HK Stock Market Move | CR HOLDINGS (01911) has risen by over 10% again, with the stock price doubling in the year. The company is expanding into the digital currency field.

CR HOLDINGS (01911) surged by more than 10%, with the stock price doubling since the beginning of the year. As of the time of this report, it has risen by 10.7% to 6.21 Hong Kong dollars, with a trading volume of 18.7928 million Hong Kong dollars. On the news front, at the end of June this year, CR HOLDINGS announced that the board of directors has decided to enter the Web3.0 and cryptocurrency asset fields while stabilizing the existing business of Hua Xing. They have approved a budget of 100 million US dollars to be used over the next two years for the development of the group's Web3.0 business and investment in cryptocurrency assets. The announcement stated that after the group fund successfully invested in Circle Internet Group and provided services for many leading cryptocurrency companies in listing and multiple rounds of financing, the group will increase its investment and development efforts in stable coins, RWA (Real World Assets), and the entire cryptocurrency ecosystem chain. They will actively expand the application and upgrade of related business licenses. On August 1st, the "Stable Coin Bill" in Hong Kong, China officially took effect, establishing a licensing system for the issuance of legal tender stable coins in Hong Kong, China. This aims to improve the regulatory framework for virtual asset activities in Hong Kong, China to maintain financial stability and promote financial innovation. Open Source Securities previously pointed out that as stable coins move towards compliance, licensing becomes a key factor in entering the market, and they are optimistic about investment opportunities in the stable coin and RWA markets.