Guotai Junan International's stock (01788.HK) experienced a significant surge of 5.85% in pre-market trading on Monday, outperforming the broader market. The company's shares rallied alongside other stablecoin concept stocks as investors reacted positively to news about Hong Kong's upcoming stablecoin regulations.
The price jump comes as Hong Kong prepares to implement its "Stablecoin Ordinance" in August. Hong Kong's Financial Secretary, Christopher Hui, announced that the Hong Kong Monetary Authority is currently consulting with the market on implementation guidelines, which are expected to be revealed this month. These guidelines will cover crucial aspects such as anti-money laundering requirements.
Investors are particularly excited about the potential for stablecoin licenses, with Hui indicating that a limited number of licenses - likely in single digits - could be issued within the year. This development positions Guotai Junan International and other financial institutions favorably to capitalize on the emerging stablecoin market in Hong Kong, driving the stock's impressive pre-market performance.
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