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Ant Group to Seek Stablecoin Issuer License in Hong Kong

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Ant Group, an affiliate of Alibaba and operator of the popular mobile payments app Alipay, announced plans to apply for a license to issue stablecoins in Hong Kong through its overseas arm, Ant International. This follows the recent passage of a stablecoin bill by Hong Kong’s legislature, which establishes a regulatory framework for fiat-referenced stablecoin issuers.

Stablecoins are cryptocurrencies pegged to fiat currencies such as the U.S. dollar, frequently used by traders to move funds between tokens while maintaining stable value.

Ant International said it will apply for the fiat-referenced stablecoin (FRS) issuer license once the licensing process opens after the Stablecoins Ordinance takes effect on August 1.

The company also reportedly plans to pursue stablecoin licenses in other jurisdictions, including Singapore and Luxembourg.

Ant Group was founded by billionaire Jack Ma and is 33% owned by Alibaba. It remains a key player in China’s digital payments ecosystem.

Hong Kong Passes Stablecoin Bill, Paving Way for Regulated Digital Currency Ecosystem

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Hong Kong has taken a major step toward becoming a global hub for digital assets, as its legislature on Wednesday passed a new stablecoin bill that establishes a licensing framework for fiat-referenced stablecoin issuers. The legislation marks a critical move toward the potential issuance of Hong Kong’s own regulated stablecoin.

Under the new law, any entity issuing stablecoins in Hong Kong — or even outside the city if the stablecoins are backed by Hong Kong dollars — must now obtain a license from the Hong Kong Monetary Authority (HKMA). The regulation outlines strict criteria for reserve asset management, redemption rights, and risk oversight, aiming to ensure investor protection and financial stability.

“This ordinance adheres to the ‘same activity, same risks, same regulation’ principle, with a focus on a risk-based approach to promote a robust regulatory environment,” said Christopher Hui, Secretary for Financial Services and the Treasury.

The move is part of Hong Kong’s broader strategy to position itself as a competitive player in the digital asset space, especially as global regulatory scrutiny on stablecoins continues to rise. Stablecoins, typically pegged to fiat currencies like the U.S. dollar, are widely used in crypto markets for transferring value between digital assets.

The HKMA has already launched a sandbox program for stablecoin issuers, and three participants are currently testing issuance models under regulatory supervision.

The new law is expected to take effect within the year, giving Hong Kong one of the most comprehensive and forward-looking stablecoin regimes in Asia, potentially attracting global fintech players and blockchain startups.

Xiaomi to Raise Up to $5.27 Billion Through Share Sale

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Chinese smartphone and electric vehicle (EV) manufacturer Xiaomi Corp is set to raise up to $5.27 billion through a top-up placement, according to a term sheet seen by Reuters. The company will sell 750 million Class B shares, with a price range set between HK$52.80 and HK$54.60 per share, reflecting a discount of 4.2-7.4% compared to its HK$57 closing price on Monday.

Xiaomi intends to use the funds raised for business expansion, investments in research and technology, and general corporate purposes. The move comes on the back of Xiaomi’s recent success, reporting a nearly 50% jump in its fourth-quarter revenue and increasing its target for electric vehicle deliveries from 300,000 to 350,000 units for the year. Additionally, Xiaomi plans to expand its retail presence, aiming to open 10,000 new Mi Home stores worldwide over the next five years.

This share placement follows a broader trend of Chinese firms engaging in equity capital market deals in 2025, with total equity issuance from Chinese companies reaching $16.8 billion in the first quarter, more than double the amount seen a year ago.

Xiaomi’s offering is being managed by Goldman Sachs, CICC, and JPMorgan.