ZA Online (06060.HK) saw its stock soar by 5.14% in intraday trading on Monday, significantly outperforming its earlier gains. This surge comes as Hong Kong-listed stablecoin concept stocks experienced a broad rally following a significant regulatory development in the cryptocurrency space.

The upward movement in ZA Online's stock price aligns with a wider trend observed among companies associated with stablecoins and digital assets in Hong Kong. Other notable gainers in this sector included Lianlian DigiTech, which skyrocketed by 62%, OKG Tech, up 33%, and Sinohope Tech, rising 14%.

The catalyst for this market enthusiasm appears to be the Hong Kong Special Administrative Region's publication of the Stablecoin Regulation in the Gazette on May 30, officially enacting it into law. This follows the Legislative Council of Hong Kong's passage of a bill on May 21 to establish a licensing regime for issuers of 'fiat-referenced stablecoins'. The new regulation aims to foster financial innovation while maintaining financial stability, marking a significant step forward for Hong Kong in the digital asset landscape. Investors seem to be betting on companies like ZA Online potentially benefiting from this regulatory clarity in the burgeoning stablecoin market.