Hukumar Tsaro da Zamani ta Hong Kong (SFC) ta ƙaddamar da sabbin matakai guda uku jiya (11 ga Fabrairu) don haɓaka cinikin kadarorin dijital a Hong Kong. Waɗannan matakan sun haɗa da ba wa dillalan kadarorin kama-da-wane damar bayar da ayyukan ba da rancen riba ga abokan ciniki; kafa wani babban tsari don jagorantar dandamalin ciniki mai lasisi wajen haɓaka samfuran da ake amfani da su ga ƙwararrun masu zuba jari; da kuma amincewa da kamfanonin da ke da alaƙa da masu gudanar da dandamalin ciniki don yin aiki a matsayin masu samar da kasuwa a kan dandamalinsu don taimakawa wajen rage ƙarancin ruwan kuɗi a kasuwa. SFC tana fatan samun ƙarin shiga kasuwa a cikin cinikin kadarorin kama-da-wane da kuma ingantaccen ruwan kuɗi a cikin tsarin haɗari mai sarrafawa. A wannan rana, Babban Jami'i John Lee, wanda ke magana a bikin buɗe taron Consensus Hong Kong, ya bayyana cewa Hukumar Kuɗi ta Hong Kong (HKMA) tana aiwatar da aikace-aikacen lasisi kuma tana da imanin cewa za a bayar da rukunin farko na lasisin masu bayar da stablecoin a watan Maris.
Kafa babban tsari don dandamalin ciniki masu lasisi
Hukumar Tsaro da Gaba (SFC) ta fitar da sabbin ka'idoji jiya, tana mai cewa tana fadada rarraba kayayyaki da ayyuka bisa ga taswirar ta ta ASPIRe. A matsayin daya daga cikin sabbin matakan, tana bawa dillalan kadarorin kama-da-wane damar bayar da ayyukan samar da kudaden kadarori na kama-da-wane ga abokan cinikin su, muddin suna da isasshen kariya da kariyar masu zuba jari. Wannan matakin zai karfafa kwastomomin da ke da kyakkyawan matsayin bashi da kuma jingina su shiga cikin harkar cinikin kadarorin kama-da-wane, ta haka ne za a inganta kudin ruwa a kasuwar Hong Kong a cikin tsarin hadari mai sarrafawa.
Ga dandamalin cinikin kadarori na kama-da-wane masu lasisi, Hukumar Tsaro da Zamani (SFC) ta fara ƙirƙiro wani babban tsari don shiryar da su wajen ƙirƙirar kwangiloli na dindindin waɗanda samfuran da aka yi amfani da su ne kawai ga ƙwararrun masu zuba jari. Wannan shiri yana da nufin taimaka wa masu zuba jari wajen aiwatar da dabarun sarrafa haɗari da kuma haɓaka ruwan da ke cikin kasuwar kadarorinsu. Don tabbatar da kariyar masu zuba jari, tsarin ya bayyana babban gaskiyar da ake buƙata ga waɗannan samfuran da aka yi amfani da su, gami da bayyana bayanai dalla-dalla da kuma matakan sa ido kan aiki masu ƙarfi.
Domin ƙara haɓaka ayyukan cinikin kadarori na kama-da-wane a Hong Kong, Hukumar Tsaro da Zamani (SFC) ta ba wa masu haɗin gwiwa na dandamalin cinikin kadarori na kama-da-wane masu lasisi damar yin aiki a matsayin masu samar da kasuwa a dandamalin su, muddin akwai ingantattun kariya don rage rikice-rikicen sha'awa. Shiga cikin waɗannan masu haɗin gwiwa zai samar da sabbin hanyoyin samun kuɗi ga dandamalin cinikin kadarori na kama-da-wane masu lasisi.
Yip Chi-hang, Babban Darakta na Sashen Tsakani na Hukumar Tsaro da Zamantakewa (SFC), ya ce, "SFC tana bin tsarin ci gaba mataki-mataki bisa ga taswirar ASPIRe, wanda yake da mahimmanci don haɓaka kasuwar kadarorin dijital ta Hong Kong. Waɗannan matakan da aka yi niyya suna da nufin haɓaka kuɗin kasuwa da kuma nuna ƙarfin gwiwar SFC na haɓaka kasuwar kadarorin dijital ta Hong Kong ta hanyar da ta dace da haɗin gwiwa." SFC za ta ci gaba da sa ido sosai kan aiwatar da waɗannan matakan tare da ci gaba da sadarwa da masu ruwa da tsaki don tabbatar da cewa suna ba da gudummawa ga gina yanayin kasuwa mai aminci da gasa a Hong Kong.
John Lee: Hong Kong ta kuduri aniyar gina cibiyar kirkire-kirkire ta kadarori ta dijital ta duniya.
"Gwamnatin Hong Kong ta kuduri aniyar gina Hong Kong a matsayin cibiyar kirkire-kirkire ta duniya don kadarorin dijital," in ji John Lee a cikin wani jawabi na bidiyo a taron Consensus Hong Kong jiya. Ya lura cewa a cikin 'yan shekarun nan, Hong Kong ta gina tsarin dokoki don haɓaka ci gaban tsarin yanar gizo mai ƙarfi da dorewa na Web 3.0 (tsarin intanet na uku). A watan Yunin da ya gabata, Hong Kong ta fitar da "Sanarwa kan Manufar Ci gaban Kadarorin Dijital 2.0," da nufin gina tsarin kadarorin dijital mai aminci da kirkire-kirkire wanda ke daidaita kula da haɗari da kariyar masu zuba jari, ta haka ne ke tallafawa ci gaban tattalin arziki na gaske da kasuwannin kuɗi. Bugu da ƙari, Dokar Stablecoin ta Hong Kong ta fara aiki a watan Agustan da ya gabata, inda ta kafa tsarin lasisi ga masu bayar da stablecoin da ke goyon bayan fiat. Hukumar Ba da Lamuni ta Hong Kong (HKMA) tana aiwatar da aikace-aikacen lasisi kuma tana da yakinin cewa za a bayar da rukunin farko na lasisin masu bayar da stablecoin a watan Maris.
John Lee ya nuna cewa Web 3.0 da kadarorin dijital suna da babban damar ci gaba, wanda zai iya haɓaka ma'amaloli na kuɗi masu inganci, masu araha, da kuma haɗaka. A matsayinta na tattalin arziki mafi 'yanci a duniya da cibiyar kuɗi ta duniya, Hong Kong tana da babban gasa kamar tushe mai ƙarfi na bin doka, 'yancin shari'a, kwararar jari kyauta, da tsarin dokoki mai ƙarfi, wanda ke cikin sahun gaba a duniya a cikin matsayi na gasa na duniya da yawa. Za a gabatar da jerin matakai a nan gaba don haɓaka ruwa a kasuwar kadarorin kama-da-wane ta Hong Kong, wadatar da kayayyaki da ayyuka masu alaƙa, da kuma tallafawa ci gaban masana'antar mai ƙarfi.
Stablecoins na iya rage haɗarin kasuwa da farashi sosai.
A halin yanzu, cibiyoyin kuɗi da yawa suna sa ido sosai kan manufofin stablecoin na Hong Kong. Misali, Bankin ZA, wani bankin dijital da ke Hong Kong kuma na farko da ke ba da ayyukan banki na stablecoin, yana bincike sosai kan yuwuwar amfani da stablecoins. A cewar Mok Ka-hei, Shugaban Abokan Ciniki na Kasuwanci a Bankin ZA, yawancin ma'amaloli na ƙarfe masu daraja na ƙetare iyaka a halin yanzu sun dogara ne akan jinkirin zagayowar sulhu na T+2 zuwa T+5. Tare da haɗarin canjin kuɗi da manyan kuɗaɗen ciniki, kowane ciniki yana cike da rashin tabbas. Lokacin da canjin kasuwa na yau da kullun ya wuce $100 cikin sauƙi, haɗarin kuɗi da ke tattare da waɗannan jinkirin sulhu suna daidai da "kuɗin ɓoye" ga 'yan kasuwa. Stablecoins na iya rage farashin irin waɗannan ma'amaloli sosai.
Idan aka ɗauki farashin zinare a matsayin misali, daga 2025 zuwa farkon 2026, Ma'aunin Canjin Zinare na Chicago Board Options Exchange (CBOE) (GVZ) ya taɓa tashi sama da 48, yana kusanto da mafi girman da aka gani a lokacin annobar. A cikin wannan yanayi, jinkirin biyan kuɗi na kwana ɗaya na iya haifar da asara mai yawa. Kamar yadda kadarorin dijital suka dogara da kuɗin fiat, stablecoins ba wai kawai suna aiki awanni 24 a rana ba, har ma suna ba da damar biyan kuɗi nan take na T+0, wanda ke rage haɗarin kasuwa da jinkirin isarwa ke haifarwa da kuma kawar da tsauraran matakai da farashin tsaka-tsaki.
Hukumar Kula da Kuɗi ta Hong Kong (HKMA) ta bayyana cewa "adadin lasisin da aka bayar tabbas ba zai yi yawa ba."
Stablecoins kuɗi ne na cryptocurrencies waɗanda ke da nufin kiyaye ƙimar da ta dace, yawanci ta hanyar "haɗa" zuwa wani takamaiman kadara (kamar dala ta Amurka ko zinare) don rage canjin farashi.
Hukumar Ba da Lamuni ta Hong Kong (HKMA) ta bayyana a farkon watan Oktoba na 2025 cewa tun daga ranar 30 ga Satumba na wannan shekarar, ta karɓi aikace-aikacen lasisin stablecoin daga cibiyoyi 36, ciki har da bankuna, kamfanonin fasaha, kamfanonin tsaro/kudin gudanar da kadarori/kamfanonin saka hannun jari, kamfanonin kasuwanci ta intanet, cibiyoyin biyan kuɗi, da kuma kamfanoni masu tasowa.
A ranar 2 ga Fabrairu na wannan shekarar, Eddie Yue, Babban Jami'in Hukumar Kuɗi ta Hong Kong (HKMA), ya bayyana cewa HKMA tana tantance aikace-aikacen lasisin mai bayar da stablecoin da ta samu. "Hukumomin suna da niyyar bayar da rukunin farko na lasisin stablecoin a watan Maris, amma tabbas adadin ba zai yi yawa ba, tare da mai da hankali kan hankali da kwanciyar hankali." Ya kuma jaddada ka'idojin dokoki don ayyukan ketare iyaka: "Dangane da tsarin dokoki na Yankin Gudanarwa na Musamman na Hong Kong, duk wani ma'aikaci mai lasisi da ke da hannu a harkokin ketare iyaka dole ne ya bi ka'idojin dokoki na wurin da kasuwancin yake."
Ma'aunin Hang Seng ya tashi na tsawon kwanaki uku a jere kuma ya daidaita a kan 27,000, tare da raguwar cinikin yayin da ake jiran Sabuwar Shekarar Wata.
Hannun jarin Hong Kong sun ci gaba da hauhawa jiya, inda Hang Seng Index ya tashi sama da maki 100 da safe. Duk da haka, yawan ciniki ya ragu saboda sabuwar shekarar Lunar mai zuwa a mako mai zuwa, wanda hakan ya rage adadin zuwa kasa da maki 200. Hang Seng Index ya rufe da maki 27,266, yana riƙe da sama da maki 27,000, sama da maki 83 ko 0.31% na ranar, wanda ya nuna nasarar da aka samu a jere na kwanaki uku tare da jimillar maki 707 ko 2.66%. Hang Seng China Enterprises Index ya rufe maki 25 ko 0.28% a maki 9,268; Hang Seng Tech Index ya rufe maki 48 ko 0.9% a maki 5,499. Jimillar juyewar kasuwa ta kasance HK $217.2 biliyan, tare da jimlar shigowar HK $4.816 biliyan daga ciniki zuwa arewa.
Hannun jarin Stablecoin sun tashi tare.
Ana gudanar da aikace-aikacen lasisin masu bayar da stablecoin a Hong Kong, inda ake sa ran za a bayar da rukunin farko na lasisin a wata mai zuwa. Hannun jarin Stablecoin sun tashi gaba ɗaya, inda Lion Capital Holdings (2562) ya karu da kashi 38.7%, Yunfeng Financial (376) ya karu da kashi 5.1%, China Renaissance Holdings (1911) ya karu da kashi 11%, Guotai Junan International (1788) ya karu da kashi 4.9%, Lianlian Digital (2598) ya karu da kashi 9%, da kuma ZhongAn Online (6060) ya karu da kashi 2.9%.
A wasu fannoni, hannun jarin fasaha na manyan kamfanoni sun ci gaba da farfadowa, inda ake sa ran Xiaomi Group (1810) za ta ƙaddamar da sabuwar SU7 a watan Afrilu, farashin hannun jarinta ya karu da kashi 4.27%; Tencent (700) da Alibaba (9988) suma sun daina faɗuwa. Bangaren zinare ya ga babban ci gaba wanda ya samo asali daga abubuwan da suka shafi yanayin ƙasa, inda Zijin Mining International (2259) ya karu da kashi 9% da Lingbao Gold (3330) ya karu da kusan kashi 8%. Hannun jarin masana'antu suma suna kan ƙaruwa, inda Techtronic Industries (669) ya karu da kashi 4.9%, wanda hakan ya sa ya zama mafi kyawun kamfanin blue chip; Kingboard Laminates (1888) ya tashi da kashi 11.5%, kuma Kingboard Holdings (148) ya tashi da kashi 4.6% zuwa HK$35.2. Kayan gini da hannun jarin siminti sun yi aiki sosai, inda China National Building Material (3323) ya karu da kashi 11.46% da Zhongwei New Materials (2579) ya karu da kashi 11.5%. Hannun jarin motoci sun ci gaba da yin aiki mai kyau, inda BYD (1211) ya tashi da kashi 3.5%; Li Auto (2015) ya tashi da kashi 2.7%; da kuma Geely Automobile (175) ya tashi da kashi 2.7%.
Jagoran Fasaha Mai Hankali Na Farko Mai Faɗi
Wasu hannun jarin da aka yi amfani da su a wasu lokutan sun yi kasa sosai, inda SMIC (981) ta faɗi da kashi 2.2% saboda ƙarancin ribar da aka samu a kwata na huɗu; Pop Mart (9992) ta ja da baya da fiye da kashi 5%.
Dangane da sabbin kayayyaki, Lead Intelligent Equipment (470), sabuwar masana'antar kayan aikin makamashi mai hankali, ta fara aiki a Kasuwar Hannun Jari ta Hong Kong jiya, inda ta kai matsayi mafi girma na HK$46.54, karuwar kashi 1.62% daga farashin tayin ta na HK$45.80, kafin ta rufe kasuwar. Kamfanin ya tara ribar da ta kai kimanin HK$4.796 biliyan. Tallafin jama'a ya yi yawa sau 78, tare da kashi 18% na hannun jari da yawa 100.
Wolong Electric (9981), wacce aka jera a kasuwar hannayen jari ta Shenzhen, ta sanar jiya cewa farashin hannun jarinta na H-shares an saita shi akan HK$20.09 a kowace hannun jari. Ana sa ran hannun jarin zai tara har zuwa HK$2.812 biliyan kuma an shirya sanya shi a ranar 13 ga Fabrairu.
Bugu da ƙari, kamfanin samar da sabis na IT na babban yankin Unisplendour Corporation (000938.SZ) ya sanar da cewa ya yanke shawarar dakatar da shirinsa na bayar da hannun jarin H da jerin sunayen manyan shugabannin Kasuwar Hannun Jari ta Hong Kong. Kamfanin ya bayyana cewa dakatar da bayar da hannun jarin H ya dogara ne akan bincike mai zurfi da kuma nuna gaskiya kuma ba zai yi wani tasiri mai mahimmanci ga ayyukan kasuwancinsa ba; kamfanin ya kuma sanar da cewa yana shirin sanya hannun jarin A don tara kusan RMB biliyan 5.6.
Cibiyoyi suna da ra'ayoyi daban-daban game da yanayin kasuwa.
Idan aka yi la'akari da gaba, kamfanin China Galaxy Securities yana da kyakkyawan fata, yana ganin cewa hauhawar farashin kayayyaki ba ta canzawa ba kuma hannun jarin Hong Kong suna shirye don karuwar riba da kimar kayayyaki, tare da tsammanin hauhawar farashin kayayyaki gaba ɗaya. Huatai Securities tana da ƙarfi kan farfadowar kasuwar kadarorin Hong Kong, tana mai imanin cewa raguwar kayan gidaje da ingantaccen jujjuyawar kaya za su haifar da damammaki ga masu haɓaka kadarorin da ke Hong Kong. Everbright Securities ya nuna cewa ɓangaren fasaha yana nuna halaye uku masu haske a ƙasa: ƙimar da aka sayar da yawa, siyan kayayyaki masu tsada, da kuma hauhawar farashin kayayyaki a cikin tushe. An fitar da ra'ayi na ɗan gajeren lokaci gaba ɗaya, yana gabatar da "taga mai kyau" don rabon dabarun matsakaici zuwa dogon lokaci. Duk da haka, Guoyuan International ta yi gargaɗin cewa akwai yiwuwar haɗakar kuɗi na ɗan gajeren lokaci, kodayake babban birnin arewa yana ba da tallafi. Rashin jagora bayyananne da kuma ci gaba da hasashe game da manufofin ƙimar riba na Fed a kasuwannin ƙasashen waje na iya ƙara ƙin haɗari.
A cewar Kwok Sze-chi, mataimakin shugaban ƙungiyar masu nazarin hannun jari ta Hong Kong, kasuwar a halin yanzu tana canzawa tsakanin ƙasa da maki 25,717 da kuma mafi girma na maki 28,056. Sai dai ta hanyar samun nasarar hawa sama da na ƙarshe da kuma riƙe shi a sama ne za a iya ɗaukarsa a matsayin babban ci gaba na fasaha.
Bincike: Sama da rabin waɗanda suka amsa suna da kyakkyawan fata game da hannun jarin Hong Kong a wannan shekarar
Ƙungiyar Tsaro ta Hong Kong ta fitar da sakamakon bincikenta na Kasuwar Jari ta 2026 jiya, wanda ya nuna cewa kashi 53% na waɗanda suka amsa suna da kyakkyawan fata game da kasuwar hannayen jari ta Hong Kong a wannan shekarar, kashi 42% sun yi imanin cewa Hong Kong za ta zama kasuwar saka hannun jari mafi daraja a 2026, kashi 60% sun yi imanin cewa matsakaicin yawan hannun jari na Hong Kong a kowace rana a wannan shekarar zai kai dala biliyan HK zuwa dala biliyan 250, kashi 38% sun yi imanin cewa masana'antar ayyukan kuɗi za ta yi fice a kasuwa a wannan shekarar, kuma kashi 49% sun yi imanin cewa Hang Seng Index zai tashi da kashi 5% zuwa 20% a wannan shekarar.
A cewar shugaban ƙungiyar, Wu Qi, game da matsayin aiki na mahalarta a masana'antar ayyukan kuɗi ta Hong Kong, kashi 41% na waɗanda aka yi wa tambayoyi sun ce kamfanoninsu sun lalace ko da a shekarar da ta gabata, kashi 55% sun ce kasuwancin dillalai shine babban tushen samun kuɗi a shekarar da ta gabata, kashi 60% sun ce fasahar sadarwa ita ce mafi girman kuɗin da ya karu; kashi 70% sun yi imanin cewa kamfanoninsu za su ɗauki ƙarin ma'aikata, tare da ma'aikatan fasahar sadarwa a matsayin abin da ake son ɗauka, kuma kashi 43% sun yi imanin cewa albashinsu ba zai canza ba a shekarar 2026.
Ya kuma nuna cewa kashi 47% na waɗanda suka amsa sun ce gasa da raguwar kudaden shiga su ne manyan matsalolin da suka fuskanta a shekarar da ta gabata, sai kuma yanayi mai tsauri na ƙa'idoji (28%) da kuma tsaron yanar gizo da sirrin bayanai (14%); kashi 56% sun yi imanin cewa siyasa ta ƙasa ita ce babbar rashin tabbas da kasuwar kuɗi ta Hong Kong ke fuskanta a shekarar 2026, sai kuma yanayi mai tsauri na ƙa'idoji (18%) da kuma gasar kasuwa (12%); kashi 48% sun yi imanin cewa gyaran kasuwar tsaro ita ce hanya mafi inganci don haɓaka gasa a fannin kuɗi a Hong Kong, sai kuma amfani da fasahar zamani a fannin kuɗi (12%) da kuma kula da kadarori da dukiya (11%).
Shawarar kafa wani kwamiti na musamman ko kasuwar hannun jari ta penny
Wu Qi ya bayyana cewa adadin kamfanonin tsaro a Hong Kong a halin yanzu yana nuna karuwar riba, kuma yana sa ran adadin zai ci gaba da karuwa idan kasuwar ta ci gaba da kasancewa mai karfi. Ya lura cewa wasu daga cikin membobin kungiyar suna cikin rukunin C kuma suna iya fuskantar raguwar abokan ciniki, inda wasu abokan cinikin membobin za su iya komawa dillalan yanar gizo.
Dangane da tsarin ciniki, wanda yake da matuƙar muhimmanci ga kasuwa, Wu Qi ya ambaci cewa membobi suna damuwa game da yadda ake tafiyar da cinikin hannun jari na ko kuma bayan cirewa. Ya ba da shawarar, misali, ƙara wani kwamiti na musamman don sauƙaƙe wa masu zuba jari kuɗi, sannan ya ba da shawarar kafa kasuwar hannun jari ta ko kuma ta komo a wajen Kasuwar Ci Gaban Kasuwanci (GEM), tare da ƙa'idoji masu sassauƙa don sauƙaƙe tara kuɗi ko sauyi ga ƙananan kamfanoni da matsakaitan masana'antu. Ya kuma nuna cewa babban ƙalubalen yana kan ko za a iya aiwatar da tsarin ciniki na hannun jari ɗaya kamar na kasuwar hannun jari ta Amurka. (Masu aiko da rahoto Han Shang da Zhong Xia)
