Guojin Securities: Companies like Ant Group in the sandbox test are more likely to be among the first to obtain stablecoin licenses.

[Guotai Junan Securities: Companies such as Ant Group in the sandbox test are more likely to be among the first to obtain stablecoin licenses] Guotai Junan Securities published a stablecoin report stating that the Hong Kong stablecoin issuance sandbox has been operational for over a year, and it is expected that a single-digit number of licenses will be issued within the year. It is anticipated that sandbox test companies and companies with relevant scenarios, such as Ant Group, are more likely to be among the first to obtain licenses.

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