Hi everyone. I’m Stephanie LI.

Coming up on today’s program

• Over 40 internet giants rush to apply for issuance as Hong Kong’s stablecoin legislation takes effect soon;
• English-language version of Ne Zha 2 starring Michelle Yeoh is hitting overseas theaters in August.

Here’s what you need to know about China in the past 24 hours

Chinese mainland internet heavyweights have accelerated steps to apply for stablecoin licenses in Hong Kong as the city's Stablecoins Ordinance will come into effect on August 1.

This, industry experts said, is a significant step that will lower cross-border transaction costs and improve the efficiency of international payments.

Christopher Hui, secretary for Financial Services and the Treasury of the Hong Kong SAR government, said the authorities aim to issue stablecoin licenses this year, although the number will likely remain in the "single digits".

Nevertheless, more than 40 companies are preparing to submit their applications. They are mostly leading internet companies, large financial institutions and payment processors.

A stablecoin is a form of cryptocurrency that is pegged to fiat currencies or other real-world assets at a designated exchange rate to maintain a stable value. The Legislative Council of the HKSAR passed the Stablecoins Bill in late May, formulating a licensing regime for fiat-referenced stablecoin issuers in Hong Kong.

Liu Qiangdong, chairman of Chinese mainland e-commerce giant JD, said the company hopes to apply for stablecoin licenses in major currency countries worldwide to cut cross-border payment costs by 90 percent and enable settlements to be completed within 10 seconds.

The company is preparing to apply for a stablecoin license in Hong Kong through its local arm. JD Coinlink Technology Hong Kong entered the Hong Kong Monetary Authority's stablecoin sandbox in 2024. The project is testing tokens pegged to the Hong Kong dollar and other major currencies.

Ant International, the overseas arm of financial technology giant Ant Group, has confirmed that it plans to apply for an issuer license of fiat-referenced stablecoins in Hong Kong.

The company has said previously that it is accelerating investments and expanding banking partnerships in global treasury innovations, to transform its cutting-edge AI, blockchain and stablecoin technologies into reliable, large-scale real-world applications.

Stablecoins can serve as efficient and low-cost settlement tools, improving the efficiency of cash flow and reducing the risk of exchange rate fluctuations, analysts said. 

However, experts warned that applying for such licenses poses challenges for companies as they need to meet strict regulatory requirements for capital and operations, and pool a large amount of resources in establishing a compliance system.

GBA express

• Hong Kong's world-leading streak of IPOs continued on Wednesday as five Chinese mainland companies that raised a combined HK$10.4 billion from initial share offers ended their first trading day above their issue prices. Shares in chip designer Fortior Technology led gainers, surging 16 percent from their initial share price of HK$120.50. Apple supplier Lens Technology gained 9.13 percent; robot maker Geekplus Technology was up 5.36 percent; Dazhong Dental Medical increased 3.5 percent; and Xunzhong Communication closed 0.2 percent above its initial share price.
• Guangzhou-based autonomous driving firm Pony.ai has formed a partnership with the Dubai transit authority to begin robotaxi services. The first vehicles will begin road testing this year, with full operations expected to start in 2026. 

Industry and company news

• The English dub version of Chinese animation blockbuster Ne Zha 2 will be released in the United States, Canada, Australia, and New Zealand later next month, with Oscar-winner Michelle Yeoh starring in a lead voice role. US film studio A24 and Chinese movie platform CMC Pictures will co-distribute the English-language version of Ne Zha 2, which will hit cinemas on Aug. 22. 
• China's auto production and sales logged double-digit increases in the first half of the year, data from the China Association of Automobile Manufacturers showed on Thursday. The country's auto output totaled 15.62 million units during the period, up 12.5 percent from a year ago, while auto sales rose 11.4 percent to 15.65 million units. In particular, new energy vehicle production surged 41.4 percent year on year to nearly 6.97 million units in the first six months, with sales up by 40.3 percent year on year to about 6.94 million units.
• Huawei Digital Power penned a deal with Saudi Electricity and National Grid Saudi Arabia to jointly create a power grid simulation platform based on Real-Time Digital Simulation to research how to efficiently apply new energies to the power grid, the digital power products provider under Chinese tech giant Huawei announced today.
• China has achieved significant breakthroughs in mineral exploration in the first half of 2025, with 38 new mineral deposits discovered and exploration investment in non-oil and gas minerals continuing to grow, the Ministry of Natural Resources announced on Thursday. 
• China will release a global AI open-source cooperation initiative in collaboration with some organizations at this year's WAIC2025, Du Guangda, deputy director of the MIIT's tech department, said today. The 2025 World Artificial Intelligence Conference will kick off in Shanghai from July 26 to 28, with 800 domestic and international companies participating. About 3,000 cutting-edge exhibits, including LLMs, AI terminal products, and robots, will be exhibited at the event.
• Enterprises and social organizations that hire jobless individuals aged 16-24 and pay their pensions and insurances for three months will receive a one-time cash bonus of up to CNY1,500, effective now until the end of the year, according to a new measure aiming to stir up employment released by the State Council yesterday.
• Starbucks has received about 30 offers for potential stakes in its China business, valuing the mainland operations at up to US$10 billion, media reported. Among interested investors are Asian equity firms Centurium Capital and Hillhouse Capital, and US-based KKR, the report said, adding that Starbucks may retain a 30 percent stake.

Asia-Pacific highlights

• The logistics branch of China Southern Airlines has officially opened the Guangzhou-Auckland-Sydney international cargo flight route recently. This is the first scheduled all-cargo flight from Chinese mainland to New Zealand by a Chinese mainland-based carrier.
• China continues to expand its visa-free "circle of friends," as the mutual visa exemption agreement between China and Micronesia is set to take effect on July 25. China and the western Pacific islands country will mutually waive visa requirements for their citizens for a visit of up to 30 days.
• China Development Bank has signed a CNY2.1 billion loan agreement with the Development Bank of Southern Africa, the Chinese bank said on Wednesday. The deal, inked during the BRICS Interbank Cooperation Mechanism annual meeting in Brazil on Tuesday, will channel funding toward projects in sectors such as infrastructure, energy, information and communications, water, sanitation, and manufacturing, the bank said.

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

Graphic Designer: ZHENG Wenjing, LIAO Yuanni

Produced by 21st Century Business Herald Dept. of Overseas News.

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