Fosun has confirmed its application for a stablecoin license in Hong Kong and has assembled a dedicated team for this purpose. On August 6, Fosun's founder, Guo Guangchang, led key members of the stablecoin team and other executives to meet with Hong Kong's Chief Executive John Lee and Financial Secretary Paul Chan in a single day.

Shares rose 22% in Hong Kong.

Fosun Wealth, a subsidiary of Fosun, has already made strides in the digital asset sector through the Xinglu Technology platform. This includes participating in the distribution of tokenized products from the Huaxia Fund and developing a Real World Asset ( RWA ) tokenization platform.

According to the Hong Kong Monetary Authority's schedule, interested institutions could begin contacting regulators after August 1 and must submit their license application materials by September 30. As of the time of reporting, Fosun has not provided any comments on the matter.