Zhitong Hong Kong Stock Early Knowledge | Hong Kong Stablecoin Regulations Become Law, Opportunities in the RWA Sector, Oil and Gold Prices Continue to Rise

【 Today’s Headlines 】

“Stablecoin Regulation” Officially Becomes Law, Opportunities Arise in the RWA Sector

The Hong Kong Special Administrative Region government published the “Stablecoin Regulation” in the gazette on May 30, signifying that the regulation has officially become law. Previously, the Hong Kong Legislative Council had formally passed the draft regulation on May 21, establishing a licensing system for “fiat-backed stablecoin” issuers in Hong Kong. The law aims to promote financial innovation while maintaining financial stability and marks an important step for Hong Kong in the digital asset sector. Ding Zhaofei, Chief Analyst at HashKey Group, stated that the official release of the “Stablecoin Regulation” is a significant milestone in Hong Kong's virtual asset regulatory process.

CITIC Securities research report indicated that on May 30, Hong Kong's “Stablecoin Regulation” became the world's first specialized legislation targeting fiat-backed stablecoins, effectively filling the regulatory gap for fiat-backed stablecoins and accelerating the compliant development of stablecoins. As RWA continues to deepen and develop, issuing institutions, custodial banks, investors, and blockchain entities within the RWA ecosystem are expected to grow rapidly, potentially bringing investment opportunities in areas such as RWA asset operations, banking IT, and cross-border payments. It is recommended to pay attention to: stablecoin issuers and cryptocurrency exchanges that will benefit directly; considering RWA as a beneficiary in the crypto market, it is suggested to focus on service providers capable of issuing RWA, especially those related to Ant Group that have already successfully run RWA issuance business; the development of cryptocurrencies and stablecoins in Hong Kong will significantly promote the internationalization of the Renminbi and cross-border payments, so it is advisable to pay attention to cross-border payment-related entities.

【Market Outlook】

Spot gold rises 2.79%, reported at $3,380.84 per ounce

Overnight, the Dow Jones Industrial Average closed up slightly by 35.41 points, an increase of 0.08%, closing at 42,305.48 points; the Nasdaq rose by 128.85 points, an increase of 0.67%, closing at 19,242.61 points; the S&P 500 index rose by 24.25 points, an increase of 0.41%, closing at 5,935.94 points. NVIDIA (NVDA.US) rose by 1.6%, Macy's (M.US) fell nearly 5%, and AMD (AMD.US) rose by 3.5%. The Nasdaq Golden Dragon China Index closed up 0.5%, with Alibaba (BABA.US) rising by 0.8%. The Hang Seng Index ADR rose, closing at 23,242.11 points, an increase of 84.14 points or 0.36% compared to the Hong Kong close.

Spot gold rose 2.79%, reported at $3,380.84 per ounce, remaining in an upward trend throughout the day.

【Hot Topics Ahead】

International Oil Prices Continue to Rise

Due to geopolitical tensions, international oil prices expanded their gains during the day. Light crude oil futures for July delivery on the New York Mercantile Exchange rose by $1.73, closing at $62.52 per barrel, an increase of 2.85%; August delivery Brent crude oil futures rose by $1.85, closing at $64.63 per barrel, an increase of 2.95%. Following Ukraine's drone attacks deep into Russian territory, raising the possibility of oil supply disruptions, oil prices surged today Morgan Stanley analysts stated in a report that the attacks have offset OPEC+'s increase of 411,000 barrels per day in July. The analysts mentioned that since the supply increase aligns with market expectations, oil prices are unlikely to be affected in the short term. However, the outlook for an oil surplus by the end of 2025 remains unchanged. Morgan Stanley added that due to no signs of a slowdown in OPEC+'s quota increases, Brent crude oil prices could trade around $50 per barrel in the first half of 2026.

Increased Flights on China-US Routes Delta Restarts Direct Flights from Shanghai to Los Angeles

Delta Air Lines officially resumed direct flights from Shanghai Pudong International Airport to Los Angeles International Airport on June 2, operating three flights per week. As a result, Delta will operate a total of 17 direct flights between China and the US each week, involving the aviation sector.

2025 Dragon Boat Festival Box Office Up 20% Year-on-Year

According to Lighthouse Professional Edition, as of June 2 at 21:00, the box office for the 2025 Dragon Boat Festival reached 459 million, a 20% increase compared to the 2024 Dragon Boat Festival box office. "Mission: Impossible 8 - Dead Reckoning" grossed 190 million during the same period, securing the box office champion for the 2025 Dragon Boat Festival.

China's Implantable Brain-Machine Interface Starts Clinical Enrollment Millions of Spinal Injury Patients See Hope

Recently, at the 20th Asian Neuro-Oncology Annual Meeting held in Shanghai, Professor Mao Ying, director of Huashan Hospital affiliated with Fudan University, revealed that a clinical cohort study on brain-machine interfaces led by Huashan Hospital and Beijing Xuanwu Hospital has begun patient enrollment, aiming to further verify the effectiveness and safety of the implantable brain-machine interface treatment plan. Additionally, it was announced at the meeting that Shanghai will establish a professional subcommittee on brain-machine interfaces and neural regulation, gathering multiple forces from the "industry-academia-research-medical" innovation chain to achieve breakthroughs in original technology. The year 2025 is a key year for China's brain-machine interface technology to officially enter clinical practice. Previously, cities like Beijing and Shanghai have issued related industrial plans for brain-machine interfaces, with plans to complete clinical trials for more than five invasive products by 2030.

Ocean Park (02255) Plans to Issue 5.1 Billion Shares at a Discount of Approximately 46.43%, Netting About HKD 2.284 Billion

According to Zhitong Finance APP, Ocean Park (02255) announced that on June 2, 2025, the company entered into a subscription agreement with the subscriber (Xiangyuan Xinghai Tourism (Cayman) Co., Ltd.) and Xiangyuan, proposing to issue 5.1 billion new shares, equivalent to 38.60% of the company's enlarged issued share capital after the issuance. The subscription price is HKD 0.45 per share, representing a discount of approximately 46.43% compared to the closing price of HKD 0.8400 per share on June 2.

Xinda Automobile Completes Subscription of Zhengtong Automobile (01728) 6.669 Billion Shares, Holding Ratio Reaches 75%

According to Zhitong Finance APP, Zhengtong Automobile (01728) and the offeror Xinda Automobile (Hong Kong) Co., Ltd. jointly announced that the related subscription matter was completed on June 2, 2025. According to the related subscription matter, the company issued and allotted shares at a subscription price of HKD 0.15 per share, and the offeror subscribed for 6.669 billion shares, with a total cash consideration of HKD 1 billion. The subscribed shares account for approximately 66.58% of the issued shares as of the date of this joint announcement Hansoh Pharmaceutical (03692) Grants Regeneron Exclusive Overseas License for GLP-1/GIP Dual Receptor Agonist HS-20094

Hansoh Pharmaceutical announced that it has entered into a licensing agreement with Regeneron Pharmaceuticals, Inc.*, granting Regeneron global exclusive rights to develop, manufacture, and commercialize HS-20094. Under the agreement, Hansoh Pharmaceutical will receive an upfront payment of $80 million and is eligible to receive up to $1.93 billion in milestone payments based on the product's development, registration approval, and commercialization progress, as well as a double-digit percentage royalty on future potential product sales.

Longpan Technology (02465): Subsidiary Signs Long-term Agreement with Eve Energy's Affiliate, Expected Sales of 152,000 Tons of Lithium Iron Phosphate, Amounting to Over 5 Billion Yuan

According to Zhitong Finance APP, Longpan Technology (02465) announced that its controlling subsidiary LBM NEW ENERGY (AP) PTE. LTD. (hereinafter referred to as "Lithium Source (Asia Pacific)") has signed a Production Pricing Agreement (hereinafter referred to as "Agreement") with Eve Energy Malaysia Sdn. Bhd. (hereinafter referred to as "Eve Energy"). The agreement stipulates that Lithium Source (Asia Pacific) and its affiliates (hereinafter referred to as "Seller") are expected to sell a total of 152,000 tons of lithium iron phosphate cathode materials that meet the specifications agreed upon by both parties to Eve Energy and its affiliates (hereinafter referred to as "Buyer") from 2026 to 2030. The Buyer is allowed to adjust the expected demand within a certain range, provided that the advance notice period is met. The specific unit price will be determined by both parties on a quarterly basis according to the terms of this agreement. Based on the estimated quantity and market price, the total contract sales amount exceeds 5 billion yuan (final settlement based on actual sales orders), reaching the disclosure standards set by the Shanghai Stock Exchange Listing Rules.

[Stock Highlights]

Shiyao Group (01093): JMT101 Receives Breakthrough Therapy Designation in China for the Treatment of Colorectal Cancer

Shiyao Group (01093) announced that its developed JMT101 has recently received breakthrough therapy designation from the National Medical Products Administration of the People's Republic of China, indicated for use in combination with Irinotecan for the treatment of advanced colorectal cancer with RAS, RAF, EGFR ECD, and PIK3CA exon 20 wild-type that has failed second-line or above standard treatment. Colorectal cancer is the third most common cancer globally, with 517,000 new cases and 240,000 deaths reported in China in 2022, ranking second and fourth respectively in new malignant tumor cases and deaths.

The announcement mentioned that JMT101 in combination with Irinotecan has shown significant efficacy in an ongoing randomized, controlled, open-label Phase II study. The results indicated that the median progression-free survival (mPFS) for the JMT101 plus Irinotecan group was 7.4 months, significantly higher than the 2.9 months observed in the control group. Additionally, JMT101 has shown good benefits in both previously treated and untreated EGFR populations Based on good efficacy and safety data, the breakthrough therapy designation for JMT101 will help accelerate its development process, which has now advanced to the critical Phase III clinical trials, and multiple clinical studies targeting other cancers are being conducted in China