Hong Kong stocks are迎来 the "Ethereum Reserve" year
On August 8, 2025, Hong Kong-listed company Huajian Medical purchased HKD 149 million worth of ETH through HashKey Exchange and plans to use up to HKD 880 million to buy ETH in the open market as a core reserve asset. Within three days, Huajian Medical's stock price soared by 27%.
I have previously mentioned that Hashkey is a major player in Hong Kong's crypto compliance, and collaborating with Hashkey will help achieve geometric expansion of the business.
Unlike the "first act, then regulate" approach of MicroStrategy in the US stock market, Huajian Medical is fully compliant, backed by the HashKey Exchange licensed by the Hong Kong Securities and Futures Commission, and possesses capabilities such as OTC large-scale execution and global multi-site liquidity support. This compliance is not coincidental. Hong Kong, as the region with the most comprehensive digital asset regulation in Asia, provides a safe channel for traditional financial institutions to enter Web3, and Huajian Medical's actions effectively test the feasibility of this channel.
On a deeper level, Huajian Medical's choice reflects a shift in Hong Kong-listed companies' understanding of Web3 from "speculation" to "strategy." Traditionally, the asset allocation of Hong Kong-listed companies has been extremely conservative, mainly focused on low-risk assets such as bank deposits and bonds. Huajian Medical's actions have disrupted this traditional paradigm by allocating ETH, a high-volatility asset with significant long-term appreciation potential, achieving a "dual-engine" model: traditional core business provides cash flow + stability, while digital asset allocation provides growth + explosive potential.
What remains to be observed is whether this dual-engine model can be validated as long-term effective.
The decision-making chain in institutions is relatively long, but once a consensus is formed, the follow-up effect will be very obvious. Once Huajian Medical's model is validated, it is likely to trigger a trend of "Ethereum reserves" in Hong Kong stocks and even the Asian market on HashKey Exchange.
Bold prediction: In 2025, more listed companies will follow suit, and the institutional adoption curve of Ethereum will be steeper than that of Bitcoin.
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