Understanding the Market | Stablecoin concept stocks collectively decline, GUOTAI JUNAN I falls over 16%, BRIGHT SMART drops over 4%

Stablecoin concept stocks collectively declined. As of the time of publication, GUOTAI JUNAN I fell 14.75% to HKD 3.18; SYNAGISTICS dropped 6.39% to HKD 8.5; YUNFENG FIN decreased 5.63% to HKD 4.02; BRIGHT SMART fell 4.17% to HKD 8.96. In terms of news, Hong Kong's Financial Secretary Paul Chan recently stated at Hong Kong Fintech Week 2025 that the Hong Kong SAR government's regulatory policy on stablecoins is very clear: stablecoins are not for investment but are tools to facilitate cross-border transactions and real-world economic activities. Therefore, according to Hong Kong's licensing system, only applicants who can demonstrate real use cases and have sustainable and robust business models behind them will be approved