Mega-IPO Watch: China’s Zhongji Innolight plans to launch a Hong Kong listing on Wednesday to raise at least $8 billion, with sources saying it could price shares at up to HK$1,010—potentially the biggest Hong Kong share sale in nearly seven years since Alibaba. Low-altitude Economy: Shenzhen’s Yivtol cleared a key step for flying in Hong Kong after a cross-border insurance policy (HK$20 million) was approved, easing a major regulatory hurdle for mainland low-altitude players. AI Capital Markets: Moonshot AI is reported to be considering a Hong Kong IPO within six months, with valuation talk topping $30 billion after Kimi K3’s breakout and demand strain. Payments & Fintech: Ant International raised about $1.2 billion to push cross-border merchant payments and AI-enabled commerce beyond China, with a possible Hong Kong listing in the pipeline. Stablecoin Policy: Bermuda’s Monetary Authority launched a consultation on letting certain regulated insurance and investment structures use recognised stablecoins, aiming to support faster cross-border finance. Regional Business: Hong Kong’s Hang Seng edged up while Asia markets mixed as tech rebounds offset oil and Middle East jitters. Tourism & Trade: Hong Kong Tourism Board signed a global creative partner, while HKEX is also reported to be reviewing trading hours to boost market access.