BRIGHT SMART (01428) saw its shares plummet by 9.08% during the intraday session on Monday, reflecting heightened investor concerns following regulatory warnings from the People's Bank of China (PBOC).
The sharp decline was triggered by the PBOC's recent flagging of risks associated with stablecoins, which impacted Bright Smart and other Hong Kong-listed stablecoin concept stocks. The central bank's caution has led to a sell-off in the sector, as investors reassess the regulatory landscape for such financial instruments.
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