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GUOTAI JUNAN I Dips ~9% as HKMA Only Grants 1st Batch of Stablecoin Issuer Licences to JV Led by HSBC/ Stanchart
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GUOTAI JUNAN I (01788.HK) failed to become one of the first batch of stablecoin issuers. Its share price declined this morning (13th), and once bottomed at $2.79 in the early session. It last printed at $2.82, descending 8.74%, with a trading volume of 105 million shares, involving $301 million. Last Friday (10th), the stock once snowballed 48% to a high of $3.59 after midday, before closing up 28% at $3.09.

The Hong Kong Monetary Authority (HKMA) announced last Friday that, pursuant to the "Stablecoins Ordinance", it has granted stablecoin issuer licences under the Stablecoins Ordinance to Anchorpoint Financial and HSBC for issuing stablecoins in Hong Kong. Anchorpoint Financial is a joint venture established by Standard Chartered Bank, Animoca Brands and HKT-SS (06823.HK).

Related News G Sachs Slightly Cuts HSBC HOLDINGS (00005.HK) TP to HKD160; Outlook in Highly Uncertain Environment in Focus
Other stablecoin concept stocks also came under pressure today. HASHKEY HLDGS (03887.HK) tumbled 7.03% to last at $4.63, while ZA ONLINE (06060.HK) last eroded 5.74% at $12.82. OSL GROUP (00863.HK) last printed at $12.94, dipping 9.32%, while LIANLIAN (02598.HK) cratered 4.71% to last at $6.27. YUNFENG FIN (00376.HK) also sank 7.7%.

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