ZhongAn Online completed a placement of HK$3.9 billion, and its businesses may benefit from Hong Kong's new stablecoin policy

PANews reported on July 5 that according to Caixin.com, ZhongAn Online announced that it had completed the placement of 215 million new H shares, raising a total of HK$3.924 billion. The placement price was HK$18.25 per share, accounting for 13.15% of the issued H shares after the expansion and 12.76% of the total issued shares. Since May this year, ZhongAn Online's stock price has begun to rise significantly, mainly benefiting from Hong Kong's new stablecoin policy and its 43.43% stake in ZhongAn Bank (ZA Bank). After the Hong Kong Legislative Council passed the Stablecoin Bill, ZhongAn Bank immediately announced that it would become Hong Kong's first digital bank to provide exclusive reserve bank services for stablecoin issuers, and cooperate with Yuanbi, one of the first sandbox participants of the HKMA.