00434 Overview

Regulatory Notice Issued: The People's Bank of China and several other regulatory bodies issued a notice prohibiting the issuance of RMB-pegged stablecoins overseas without prior approval, aiming to mitigate risks associated with virtual currencies.

Market Response: Following the regulatory announcement, Hong Kong-listed stablecoin and cryptocurrency-related stocks experienced significant gains, with multiple companies reporting notable increases in their stock prices and trading volumes.

Trump's Fed Chairman Recommendation: President Donald Trump has recommended Kevin Warsh as the new Fed Chairman, with the appointment expected to take effect in mid-May, as the market closely monitors interest rate trends.

Bitcoin's Decline: Bitcoin has fallen below USD76,000, marking a 40% drop from its peak last year, with a recent 1% decrease bringing it to USD77,714, while Ethereum also experienced a 5.6% decline.

Monthly Decline for Bitcoin: January saw Bitcoin drop over 10%, resulting in its fourth consecutive monthly decline, the longest losing streak since 2018.

Subdued Hong Kong Crypto Stocks: Hong Kong's crypto-related stocks have shown weakness, with several companies experiencing significant declines and notable short selling activity.

Bitcoin and Ethereum Price Surge: Bitcoin reached a two-month high with a 4.39% increase, now priced at USD 95,419, while Ethereum rose 7.11% to USD 3,340.

Market Recovery: Despite a 6% decline last year, Bitcoin has shown strong momentum in January, indicating a potential recovery in the cryptocurrency market.

Hong Kong Bitcoin Stocks Performance: Several Bitcoin-related stocks in Hong Kong saw significant gains, with BOYAA up 10.81%, LINEKONG up 11.25%, GRANDSHORES up 9.33%, and SINOHOPE TECH up 11.15%.

Short Selling Activity: The short selling data for these stocks indicates varying levels of investor sentiment, with BOYAA and SINOHOPE TECH experiencing notable short selling ratios.

Bitcoin and Ethereum Price Drop: Bitcoin fell below USD100,000, dropping 2.9% to USD99,203, while Ethereum decreased by 6.6% to USD3,226 amid rising risk aversion and a tech stock sell-off.

Impact on Hong Kong Cryptocurrency Stocks: Hong Kong-listed cryptocurrency stocks like BOYAA and OSL GROUP experienced significant declines, with BOYAA down 4.87% and OSL GROUP down 4.65%.

Market Sentiment Analysis: Analysts from 10x Research indicated that the cryptocurrency market has entered a bear phase, citing reduced ETF fund flows, ongoing selling by long-term holders, and low retail participation.

Future Price Predictions: The next critical support level for Bitcoin is projected to be USD93,000, as the market continues to face downward pressure.

Market Performance: The HSI closed down 61 points (0.2%) at 25,104, with the HSCEI and HSTECH also declining by 38 points (0.4%) and 42 points (0.8%), respectively, amid a total market turnover of $239.487 billion.

AAC TECH's Profit Report: AAC TECH reported a 63% increase in net profit for 1H25 but did not declare an interim dividend, causing its stock to drop by 13.2%.

GDS-SW and BOYAA Developments: GDS-SW plans to list its overseas business within 18 months, leading to a 2% stock price increase, while BOYAA's share price rose 4.6% after announcing a discounted share placement.

Mixed Results from Other Companies: SINO-OCEAN GP expects significant profits due to debt restructuring, boosting its stock by 7.1%, whereas CHINA RES POWER saw a nearly 16% drop in net profit, resulting in a 5.9% decline in its stock price.

Cryptocurrency Market Decline: The total cryptocurrency market cap has fallen below USD 4 trillion after a significant drop from last week's historic high.

Bitcoin and Ether Prices: Bitcoin decreased by 2.16% to USD 115,532, while Ether saw a larger decline of 3.77%, dropping to USD 4,305.

Hong Kong Cryptocurrency Stocks: Despite a market rally, cryptocurrency-related stocks in Hong Kong experienced declines, with notable drops in companies like BOYAA and LINEKONG.

ETFs Performance: Several cryptocurrency ETFs also reported losses, with CAM ETH and BOS HSK ETH falling by 8.476% and 9.444% respectively, indicating a broader downturn in the crypto investment landscape.