Chinese e-commerce group JD.com reportedly bought a majority stake in Hong Kong grocery chain Kai Bo, marking the mainland company’s latest effort to expand its global presence. JD.com spent HK$4 billion (US$509 million) to acquire 70 per cent of Kai Bo Food Supermarket, with the deal involving the grocer’s retail network and property assets, Hong…
One of China’s biggest portable power bank makers has suspended production for at least six months and closed its stores on major Chinese e-commerce platforms after a massive recall of its products and the decision by the country’s civil aviation authority to ban unlicensed power banks on flights. Shenzhen-based Romoss Technology, which sells its products…
Fintech firm Ant International, the global affiliate of Chinese tech giant Ant Group, said it would apply for a stablecoin issuer licence in Hong Kong once the new ordinance governing fiat-backed cryptocurrencies comes into effect in August. “We welcome the passage of the Stablecoins Bill … and hope to contribute more to the city’s vision…
With the passage of one of the world’s most comprehensive stablecoin laws two weeks ago, Hong Kong is looking to stay at the forefront of global finance while addressing lessons from past industry setbacks, according to analysts. Being a “first mover” in stablecoin legislation “reflects the determination” of the city’s government to “unlock value that…
Stablecoins are poised to become a major cross-border payment tool that would benefit issuers in Hong Kong and mainland Chinese firms expanding overseas, according to industry insiders, as the city and the US push forward regulation of the popular tokens. A stablecoin is a type of cryptocurrency that maintains a fixed value by being pegged…
Hong Kong’s move to legalise stablecoins – cryptocurrencies that maintain a fixed value by being pegged to a reference asset – is grabbing the attention of mainland institutions, as a leading Chinese brokerage predicts a boom in tokenised real-world assets (RWA) in the city. While Beijing has remained largely quiet on Hong Kong’s new stablecoin…
Hong Kong’s move to legalise stablecoins – cryptocurrencies that maintain a fixed value by being pegged to a reference asset – is grabbing the attention of mainland institutions, as a leading Chinese brokerage predicts a boom in tokenised real-world assets (RWA) in the city. While Beijing has remained largely quiet on Hong Kong’s new stablecoin…