Bitcoin Breaks Ceiling; Related Concept Stocks Surge; SINOHOPE TECH Soars ~17%
Hong Kong Stock Market Performance: The HSI opened 152 points higher, closing at 25,716 with a turnover of $103.902 billion, while several cryptocurrency-related stocks saw significant gains due to Bitcoin reaching a new high above US$124,000.
Cryptocurrency Stocks Surge: Notable increases were observed in Hong Kong-listed cryptocurrency concept stocks, such as SINOHOPE TECH (+16.92%) and OKG TECH (+8.62%), alongside positive movements in Bitcoin-related ETFs.
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HK-listed Stablecoin Stocks Surge This Morning Following China's Ban on Overseas Issuance of RMB-pegged Stablecoins
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.
Bitcoin Falls Below $76,000, Down 40% from Its Peak; OSL GROUP Drops Over 4%
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.
OSL GROUP Declines Over 5% Following Announcement of $1.5B+ Fundraising Through 17% Discounted Share Placement
Stock Performance: OSL GROUP's stock opened 4.56% lower, reaching a low of $17, and is currently down 5.39% with a trading volume of 105 million shares.
Share Placement Announcement: The company proposed a top-up share placement of approximately 100 million new shares at $14.9 each, which is a 17.2% discount to the previous closing price.
Use of Proceeds: The expected net proceeds of $1.55 billion will be allocated to various initiatives, including strategic acquisitions (30%), global business developments (35%), product and technology infrastructure (15%), and general working capital (20%).
Short Selling Activity: OSL GROUP experienced significant short selling, with a total of $16.49 million and a short selling ratio of 53.803%.
OSL GROUP Raises Approximately $1.55B Through 17% Discounted Share Placement
Share Placement Announcement: OSL GROUP announced a top-up share placement of approximately 104 million new shares at $14.9 each, representing about 11.6% of its enlarged issued share capital and a 17.2% discount to the previous closing price of $18.
Fundraising Goals: The placement aims to raise approximately $1.56 billion, with net proceeds of about $1.55 billion allocated for strategic acquisitions (30%), global business initiatives (35%), product and technology development (15%), and general working capital (20%).
DBS Lowers OSL GROUP (00863.HK) Rating to Hold, Anticipates Revenue Impact from Bitcoin Performance
OSL GROUP Performance: OSL GROUP's share price fell by 4.7% due to a significant drop in Bitcoin prices, which are expected to negatively impact the company's trading volume and revenue.
Revenue Forecast Adjustment: DBS Group Research has lowered its full-year revenue forecast for OSL GROUP to approximately $560 million, reflecting a decrease in expected revenue growth from 77% to 64% for FY2024-2026.
Stock Rating Update: The broker downgraded OSL GROUP to a "Hold" rating while maintaining a target price of $20, citing that positive factors have already been priced in and concerns over short-term trading performance.
Short Selling Activity: OSL GROUP experienced short selling of $1.40 million, with a short selling ratio of 7.35%, indicating market skepticism regarding its near-term performance.
Daiwa Lowers OSL GROUP (00863.HK) Price Target to $18.8, Maintains Buy Rating
HashKey's IPO Progress: HashKey has successfully passed the listing hearing for its Hong Kong IPO and published its A1 application document, indicating a potential listing on the HKEX within the next 2-3 months if investor interest is strong.
Market Position: As the largest compliant cryptocurrency trading platform in Hong Kong, HashKey holds a 75% market share in trading volume, significantly ahead of its competitor OSL GROUP, which has approximately 25% market share.
Impact on OSL GROUP: Following HashKey's IPO news, Daiwa has reduced its target price for OSL GROUP from $20 to $18.8 while maintaining a Buy rating, reflecting concerns about competition in the market.
Short Selling Data: As of December 1, 2025, OSL GROUP has reported short selling of $25.16 million with a ratio of 39.818%, indicating a notable level of market skepticism.
HK-listed Stablecoin Stocks Surge This Morning Following China's Ban on Overseas Issuance of RMB-pegged Stablecoins
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.
Bitcoin Falls Below $76,000, Down 40% from Its Peak; OSL GROUP Drops Over 4%
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.
OSL GROUP Declines Over 5% Following Announcement of $1.5B+ Fundraising Through 17% Discounted Share Placement
Stock Performance: OSL GROUP's stock opened 4.56% lower, reaching a low of $17, and is currently down 5.39% with a trading volume of 105 million shares.
Share Placement Announcement: The company proposed a top-up share placement of approximately 100 million new shares at $14.9 each, which is a 17.2% discount to the previous closing price.
Use of Proceeds: The expected net proceeds of $1.55 billion will be allocated to various initiatives, including strategic acquisitions (30%), global business developments (35%), product and technology infrastructure (15%), and general working capital (20%).
Short Selling Activity: OSL GROUP experienced significant short selling, with a total of $16.49 million and a short selling ratio of 53.803%.
OSL GROUP Raises Approximately $1.55B Through 17% Discounted Share Placement
Share Placement Announcement: OSL GROUP announced a top-up share placement of approximately 104 million new shares at $14.9 each, representing about 11.6% of its enlarged issued share capital and a 17.2% discount to the previous closing price of $18.
Fundraising Goals: The placement aims to raise approximately $1.56 billion, with net proceeds of about $1.55 billion allocated for strategic acquisitions (30%), global business initiatives (35%), product and technology development (15%), and general working capital (20%).
DBS Lowers OSL GROUP (00863.HK) Rating to Hold, Anticipates Revenue Impact from Bitcoin Performance
OSL GROUP Performance: OSL GROUP's share price fell by 4.7% due to a significant drop in Bitcoin prices, which are expected to negatively impact the company's trading volume and revenue.
Revenue Forecast Adjustment: DBS Group Research has lowered its full-year revenue forecast for OSL GROUP to approximately $560 million, reflecting a decrease in expected revenue growth from 77% to 64% for FY2024-2026.
Stock Rating Update: The broker downgraded OSL GROUP to a "Hold" rating while maintaining a target price of $20, citing that positive factors have already been priced in and concerns over short-term trading performance.
Short Selling Activity: OSL GROUP experienced short selling of $1.40 million, with a short selling ratio of 7.35%, indicating market skepticism regarding its near-term performance.
Daiwa Lowers OSL GROUP (00863.HK) Price Target to $18.8, Maintains Buy Rating
HashKey's IPO Progress: HashKey has successfully passed the listing hearing for its Hong Kong IPO and published its A1 application document, indicating a potential listing on the HKEX within the next 2-3 months if investor interest is strong.
Market Position: As the largest compliant cryptocurrency trading platform in Hong Kong, HashKey holds a 75% market share in trading volume, significantly ahead of its competitor OSL GROUP, which has approximately 25% market share.
Impact on OSL GROUP: Following HashKey's IPO news, Daiwa has reduced its target price for OSL GROUP from $20 to $18.8 while maintaining a Buy rating, reflecting concerns about competition in the market.
Short Selling Data: As of December 1, 2025, OSL GROUP has reported short selling of $25.16 million with a ratio of 39.818%, indicating a notable level of market skepticism.
