June 25, 2025, Hong Kong — Guotai Junan International Holdings Limited (stock code: 1788.HK) announced that its wholly-owned subsidiary, Guotai Junan Securities (Hong Kong) Limited, officially received approval from the Hong Kong Securities and Futures Commission (SFC) on June 24 to upgrade its existing Type 1 (Securities Trading) regulated activity license to provide virtual asset trading services. This marks Guotai Junan International as the first Chinese-funded brokerage firm authorized to offer comprehensive virtual asset trading services in Hong Kong, opening a convenient channel for its clients to directly trade mainstream cryptocurrencies and stablecoins such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

Upon the announcement, the market reacted enthusiastically. Guotai Junan International's stock price surged over 80% at the opening, with intraday gains exceeding 100%, reflecting strong investor confidence in this strategic breakthrough.

Driven by this, Huashan Co., Ltd. (600155.SH), which holds 67.6 million shares of Guotai Junan International's circulating stock, also saw its stock price rise, with intraday gains exceeding 8%, indicating widespread market optimism towards the virtual asset trading sector.

Milestone Event: Strategic Background of Hong Kong's Virtual Asset Market

Guotai Junan International's license upgrade is an important manifestation of Hong Kong's strategy to actively build a global virtual asset hub. Since adopting a cautious regulatory stance in 2017, Hong Kong released the "Hong Kong Virtual Asset Development Policy Declaration" in 2022, clearly stating the strategic goal of building an Asian crypto asset center. In recent years, Hong Kong has implemented a series of measures, including a dual licensing mechanism to regulate virtual asset trading platforms, issuing the world's first government-backed tokenized green bonds, and approving Asia's first virtual asset spot ETFs, establishing a regulatory framework that balances innovation and risk prevention in digital assets.

In February 2025, the SFC published the "A-S-P-I-Re: Opening a Bright Future - Regulatory Roadmap for Hong Kong's Virtual Asset Market," further clarifying the policy direction to support the development of the virtual asset market. In May, the passage of the "Stablecoin Bill" was seen as a key step for Hong Kong to integrate into the global digital asset ecosystem, laying the foundation for its competitive advantage in cross-border payments and currency internationalization.

Against this backdrop, Guotai Junan International's breakthrough is not only a milestone in the company's own development but also reflects the trend of traditional financial institutions actively responding to Hong Kong's policy direction and deeply participating in the virtual asset industry. CITIC Securities analysis points out that leveraging the innovative collaboration and open market advantages of the Guangdong-Hong Kong-Macao Greater Bay Area, Hong Kong is accelerating the consolidation of its global virtual asset hub status, with traditional financial institutions enhancing their licensing layout and business expansion in line with the trend of cryptocurrency integration into the financial ecosystem.

Comprehensive Services: Perfecting the Virtual Asset Ecosystem

The license approved for Guotai Junan International not only allows it to provide virtual asset trading services but also includes offering professional advice during transactions and issuing and distributing virtual asset-related products, including over-the-counter derivatives. This makes it the first Chinese-funded brokerage firm in Hong Kong capable of providing comprehensive virtual asset trading services, covering multiple dimensions such as brokerage services, consulting services, and product issuance.

In fact, Guotai Junan International has long been laying out its presence in the virtual asset field. In 2024, the company was the first to launch structured products based on virtual asset spot ETFs and was approved to conduct virtual asset trading platform introduction agent business. In the first half of 2025, the company further obtained permission from the SFC to distribute tokenized securities to clients and provide related professional advice, while also launching digital bond issuance business. This license upgrade has completed a key link in the virtual asset business ecosystem, achieving a closed-loop layout from product design, trading services to consulting support.

Guotai Junan International's clients will be able to directly trade mainstream cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like Tether, through its platform, enjoying seamlessly integrated comprehensive account services. This innovation not only enhances the customer experience but also provides new momentum for the company to attract young investors and consolidate its competitive position in the Hong Kong financial market.

The successful licensing of Guotai Junan International has attracted widespread attention in the industry. Huachuang Non-Bank Analysis believes that more brokerages with international business subsidiaries are expected to complete Type 1 license upgrades and enter the virtual asset trading service sector, further improving the Hong Kong market ecosystem. The entry of leading brokerages with a strong customer base will drive the continuous construction of the cryptocurrency and virtual asset trading ecosystem in Hong Kong.

Globally, traditional financial institutions are entering the virtual asset industry with unprecedented breadth and depth. In the brokerage business, Futu Securities has partnered with HashKey Exchange, and Interactive Brokers has collaborated with OSL Group to open cryptocurrency trading functions for clients. In asset management, giants like BlackRock and Fidelity have launched Bitcoin spot ETFs, while Hong Kong institutions such as Bosera International and Harvest Global have developed new products like tokenized money market funds. In investment banking, virtual asset companies like Coinbase and Circle have gone public, and industry mergers and acquisitions are active, bringing new opportunities for brokerages.

Although the virtual asset market has broad prospects, its high volatility also places higher demands on investors. The professional consulting services provided by Guotai Junan International will help clients better understand market dynamics and make rational investment decisions. The company also reminds shareholders and potential investors to act prudently when buying and selling the company's securities.

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