Fosun seen bearing toward HK stablecoin license

Fosun International (0656) has made plans to apply for a stablecoin license in Hong Kong and has formed a team for the application process, after founder Guo Guangchang met the city's officials, according to a mainland media report.

The report said Guo last Wednesday led key members of its stablecoin team and other senior executives to meet Hong Kong chief executive John Lee Ka-chiu and Financial Secretary Paul Chan Mo-po on the same day.

Fosun Wealth, a wholly owned subsidiary, has already ventured into Web3 businesses in Hong Kong, including participating in the distribution of three tokenized money funds launched by China Asset Management earlier this year, the report said.

Fosun’s Hong Kong-listed shares rose as much as 27 percent, before closing on Tuesday up by 13.3 percent at HK$6.05.

STAFF REPORTER