11.14 and achieving a market capitalization of approximately HK$1 billion.
Meanwhile, on the mainland A-share market, Geyin Co., Ltd. (002104.SZ), often mistakenly associated with stablecoin developments, plunged to a limit-down close of RMB 7.43—a stark 9.83% drop—despite having repeatedly clarified it has no involvement in digital currency or stablecoin operations.
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Market Reaction to Hong Kong’s Evolving Stablecoin Framework
The sudden spike in Dmall’s stock reflects growing investor interest in real-world applications of blockchain technology, particularly stablecoins, which are digital assets pegged to stable reserves like fiat currencies or commodities to minimize volatility.
In May 2025, the Hong Kong Legislative Council passed the Stablecoin Ordinance Bill, establishing Asia's first comprehensive regulatory framework for stablecoin issuance. Set to take effect on August 1, 2025, the ordinance allows the Hong Kong Monetary Authority (HKMA) to begin accepting licensing applications, marking a pivotal step toward institutionalizing digital asset infrastructure.
This regulatory clarity has catalyzed strategic moves by financial and tech firms. Dmall Digital Intelligence, founded in 2015 as a retail digitalization solutions provider, announced it has already purchased Bitcoin via HashKey Exchange and is actively recruiting Web3 talent. According to Tommie Tang, Vice President and CFO of Dmall, integrating stablecoins into its ecosystem can significantly enhance cross-border payment efficiency for retailers, reduce transaction costs, and improve consumer experience.
“Stablecoins align with the rising adoption of crypto in global commerce,” Tang stated, underscoring a long-term strategic vision beyond short-term speculation.
Broader Market Impact: H-Share and A-Share Responses
Beyond Dmall, other Hong Kong-listed stocks also rallied on stablecoin optimism. Victory Securities (08540.HK) and Guotai Junan International (01788.HK) rose over 10% on July 3. Guotai Junan International had previously received approval from the Securities and Futures Commission (SFC) on June 24 to upgrade its license, enabling it to offer virtual asset trading services—including Bitcoin, Ethereum, and stablecoins like USDT.
The market rewarded this development aggressively: shares of Guotai Junan International surged 198.39% on June 25 alone and reached an all-time high of HK$7.02 two days later. As of July 3, its year-to-date gain exceeded 250%.
On the A-share side, reactions were more fragmented. Kingee Culture (002721.SZ) closed limit-up, while Jingbei North (002987.SZ) gained nearly 8%, and Hengbao (002104.SZ) and Chutianlong (003040.SZ) posted gains above 4%. These companies have varying degrees of exposure to fintech and digital RMB infrastructure.
However, not all so-called “stablecoin概念股” (concept stocks) delivered. Geyin股份, despite no actual involvement in stablecoins, saw its share price soar earlier in Q2 due to speculative trading—only to reverse sharply when reality set in.
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The Case of Jingbei North: Real Engagement vs. Hype
Jingbei North stands out as a firm with tangible engagement in next-generation financial infrastructure. According to its investor relations report dated June 23, the company participated in discussions with 96 institutional investors focused on stablecoin ecosystems.
The firm emphasized that its prior experience in digital RMB system development—covering issuance, operation, and application layers—is highly transferable to future stablecoin deployments. It is currently exploring business opportunities with major state-owned banks and other financial institutions.
“We maintain an open approach,” the company stated, “engaging deeply with core clients on stablecoin trends and potential use cases.”
This contrasts sharply with firms like Geyin, which explicitly denied any stablecoin or cryptocurrency involvement in a June 6 filing on the Shenzhen Stock Exchange’s interactive platform.
Why the Divergence Matters for Investors
The split performance between Dmall and Geyin highlights a critical shift: investor focus is moving from speculative narratives to fundamental alignment.
As Hong Kong rolls out its Digital Asset Development Policy Declaration 2.0—which includes regulatory optimization, product expansion, real-world application pilots, and talent cultivation—the line between genuine innovators and concept chasers is becoming clearer.
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Key Core Keywords:
- Stablecoin
- Hong Kong stablecoin license
- Digital RMB
- Blockchain stocks
- Crypto regulation
- RWA (Real World Assets)
- Virtual asset trading
- Fintech innovation
These keywords reflect both investor search intent and the evolving landscape of digital finance in Asia.
FAQ: Addressing Common Investor Questions
Q: What is a stablecoin?
A: A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset such as the U.S. dollar, gold, or other cryptocurrencies. They are widely used in crypto trading, remittances, and decentralized finance (DeFi).
Q: When will Hong Kong start issuing stablecoin licenses?
A: The Stablecoin Ordinance takes effect on August 1, 2025. The HKMA will begin accepting applications shortly after, following finalization of implementation guidelines currently under public consultation.
Q: Is investing in stablecoin-related stocks safe?
A: While regulatory progress reduces some risks, many stocks are still driven by expectations rather than revenue. Investors should distinguish between companies with actual strategic moves (e.g., Dmall, Guotai Junan) versus those merely benefiting from market hype.
Q: How does the digital RMB relate to stablecoins?
A: The digital RMB is a central bank digital currency (CBDC), fully backed by the People's Bank of China. While similar in function—fast payments, programmability—it differs from private-sector stablecoins in governance and control.
Q: Why did Geyin股份 fall despite no bad news?
A: After repeated denials of involvement in crypto or stablecoins, investor sentiment corrected sharply. High retail participation—evidenced by "Lhasa group" retail traders dominating buy orders—suggests speculative momentum reversed quickly.
Q: What role do RWA and tokenization play in this trend?
A: Real World Asset (RWA) tokenization—turning physical assets like real estate or bonds into blockchain-based tokens—is seen as the next frontier. Stablecoins serve as the settlement layer for these systems, making them foundational to broader digital asset growth.
Looking Ahead: From Speculation to Sustainable Value
Recent movements suggest that while early-stage excitement drives volatility, long-term winners will be those building compliant, scalable infrastructure within regulated frameworks.
As中信建投 noted in its research report, Hong Kong’s digital asset market is transitioning from “pilot programs” to full-scale implementation. With clear rules on the horizon and institutional players stepping up, stablecoins are no longer just a trading tool—they’re becoming part of the financial plumbing.
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For investors, the lesson is clear: look beyond headlines. Focus on companies demonstrating concrete progress—strategic hiring, regulatory engagement, technical integration—with the emerging digital asset economy.