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… cracks to find and exploit.
But the cracks are narrowing. In March, Xiaohongshu issued multiple notices banning off-platform sales links and cracking down on low-quality, repetitive posts. Its algorithm now favors original, high-quality content.
One operator tried launching a “medical student persona” team, with five people in lab coats posing as professionals. The first video triggered a platform violation for false identity, and the account was shut down in a day. “Doctor personas now get banned 100% of the time,” he said.
Today, Zhengzhou’s small operators, especially those without deep pockets or backup plans, are closing shop or pivoting. The only ones still trying their luck are the legacy firms. But as early as 2023, some forward-thinking players had already started allocating part of their budget to official, above-board campaigns.
Everyone knows: building a brand is the endgame. But for many of these self-made entrepreneurs—people without degrees or connections—that path remains elusive. One local merchant put it bluntly: “Some Zhengzhou companies have hundreds of employees, but they still think like street vendors. They pay salaries through Alipay.”
Do Zhengzhou’s tactics still hold value?
Lin Qing believes that for established brands spending eight-figure sums annually, it’s still worth running a team out of Zhengzhou. “You can supplement your official campaigns, or use Zhengzhou to scale your existing playbook,” he said. A well-known cosmetics brand did just that, building a 100-person Xiaohongshu team in Zhengzhou with plans to double it by the end of this year.
“Zhengzhou is good at this, knowing Xiaohongshu inside and out,” said one former editor who worked at a local agency. “Many of my clients from Shanghai, Guangzhou, and Hangzhou had no idea how to generate traffic. We did it for them.”
As for Xiaohongshu, born as a platform for sharing real-life moments, it continues to wrestle with the tension between lifestyle and monetization. As long as product discovery remains the engine of its community, Zhengzhou’s content factories will never fully disappear.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3388205982597508">article</a> was written by Xiao Sijia for 36Kr.

These middle-aged men know Xiaohongshu better than anyone, and they’re all in Zhengzhou

On-demand Services

E-commerce

Retail

Consumer Economy

China

… decoding="async" class="wp-image-156376 size-medium" src="https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-720x405.jpg" alt="Photo of the Agent Universe team at Universal Studios Beijing, where they went for team bonding after Watcha’s launch." width="720" height="405" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-720x405.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-1024x576.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-768x432.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-1536x864.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team-480x270.jpg 480w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Team.jpg 1920w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption id="caption-attachment-156376" class="wp-caption-text">Photo of the Agent Universe team at Universal Studios Beijing, where they went for team bonding after Watcha’s launch. Photo and header photo source: AI Now!</figcaption></figure>
<h3>Content as the starting point</h3>
Ask Zhong how to make content, and he won’t talk about traffic, exclusivity, or influence. He’s focused on a deeper question:
<blockquote>Where will the AI-native generation choose to speak?</blockquote>
This generation isn’t drawn in by content itself, but by the mechanics behind it. They understand how recommendation algorithms work and see through the dynamics of the traffic game. What matters to them is whether a platform feels human, allows authentic expression, and whether anyone will actually care about what’s said on it.
Zhong says Watcha is built for this crowd: anyone raised in an AI-shaped world.
Just as smartphones made it easy to snap photos, which gave rise to <a href="/company/xiaohongshu">Xiaohongshu</a> (known internationally as RedNote) and <a href="/company/douyin">Douyin</a>, AI has drastically lowered the barrier to both technology and knowledge. To Zhang, it makes sense that a new platform should emerge—one that helps this generation explore tools, articulate user experiences, and engage in shaping tech trends.
That’s what Watcha aspires to be: a trustworthy, expressive, consensus-driven discussion space for the AI-native generation.
At Agent Universe, content isn’t the endgame, but the starting point.
And that starting point leads to a more ambitious system, one where thoughtful expression is valued, strong content rises, and user experiences guide product evolution.
Content is just the fuse. Behind it is the goal of building products, communities, and ecosystems.
“We want to be the ones who write the rules,” Zhong said.
Unlike older generations, who often value media authority or traditional journalistic frameworks, younger users adhere to a different standard: expression is validation. Does your content spark resonance? Inspire action? Invite remixes?
From viral WeChat articles to launching agentic tools to now rolling out Watcha, Agent Universe has followed a clear trajectory: use content to find like minds, products to test ideas, and community to build an ecosystem.
whereRelatedArticle
For Zhong, whether it’s building content or a community, the thing that matters most is always the same: developing a sense of life and authenticity.
In an age when AI can automate nearly everything, what becomes irreplaceable is human judgment and taste: a person’s tone, their perspective, their curiosity.
It’s about change, and a bit of ambition, too.
Which is why Watcha’s launch was held at Note Blue, a jazz bar at Ch’ien Men 23 that’s renowned for its acoustics and live performances. Faye Wong and Cui Jian have been spotted there more than once.
That evening, partners from China’s leading VC firms gathered to hear Zhong’s pitch. Others, including a famously reclusive investor, watched from the VIP section upstairs.
<figure id="attachment_156375" aria-describedby="caption-attachment-156375" style="width: 720px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" class="wp-image-156375 size-medium" src="https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-720x480.jpg" alt="A rock band (pictured) performs at Watcha’s launch event at Note Blue, a jazz bar in Ch’ien Men 23, Beijing." width="720" height="480" srcset="https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-720x480.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2025/08/Watcha-Launch-Performance.jpg 1920w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption id="caption-attachment-156375" class="wp-caption-text">A rock band (pictured) performs at Watcha’s launch event at Note Blue, a jazz bar in Ch’ien Men 23, Beijing. Photo source: AI Now!</figcaption></figure>
At the afterparty, a rock band assembled by HongShan played Hedgehog’s hit song Requiem For A Train Of Life. Its final stanza evokes someone young who endures even as a generation grows old—a fitting anthem for a new era, cutting through the heavy summer night in Beijing.
<a href="/collections/100-ai-creators">100 AI Creators</a> is a collaborative project between AI Now! and KrASIA, highlighting trailblazers in AI. Know an AI talent we should feature? <a href="mailto:ainow@kr-asia.com">Reach out to us.</a>

Could Watcha be “China’s Product Hunt” for AI products?

Artificial Intelligence

Deep Tech

… participation from Enterprise Singapore, Antares Ventures, and Woh Hup.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.
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Deals in brief: SG Enviro raises SGD 8 million, Kamet Capital backs TopView, latest funding rounds in China, and more

Venture Capital

Private Equity

Investment

Merger &amp; Acquisition

Singapore

Malaysia

Indonesia

Southeast Asia

… earnings.
Can international markets absorb this influx? Early signs say yes. In 2024, Southeast Asia generated RMB 2.4 billion (USD 340 million), nearly equal to Pop Mart’s total 2020 revenue. North America, Europe, and Oceania together contributed RMB 1.3 billion (USD 182 million), close to 2019 levels. These regions are growing faster than historical averages.
Demographics are in Pop Mart’s favor. It targets the Gen Z demographic and young professionals. Per Sinolink’s estimates, the 15–45 age bracket includes about 3.2 billion people in Southeast Asia, 134 million in the US, 278 million in Europe, and 13 million in Oceania. That’s about 745 million in total, nearly matching China’s 600–700 million.
Given higher spending among Western consumers and stronger collectibles enthusiasm in Southeast Asia, international markets may eventually surpass China in scale. If overseas revenue overtakes domestic figures in 2025, the gap may keep widening.
<h3>How should investors time their moves?</h3>
The tepid reaction to Pop Mart’s latest guidance likely reflects the market’s prior pricing-in of Labubu’s performance. Despite strong numbers, there was little surprise. And with valuations already elevated, the earnings boost only returned the P/E ratio to historical norms.
This wariness reflects deeper concerns. Pop Mart’s recent gains are tied closely to a single IP. Until the company proves it can diversify its product success, skepticism will persist. The result: investors hesitate.
Going forward, Pop Mart may settle into a traditional stock cycle: muted sentiment, strong earnings, upside surprise, rally. Until then, the stock may trade sideways as it proves it can sustain rapid growth.
That said, near-term downside appears limited. Most investors agree on the company’s short-term strength, while disagreements lie in its long-term prospects. This consensus likely caps immediate downside risk.
Wind consensus forecasts estimate Pop Mart’s net profits at RMB 7.35 billion (USD 1 billion) in 2025, RMB 10.48 billion (USD 1.5 billion) in 2026, and RMB 13.75 billion (USD 1.9 billion) in 2027. This implies annual growth of 135.2%, 42.5%, and 31.2%, with a forward P/E ratio of around 22 by 2027.
For context, mature IP-driven firms like Disney and Bandai Namco maintain average P/E ratios near 25. Even with slower growth, Pop Mart’s valuation could remain in line with peers, providing a potential price floor.
In short, the market may simply be waiting for proof: can Pop Mart turn a one-hit wonder into a repeatable success?
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3400844980684935">article</a> was written by Fan Liang for 36Kr.

Pop Mart posts record forecast, but investors want proof it can last

East Asia

Chinese <a href="/industry/ev">electric vehicle</a> maker Neta is facing a backlash in Thailand, as the restructuring of its parent company has caused difficulties supplying parts to the country and paying suppliers, resulting in the price of some new cars being slashed by half.
Furthermore, the company has fallen behind in local production requirements for subsidies. These troubles could force the Thai government to change course on its EV policy.
On an early July visit to Bangkok's Srinakarin Road, which is lined with car dealerships, Neta's dealership was deserted. Though the store was technically open, most of the lights and the air conditioning were off.
After waiting in the dark showroom for ten minutes, a man in a T-shirt appeared and began explaining the startup's vehicles, saying that it probably sells the cheapest EVs in Bangkok.
The Neta V-II small hatchback was selling for THB 280,000 (USD 8,700), despite having a list price of THB 569,000 (USD 17,680). The salesperson said Chinese headquarters had asked them to lower prices the previous week. He added that he could lower the price even further if several vehicles were bought at once, pointing to the dealership's stock of over 600 vehicles.
Hozon New Energy Automobile, Neta's parent company, said on social media in early June that its restructuring process will not affect its business in other countries, including Thailand.
Hozon is undergoing legal reorganization with the aim of restructuring in mainland China. The company said Neta will continue to invest in the Thai market and proceed with parts supply and software updates as usual.
"Neta's announcements are all big lies," said a self-employed 30-year-old man who spoke to Nikkei on July 14. He bought a Neta V-I in 2021 for THB 549,000 (USD 17,060) to escape rising fuel prices. His car is usable for now, but he faces the risk of replacement parts not arriving from China. He said it is unfair that he has to continue making monthly loan payments despite the company's inadequate response to the situation.
In Thailand, there have been many cases where the company fails to uphold a vehicle's warranty and people are unable to use their vehicles because they cannot receive after-sales service.
Affected consumers have already submitted a petition to some Thai lawmakers and are poised to file a class action lawsuit. The movement has developed into a political concern, with a Thai Senate commerce and industry committee issuing a statement saying it recognizes the problem as a major issue and will work with the government and the private sector to address it.
Neta has outsourced the assembly of finished vehicles to local companies around Bangkok since 2024, but appears to have gotten behind in payments to parts manufacturers since the beginning of this year. An automaker failing to pay is unprecedented, one local supplier told Nikkei.
The situation could create ripple effects throughout the Thai automotive industry. Thailand introduced subsidies for purchasing EVs in 2022, a first for Southeast Asia. With the goal of making 30% of the vehicles produced annually in the country EVs by 2030, purchase subsidies of THB 150,000 (USD 4,660) per vehicle were paid through 2023 before being reduced to THB 100,000 (USD 3,110) in 2024.
The subsidies are not paid directly to consumers, but rather to automakers after a certain period of time. Neta sold about 12,800 vehicles in Thailand in 2023 and 7,900 vehicles in 2024, which means it likely received a total of about THB 2.7 billion (USD 83.9 million).
But Neta appears to be falling short of the subsidy requirement of producing its EVs in Thailand from 2024. The company needed to produce 13,000 vehicles in Thailand in 2024 and 19,000 in 2025 in order to meet the requirements, but according to local reports, has only produced a few thousand.
Other Chinese automakers have also experienced turbulence in Thailand. Since the second half of 2024, Chinese automakers have been asking the Thai government to relax the domestic production quotas required for subsidies.
"We came because we were invited by the Thai government, but sales here have been sluggish due to the high household debt ratio, so [the market environment] is not what we expected," an executive at one automaker told Nikkei.
Bangkok agreed to relax the domestic production quotas in December 2024, but said it would stop providing subsidies until those quotas are met—a move believed to target several companies, including Neta.
China's Great Wall Motor and SAIC unit MG Motor have not increased the utilization rates at their Thai plants. <a href="/company/byd">BYD</a> is the only Chinese automaker that can properly produce EVs in Thailand, one local supplier said.
"Some Chinese automakers other than Neta have the backing of the government, so their risk of bankruptcy is low," said Hajime Yamamoto of Nomura Research Institute Thailand. "A committee will be launched at the end of July that could hand down some decisions on obligations for reporting production plans and progress, as well as clarify the progress of domestic parts production and decide punitive measures."
The Thai government, which has until now been all-in on EVs, has begun to revise its stance on them this year. Bangkok and Tokyo held talks on energy and industry in the Thai capital, where the two governments discussed the next-generation automotive industry.
The Thai side emphasized the importance of a multi-pathway strategy that pursues various options for decarbonization, including hybrids and other electrified vehicles—the same strategy advocated by Japanese automakers.
"Neta's financial issues will upset consumers and lead to a move away from Chinese autos," said a Japanese government source in Thailand.
Still, Yamamoto feels that "the situation is unlikely to bring about any big policy changes with regard to the goal of getting EVs to account for 30% of all automotive production by 2030."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/electric-vehicles/china-s-struggling-ev-maker-neta-in-deep-trouble-in-thailand">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.kr-asia.com/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

China's struggling EV maker Neta in deep trouble in Thailand

Transportation

Electric Vehicles

Mobility

Thailand

… patents.
Zhaowei will direct the IPO funds toward R&amp;D, capacity expansion, global partnerships, and marketing, as well as working capital needs.
The global miniature transmission and drive systems market grew from RMB 78.2 billion (USD 10.9 billion) in 2020 to RMB 111.3 billion (USD 15.6 billion) in 2024. It is projected to reach RMB 204.9 billion (USD 28.7 billion) by 2029. China’s domestic market is expected to grow at 17.3% annually, reaching RMB 72.6 billion (USD 10.2 billion) by 2029.
<div class="embed-container"><iframe src="https://flo.uri.sh/visualisation/24484287/embed" frameborder="0" allowfullscreen> frameborder="0" scrolling="no" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe></div>
In China, the market grew from RMB 20.3 billion (USD 2.8 billion) in 2020 to RMB 33.2 billion (USD 4.6 billion) in 2024. It is projected to reach RMB 72.6 billion (USD 10.2 billion) by 2029, growing at a CAGR of 17.3%.
<div class="embed-container"><iframe src="https://flo.uri.sh/visualisation/24484210/embed" frameborder="0" allowfullscreen> frameborder="0" scrolling="no" sandbox="allow-same-origin allow-forms allow-scripts allow-downloads allow-popups allow-popups-to-escape-sandbox allow-top-navigation-by-user-activation"></iframe></div>
<h3>RobotPhoenix: Gaining ground in light industry robotics</h3>
Founded in 2012, RobotPhoenix ranked fifth among Chinese suppliers of industrial robots for light industry in 2024, according to Frost &amp; Sullivan. It is one of the few Chinese firms offering end-to-end coverage across the robotics value chain.
Its product suite includes parallel robots, SCARA (selective compliance assembly robot arm) robots, AMRs (autonomous mobile robots), AGVs (automated guided vehicles), wafer handling systems, and controllers. These are tailored to applications such as sorting, inspection, pick-and-place, and packaging in sectors including consumer electronics, automotive components, healthcare, and semiconductors.
The company used a direct sales model to serve 275 clients in 2024, up from 69 in 2022. Consumer electronics contributed 45.8% of revenue in 2024.
RobotPhoenix reported revenues of RMB 270 million (USD 37.8 million) in 2024, up from RMB 160 million (USD 22.4 million) in 2022. Gross margins rebounded to 26.5% in 2024, after dipping to 18.3% in 2023. Net losses narrowed to RMB 70 million (USD 9.8 million) in 2024.
The company’s top five clients contributed 50.1% of revenue in 2024, down from 83.3% in 2022, indicating diversification.
As of end-2024, RobotPhoenix reported having agents in seven countries, with exports reaching over 20 regions. Overseas revenue accounted for 9.5% of total sales.
The company is establishing a Hong Kong subsidiary and hiring R&amp;D talent to strengthen global innovation capacity. It is also building a Vietnam subsidiary to better serve Southeast Asian clients.
IPO proceeds will support RobotPhoenix’s R&amp;D, capacity building, overseas expansion, supply chain investments, and working capital. The company holds 271 authorized patents and runs an R&amp;D team comprising 38% of its workforce.
China’s light industry robotics market grew from RMB 12.3 billion (USD 1.7 billion) in 2020 to RMB 20.9 billion (USD 2.9 billion) in 2024, and is projected to reach RMB 43.8 billion (USD 6.1 billion) by 2029.

China’s industrial robot makers turn to IPOs to gear up for global expansion

Robotics

Hong Kong

… Once we understood that, we began developing the material, and the results were excellent.”
Quin recognized that the printer itself is just one part of the value proposition. What keeps users engaged is content.
The company leaned into this by building a suite of six specialized apps, each tailored to a specific user group. These apps go far beyond basic setup and tutorials. They offer templates, fonts, illustrations, and other resources to support creativity.
Across all its apps, Quin now has about five million users worldwide. The company is exploring monetization through premium features such as cloud storage, AI-generated content, and print filters.
Outside the app ecosystem, Quin’s Xiwen brand supports community building on platforms like Facebook and Instagram through DIY challenges, product testing, and contests. Its official website hosts a dedicated community page where users can showcase their work and join a Discord server for real-time interaction.
Quin’s growth reflects a new blueprint for hardware startups. Its strength lies not only in physical products but also in the emotional connections built through its content ecosystem.
In a category where technical specifications are often indistinguishable, offering consistent emotional value may be the key to lasting loyalty.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3388088632262409">article</a> was written by Leslie Zhang for 36Kr.

Thinking out of the box: How Quin broke open a stagnant printer market

Hardware

… classes of foundation models:
<ul>
<li aria-level="1">Planning models help robots break complex tasks into steps.</li>
<li aria-level="1">Perception models interpret the environment and internal states.</li>
<li aria-level="1">Perception-action models convert sensory input into actions.</li>
</ul>
On the cloud side, Tairos supports simulation, training, and data management. Developers can access it via SDKs or APIs.
Tencent’s approach stems from observed challenges in the field: many startups lack the compute capacity for model training, and supervised fine-tuning is costly and difficult to scale. A neutral, integrated platform like Tairos aims to bridge those gaps.
Asked about Tencent’s investment role, Zhang clarified that he doesn’t handle deals directly but sees investment as a way to “grow the ecosystem.”
Tairos is intentionally modular. “If a company already excels at perception, they can just use Tencent’s planning or action models,” Zhang said.
Still, 36Kr reported that some companies prefer unified vision-language-action (VLA) models, now common in the industry. Modular platforms may thus not appeal to all.
Zhang acknowledged this: “Robotics companies that can build their own end-to-end model are not our target customers.”
To maintain neutrality, he emphasized that Tairos is not intended as a profit engine. “Our goal is to grow the robotics industry as fast as possible,” he said.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3403965013069441">article</a> was written by Qiu Xiaofen and Wang Fangyu for 36Kr.

JD and Tencent want to power robots, not build them, at least for now

JD.com

Embodied Intelligence

On August 1, Hong Kong’s stablecoin ordinance officially took effect, covering all activities related to stablecoins, licensing of stablecoin issuers, and ongoing oversight of licensees. Under the new framework, any entity seeking to issue fiat-backed stablecoins or promote related issuance activities in Hong Kong must first obtain a stablecoin issuer license from the Hong Kong Monetary Authority (HKMA).
One of the most closely watched components—the licensing regime and application process—also launched on August 1. The HKMA had previously issued detailed guidance outlining licensing procedures, regulatory expectations, and specific application requirements. Eligible institutions have until September 30 to apply.
Applicants must be either companies incorporated in Hong Kong or recognized institutions based abroad. They must also demonstrate adequate financial strength and liquidity, including a minimum paid-up capital of HKD 25 million (USD 3.2 million) or its equivalent in freely convertible foreign currency. Additional requirements include robust standards for risk management, compliance, and disclosure.
In the US, stablecoin regulation also advanced in July. On July 18 local time, President Donald Trump signed the “Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act” into law. The legislation establishes a formal framework for stablecoin issuance in the US, allowing only approved issuers to issue payment stablecoins and setting requirements for asset reserves, risk controls, and broader oversight.
Following the rollout of these regulatory frameworks, initial enthusiasm for stablecoins surged, then began to cool.
Under Hong Kong’s ordinance, a digital asset qualifies as a stablecoin if it meets the following criteria:
<ul>
<li aria-level="1">Serves as a unit of account or store of economic value.</li>
<li aria-level="1">Accepted by the public as a medium of exchange, for payments, debt settlement, or investment.</li>
<li aria-level="1">Transferable, storable, or tradable electronically.</li>
<li aria-level="1">Operates on a distributed ledger or similar infrastructure.</li>
<li aria-level="1">Maintains a stable value by referencing a single asset, a group of assets, or a basket of assets.</li>
</ul>
Unlike other volatile cryptocurrencies, stablecoins are typically pegged to fiat currencies to ensure price stability, serving as a bridge between traditional finance and blockchain-based systems.
The HKMA also requires issuers to demonstrate real-world use cases. Cross-border payments and real-world asset (RWA) tokenization are expected to be key applications. Bian Zhuoqun, vice president at <a href="/company/ant-group">Ant Group</a> and president of blockchain at Ant Digital Technologies, has noted that stablecoins hold substantial potential as connectors between traditional finance and tokenized assets. Their value, he argued, lies in expanding utility and ensuring regulatory compliance.
With HKMA support, Ant Digital Technologies has already completed RWA tokenization projects involving charging stations, photovoltaics, and two-wheeler battery swapping.
Ahead of the ordinance, companies including Ant Group and <a href="/company/jd">JD.com</a> expressed interest in applying for licenses. Both Ant International and Ant Digital Technologies confirmed plans to apply in Hong Kong. JD also announced its intent to seek stablecoin licenses in major currency jurisdictions globally. Its affiliate, Jingdong Coinlink Technology, is listed as a sandbox participant for stablecoin issuance.
whereRelatedArticle
Amid this momentum, stablecoin concept stocks in mainland China experienced multiple rounds of gains. But as regulatory frameworks solidified and official positions grew more cautious, early market enthusiasm began to fade. On August 1, the day the ordinance took effect, stablecoin-related stocks in both A-shares and Hong Kong markets saw broad declines.
The HKMA has repeatedly called for a tempered view of the stablecoin sector. In a July article, HKMA chief executive Yu Weiwen noted that only a few licenses will be granted in the initial phase. Deputy chief executive Chen Weimin echoed that sentiment, stating no timeline has been set and the first licenses may not be issued until early 2026.
As Yu wrote, regulated stablecoin businesses remain in their early stages. The HKMA’s measured approach, he emphasized, is aimed at building sustainable growth, starting with strong guardrails rather than backtracking from a loose start.

Hong Kong’s stablecoin rules take effect, but approvals may take time

Fintech

Blockchain

Cryptocurrencies