China 33 Media plans to apply for a Hong Kong stablecoin license

China SanSan Media (08087 HK) issued an announcement stating that the Group intends to apply for a Hong Kong stablecoin license. The relevant funds will be allocated from the net proceeds of the placement of new shares under the general mandate and the company's existing cash reserves. The Group will continue to explore and launch related technical services in Hong Kong, including stablecoin payments, and promote the application of stablecoins in retail payment scenarios. In addition, the Group also plans to actively participate in Hong Kong's regulatory pilot program. [Wu Blockchain]