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<Research>UBS Attributes ZA ONLINE's Recent Sharp Rally to Stablecoin Law Passed in HK
Recommend 37 Positive 61 Negative 34 |
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ZA ONLINE (06060.HK) soared by 25% to HKD20 at midday today, on a turnover of HKD1.859 billion. Last Wednesday (21st), the Hong Kong Legislative Council passed the Stablecoin Bill in its third reading to establish a licensing and regulatory regime for fiat-referenced stablecoins (FRS) issuers. Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury, said that the government aims to implement the regime within this year and is drafting regulatory guidelines. The main use case for stablecoins will be cross-border payments, and the government is open to establishing mutual recognition mechanisms with overseas financial regulators. According to a report issued by UBS this Tuesday (27th), ZA ONLINE's share price has risen a cumulative 29% in the five trading days following the passage of the stablecoin law by the Legislative Council. The broker believed that the bill has removed obstacles for the public issuance of stablecoins. Meanwhile, the Hong Kong Monetary Authority has launched a regulatory "sandbox" for stablecoin issuers, and RD InnoTech, a company indirectly owned by ZA ONLINE with an 8.7% stake, is one of the three participating institutions. UBS kept a Neutral rating on ZA ONLINE, with a target price of HKD13.1. AAStocks Financial News |
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