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Hang Seng, China Stocks Soar as Beijing Pledges Support Amid Equity Rout
Crypto remains stable, though liquidity thin, as markets in Hong Kong climb out from the worst slump since the 2008 recession.
Por Sam Reynolds
Hong Kong’s stock market posted double-digit gains during the Wednesday afternoon trading session after China's State Council pledged support of the stock market.
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- Xinhua reported (Chinese language) that the Financial Stability and Development Committee of the State Council pledged to keep the market stable and support overseas share listings.
- U.S. financial regulators and their Chinese counterparts are currently engaged in a dispute over the availability of Chinese company audits to U.S. officials. The U.S. has threatened to delist Chinese ADRs should these audits not be provided.
- Tencent was up nearly 20% and Alibaba hit 19% on the news.
- The broader Hang Seng index is up 9%, while the specific China tech index in Hong Kong is up 12%.
- According to state media reports, regulation of China’s tech sector will soon normalize. The government also said they would handle some of the risks for property developers.
- Bitcoin’s price remains relatively unaffected on the news.
- The price of the world’s largest digital asset briefly touched $41,000 late morning Asia time, but was trading around $39,450, up 2.82%, at time of writing.
- Traders report that liquidity is now extremely thin in crypto, hampering dynamic market moves, as the market awaits the Fed Minutes.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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