Hong Kong Stablecoin Concept Stocks Tumbled. BRIGHT SMART Down 17%, YUNFENG FIN Down 14%; GOLDSTREAM Down 11%

Hong Kong stablecoin concept stocks continued to widen their losses in the afternoon, with BRIGHT SMART(01428) dropping over 17%, YUNFENG FIN(00376) falling 14%; GOLDSTREAM INV(01328) down 11%; LIANLIAN(02598) declining over 8% and Guotai Junan down 7%.

News: Hong Kong's "Stablecoin Ordinance Bill" has officially come into effect. This establishes a licensing system for fiat-backed stablecoin issuers in Hong Kong, improving the regulatory framework for virtual asset activities in Hong Kong to maintain financial stability while promoting financial innovation.