【Today’s Headlines】
The Hong Kong SAR Government Plans to Promote Broader Tokenization of Assets and Financial Instruments
On June 26, the Hong Kong SAR Government stated in the &#34;Hong Kong Digital Asset Development Policy Declaration 2.0&#34; that it will establish a licensing mechanism for digital asset trading service providers and digital asset custody service providers. To better reflect the nature of assets and align with international markets, the Hong Kong SAR Government has replaced the term &#34;virtual assets&#34; with &#34;digital assets.&#34; This declaration introduces the &#34;LEAP&#34; framework, focusing on optimizing legal and regulatory frameworks, expanding the variety of tokenized products, promoting application scenarios and cross-sector collaboration, and developing talent and partnerships. The Hong Kong Securities and Futures Commission will serve as the main regulatory body for digital asset trading service providers and digital asset custody service providers, while the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority will lead the legislative review to facilitate the tokenization of real-world assets and financial instruments.
It is reported that the Hong Kong SAR Government will regularize the issuance of tokenized government bonds in the future and promote broader tokenization of assets and financial instruments, showcasing the diverse applications of this technology in sectors such as precious metals, non-ferrous metals, and renewable energy. The licensing mechanism for stablecoin issuers will be implemented on August 1, which will help advance the development of substantive application scenarios. Subsequently, the Hong Kong Financial Services and the Treasury Bureau and the Hong Kong Securities and Futures Commission will conduct public consultations on the relevant licensing mechanisms.
【Market Outlook】
U.S. Stock Indices Rise, S&amp;P 500 and Nasdaq Near Historical Highs
Overnight, the Dow Jones Industrial Average rose by 404.41 points, an increase of 0.94%, closing at 43,386.84 points; the Nasdaq rose by 194.36 points, an increase of 0.97%, closing at 20,167.91 points; the S&amp;P 500 rose by 48.86 points, an increase of 0.80%, closing at 6,141.02 points. Both the S&amp;P 500 and Nasdaq are nearing historical highs. Tesla (TSLA.US) fell by 0.5%, while Amazon (AMZN.US) rose by 2.4%. The Nasdaq Golden Dragon China Index closed down 0.29%, with XPeng (XPEV.US) falling by 6.5%. The Hang Seng Index ADR rose, closing at 24,405.77 points, up 80.37 points or 0.33% compared to the Hong Kong close.
Trading Reminder: The Hong Kong SAR Establishment Day Approaches, Hong Kong Stocks Will Be Closed on July 1 for One Day
According to the Zhitong Finance APP, July 1, 2025 (Tuesday) marks the establishment anniversary of the Hong Kong Special Administrative Region, and the Hong Kong stock market will be closed for the entire day. The Hong Kong Stock Connect and Shanghai-Shenzhen Stock Connect will also be closed, resuming normal trading on July 2 (Wednesday). A-shares will open as usual.
【Hot Topics Ahead】
Adjustment of Calculation Methods for the Hang Seng Biotechnology Index and Hang Seng Hong Kong-Mainland Biotechnology Index
The calculation method for the Hang Seng Biotechnology Index will have the following updates: new requirements for trading eligibility under the Stock Connect and modifications to the stock selection criteria; the number of constituent stocks will be fixed at 30; the listing history requirement and rapid inclusion mechanism will be removed. The calculation method for the Hang Seng Hong Kong-Mainland Biotechnology Index will also have the following updates: the number of constituent stocks will be fixed at 40
The National Financial Regulatory Administration and the People's Bank of China jointly issued the &#34;Implementation Plan for the High-Quality Development of Inclusive Finance in the Banking and Insurance Industries&#34;
The &#34;Implementation Plan&#34; emphasizes that to achieve high-quality development of inclusive finance, it is necessary to strengthen the centralized and unified leadership of the Party Central Committee, provide multi-level and diversified inclusive financial services, continuously enhance coverage and accessibility, promote the reduction of comprehensive costs, and continuously improve the ability and level of inclusive financial services to meet the production and living needs of the people. The &#34;Implementation Plan&#34; clarifies that a high-quality comprehensive inclusive financial system will be basically established in the next five years, and inclusive finance will promote a new level of common prosperity.
Hong Kong: Overall export value of goods in May increased by 15.5% year-on-year, overall import value of goods in May increased by 18.9% year-on-year
According to the Zhitong Finance APP, the Hong Kong government's Census and Statistics Department released external merchandise trade statistics today (June 26). Following a year-on-year increase of 14.7% recorded in April 2025, the overall export value of goods in Hong Kong in May 2025 was HKD 434.1 billion, an increase of 15.5% year-on-year; at the same time, following a year-on-year increase of 15.8% recorded in April 2025, the overall import value of goods in Hong Kong in May 2025 was HKD 461.4 billion, an increase of 18.9% year-on-year. A tangible trade deficit of HKD 27.3 billion was recorded in May 2025, equivalent to 5.9% of the import value of goods.
General Office of the CPC Central Committee and General Office of the State Council: Accelerate the construction of hydropower bases in the southwest region, reasonably layout, and actively and orderly develop and construct pumped storage power stations
The General Office of the CPC Central Committee and the General Office of the State Council issued opinions on comprehensively promoting the protection and governance of rivers and lakes. The opinions propose to utilize water resources comprehensively. Accelerate the construction of hydropower bases in the southwest region, reasonably layout, actively and orderly develop and construct pumped storage power stations, implement green transformation and upgrading of small hydropower stations, and promote the planning and construction of integrated water and wind power bases. Consolidate and enhance the functions of major shipping channels such as the Yangtze River Golden Waterway, Pearl River, and the southern section of the Grand Canal, and orderly promote the development of inland river shipping. This involves Hong Kong-listed Dongfang Electric (01072) and other power supply equipment.
General Office of the CPC Central Committee and General Office of the State Council: Accelerate the construction of key water source projects included in the national plan
The General Office of the CPC Central Committee and the General Office of the State Council issued opinions on comprehensively promoting the protection and governance of rivers and lakes, enhancing the capacity for water supply security. Fully tap the water supply potential of existing water source regulation projects, and accelerate the construction of key water source projects included in the national plan. Improve urban water supply networks, accelerate the construction of emergency backup water sources, and form a multi-source, high-security water supply pattern. Promote high-quality development of rural water supply, advance urban-rural water supply integration, centralized water supply scaling, and standardized construction of small water supply systems. In areas with conditions, promote unified management and specialized maintenance of rural water supply. Strengthen the construction of drought-resistant emergency water sources and small water diversion projects. Implement the continuation and renovation of medium and large irrigation areas, and build a number of modern irrigation areas in regions with suitable water and soil resource conditions, improve the agricultural water conservancy infrastructure network, and ensure the production of important agricultural products such as grain. This involves Hong Kong-listed China Liansu (02128)
TravelSky Technology Limited: In July, domestic flight ticket bookings reached nearly 17.9 million, an increase of about 5% compared to the same period last year
According to data from TravelSky Technology Limited, as of June 26, the ticket bookings for domestic flights in the first month of the summer travel season reached nearly 17.9 million, an increase of about 5% compared to the same period last year; ticket bookings for inbound and outbound flights exceeded 7.74 million, an increase of about 14% compared to the same period last year. This involves the Hong Kong stock market's civil aviation sector.
GDS Holdings Limited -SW (09698): Launch of C-REIT IPO on the Shanghai Stock Exchange
According to Zhitong Finance APP, GDS Holdings Limited -SW (09698) announced that the China Securities Regulatory Commission (CSRC) and the Shanghai Stock Exchange have approved the registration and launch of its Southern GDS Data Center Closed-End Infrastructure Securities Investment Fund (C-REIT) IPO.
China Renaissance Holdings Limited (01911) plans to enter the Web 3.0 and cryptocurrency asset field
According to Zhitong Finance APP, China Renaissance Holdings Limited (01911) announced that the board of directors has resolved to enter the Web 3.0 and cryptocurrency asset field while consolidating its existing business, and has approved a budget of USD 100 million to be used for the group's development of Web 3.0 business and investment in cryptocurrency assets (cryptocurrency asset investment plan) over the next two years.
China Molybdenum Co., Ltd. completes the acquisition of the Cangrejos Gold Mine in Ecuador; the company responds: optimistic about the long-term trend of gold
China Molybdenum Co., Ltd. has completed the acquisition of Lumina Gold, obtaining 100% equity in the Cangrejos Gold Mine in Ecuador, adding gold resources to the company's resource portfolio. The transaction was officially completed on June 24, 2025. In response, China Molybdenum stated that the company is optimistic about the long-term trend of gold. Gold has both financial and industrial properties and is currently a type of metal with &#34;certainty&#34; in the market. Gold is among the targets for the company's future asset expansion. In terms of current project reserves, the company has projects involving gold, copper, molybdenum, and more.
Wasion Group Holdings Limited (03393) has secured smart meter contracts from CFE worth over 2.08 billion Mexican pesos
According to Zhitong Finance APP, Wasion Group Holdings Limited (03393) announced that its wholly-owned subsidiary established in Mexico, WASION, S.DER.L.DEC.V. (Wasion Mexico), has won a tender contract for smart meters worth over 627 million Mexican pesos (including tax, equivalent to over RMB 238.4 million) on June 26, 2025, and has signed a supply agreement with the Federal Electricity Commission (CFE) of Mexico.
Vigour Group Limited (02199) releases annual results; profit attributable to shareholders is HKD 184 million, an increase of 28.4% year-on-year
According to Zhitong Finance APP, Vigour Group Limited (02199) released its annual results for the year ending March 31, 2025, reporting revenue of HKD 7.84 billion, an increase of 11.7% year-on-year;
The profit attributable to the owners of the company is HKD 184 million, an increase of 28.4% year-on-year; basic earnings per share are HKD 0.15.
Bosideng (03998) announces annual results, profit attributable to shareholders is RMB 3.514 billion, an increase of 14.31% year-on-year
According to Zhitong Finance APP, Bosideng (03998) announced its annual results for the year ended March 31, 2025. The group achieved revenue of RMB 25.902 billion (same unit), an increase of 11.58% year-on-year; profit attributable to equity shareholders is RMB 3.514 billion, an increase of 14.31% year-on-year; basic earnings per share are RMB 0.3158, and a final dividend of HKD 0.22 per share is proposed.
【Stock Highlights】
Mikado Group (09879) announces annual results, profit attributable to owners is approximately RMB 307 million, an increase of 21.78% year-on-year
According to Zhitong Finance APP, Mikado Group (09879) announced its annual results for the year ended March 31, 2025, with total revenue of approximately RMB 4.966 billion, an increase of approximately 31.7% year-on-year. Profit is approximately RMB 340 million, an increase of approximately 22.9% year-on-year. Profit attributable to owners is approximately RMB 307 million, a year-on-year increase of 21.78%; basic earnings per share are approximately RMB 0.34, and a final dividend of RMB 0.075 per share is proposed.
In the financial review, gross profit increased from approximately RMB 537 million in the 2024 fiscal year to approximately RMB 642 million in the 2025 fiscal year, an increase of approximately 19.7%. However, the gross profit margin decreased to approximately 12.9%, mainly due to lower market prices. In addition, other income significantly increased to approximately RMB 20.4 million, mainly due to the impact of additional value-added tax deductions. Management stated that the increase in revenue and profit during the year is mainly attributed to the commitment to product quality and understanding of customer needs.
The company plans to establish new production facilities in Vietnam to meet the demands of emerging markets and continue to expand its market share in China. Overall, the company's main business segment in the production and trade of specialty potassium fertilizers has shown strong performance, demonstrating good growth potential

.SPX

The Hong Kong Special Administrative Region Government announced in the "Hong Kong Digital Asset Development Policy Declaration 2.0" that it will establish a licensing mechanism for digital asset trading and custody service providers to promote broader tokenization of assets and financial instruments. The new framework "LEAP" will optimize legal and regulatory aspects, expand the variety of tokenized products, and facilitate cross-border cooperation. The licensing mechanism for stablecoin issuers will be implemented on August 1. Meanwhile, the three major U.S. stock indices rose, with the S&P 500 and Nasdaq approaching historical highs

- The Hong Kong government plans to promote broader tokenization of assets and financial instruments, establishing a licensing mechanism for digital asset service providers.  
- The "LEAP" framework aims to optimize legal and regulatory aspects, expand tokenized product types, and enhance cross-sector collaboration.  
- In May 2025, Hong Kong's total export value rose by 15.5% year-on-year, while imports increased by 18.9%, indicating a positive trade outlook.

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Zhitong Hong Kong Stock Early Knowledge | The Hong Kong SAR government plans to promote broader asset and financial instrument tokenization, with the S&P 500 and Nasdaq both nearing historical highs