Global investment made easy: A new generation internet broker CEO's views on cryptocurrency
TECHUB NEWS Hong Kong Report｜Reporter Alma Li｜August 28, 2026
Core viewpoints: In May this year, Fangde Securities and Fangde Capital simultaneously completed the upgrade of virtual asset business for licenses No.1, No.4, and No.9. Becoming one of the few licensed brokerages in Hong Kong that offers a complete chain of "trading + consultancy + asset management." At Bitcoin Asia 2026, Fangde Financial Holdings and Fangde Securities CEO He Zhengwei accepted an exclusive interview with TECHUB NEWS: He experienced the setbacks of cryptocurrency IPOs on Wall Street and participated in the issuance of MicroStrategy's two phases of convertible bonds at Jefferies; now what he wants to do is to transfer institutional-level investment research capabilities to individual investors through AI—"In-depth research should not just be an institution's privilege."
Fangde Securities CEO He Zhengwei (left) accepting an exclusive interview with TECHUB NEWS reporter Alma Li at the Bitcoin Asia 2026 Hong Kong venue
At the Bitcoin Asia 2026 Hong Kong venue, the Fangde Securities booth was bustling with visitors. He Zhengwei, who had just finished a speech, was relaxed, chatting without any pretense. On the booth table was a device resembling an iPad—that was the AI stock machine just launched by Fangde, which houses Fangde's self-developed service system. During the interview, he casually picked up the stock machine to demonstrate, as if showcasing a well-used tool.
This is a year for Fangde Securities to increase investments in the Hong Kong market. In January this year, Jiufang Smart Investment Holdings (9636.HK) completed the acquisition of Fangde Securities and Fangde Capital; in May, Fangde Securities and Fangde Capital received approval from the Hong Kong Securities and Futures Commission, upgrading their virtual asset businesses under licenses No.1, No.4, and No.9 simultaneously, becoming one of the few fintech licensed brokerages in Hong Kong with simultaneous approvals for three licenses; the flagship store located at the Golden Dragon Center in Sheung Wan has officially started operations.
He Zhengwei is a typical Wall Street figure: with a background in American investment banking, he worked in investment banking at Jefferies and joined Fangde Securities in 2021. He is also a senior participant in the Hong Kong cryptocurrency circle—having first encountered Bitcoin from 2016 to 2017 and experienced the issuance of MicroStrategy's two phases of convertible bonds. Our conversation started with those three concurrently upgraded licenses.
Simultaneous upgrade of three licenses: Crypto is a necessary asset category
Fangde Securities Bitcoin Asia 2026 booth promotes "Hong Kong's first investment-focused AI intelligent investment terminal"
TECHUB NEWS: In May this year, Fangde obtained approval from the Hong Kong Securities and Futures Commission to conduct virtual asset business after upgrading licenses No.1, No.4, and No.9. What is the strategic significance of this business for the entire group?
He Zhengwei: We have always regarded Crypto as a very important asset category. From the beginning, Fangde insisted on standing in the position of investors—I often say we want to be a "general hospital" in the brokerage field, a hospital should have various departments and different medicines to meet the needs of different patients; in the brokerage context, this translates into various investment products to satisfy different clients' asset allocation needs. Our most traditional product lines include stocks, fixed income, derivatives, U.S. stock options, and then structured products, FCN, etc., and now another particularly important asset category is Crypto. Based on our commitment to the client's perspective, we are very determined to complete the license upgrade.
TECHUB NEWS: And it is the simultaneous upgrade of licenses No.1, No.4, and No.9, which can cover brokerage, advisory, and asset management lines.
He Zhengwei: Yes, I must emphasize this point: we upgraded licenses No.1, No.4, and No.9 simultaneously. Many brokerages may only have upgraded license No.1, and some asset management companies only No.9, but we did all at once. So in crypto services, we are able to provide clients with comprehensive support.
TECHUB NEWS: After the upgrade, what services can Fangde provide to users regarding crypto assets? Is it available to all users or tiered?
He Zhengwei: This is a concern I have. I'll break it down into two main categories. The first is internal, following the licenses: For license No.1 trading, we provide retail clients with the top four to five mainstream cryptocurrencies; for professional investor (PI) clients, we've added some particularly interesting coins from the crypto ecosystem, such as Uniswap, Chainlink, Litecoin, etc. One account has access to everything. For license No.4 advisory, we've established a complete Web3 research information system—with help from the parent company Jiufang Smart Investment's research and advisory accumulation, we now have weekly, monthly, and annual reports on Web3 asset allocation, responding in real-time to special events, reaching clients through our app, research content, and live broadcasts. For license No.9 asset management, after the upgrade we can make 100% asset allocations for clients, with pure cryptocurrency strategies and strategies involving crypto-related stocks on the app, allowing clients to follow or place orders with one click.
The second category is external. We want to create an open ecosystem; we have many strategic partners for licenses No.4 and No.9: collaborating with licensed exchanges in Hong Kong, working with licensed asset management institutions, many of which are our strategic-level partners.
TECHUB NEWS: Does this constitute a differentiator for Fangde compared to other brokerages?
He Zhengwei: I believe the most important aspects are the simultaneous upgrade of licenses No.1, No.4, and No.9, the cooperative relationship between Fangde and licensed exchanges in Hong Kong, plus the whole research advisory system output from Jiufang—essentially, we have formed a closed loop: Users enter through the gateway, we provide them with multi-asset allocation choices, guidance on advisory, and then strategies. From the starting point to the endpoint, it is a complete circle. Of course, this is just our first step.
Next Stop RWA: Stock tokenization is a real demand
TECHUB NEWS: What comes after the first step?
He Zhengwei: We are already preparing for the second phase, with many RWA initiatives ahead, especially stock tokenization. This is a real demand, a real market: 24/7 trading. Stock tokenization is not just about tokenizing publicly traded company stocks, but also includes the tokenization of equity in the primary market—for instance, the market has had a significant interest in SpaceX before it goes public. Of course, there will be competition; someone is already doing it overseas, and Nasdaq also plans to launch related trading on December 6, everyone is vying for this market.
TECHUB NEWS: That means in the next phase users will be able to buy stock tokens in the Fangde app?
He Zhengwei: That will be the second phase. We have been discussing this with partners and exchanges; many of them have already begun offering these services. Another aspect is fund tokenization; money market fund tokenization is already relatively mature in Hong Kong, allowing 24/7 subscriptions and redemptions, and is also compliant—take an SFC-recognized item, place it into a fund, then tokenize that fund.
New Generation Internet Broker: From Information Equality to Cognitive Equality
Participants experience the AI intelligent investment terminal at the Fangde booth
TECHUB NEWS: We are now in an integrated era, where you can buy stocks, derivatives, and crypto assets under the same account. How does Fangde's account system work?
He Zhengwei: To put it simply, when you enter Fangde's main account, you can allocate all the asset categories I just mentioned, and the purchasing power is unified. Account unification is just the basic infrastructure; we have added two layers on top of that: one layer is AI functions, and the other is service functions. AI doesn't just help you invest; it will analyze your KYC—what type of client you are, your risk preferences, what you're currently missing, and then provide you with support.
TECHUB NEWS: Fangde positions itself as a "new generation internet broker." Please define what you mean by new generation?
He Zhengwei: To summarize in one sentence: What I solve for clients is the issue of cognitive equality. The previous generation of internet brokers addressed the issue of information equality. How do you solve cognitive equality? It relies on three things: first, dedicated services, face to face; through communication with investment advisors, truly understanding client needs and tailoring solutions; second, in-depth research, applying a top-down approach, genuinely looking from the client's position at what weight to add or reduce; third, AI smart investing. Combining these three elements defines a new generation.
TECHUB NEWS: However, to some extent, financial markets are zero-sum games. By helping high-net-worth individuals break down cognitive equality and bring them closer to institutional levels, doesn't that mean institutions will earn less?
He Zhengwei: First, I must say, investing is not a zero-sum game. Look at the U.S. market; what has it brought to investors? Most people are making money because industries are creating real value—NVIDIA, Tesla, SpaceX, they are creating genuinely valuable things for the world, alongside dividends, this is not a game. Second, institutions always have their barriers. What we are solving is: previously individual investors were here, institutions were over there; we raise individual investors significantly, greatly enhancing their cognitive threshold. But there will still be gaps between them and institutions—different scales of capital, different research capabilities. Fangde provides AI tools to individuals, institutions also use AI, perhaps even more powerful AI. But at least, we've pulled cognitive discrepancies down to the same level.
This judgment is not spontaneous. In July, during an interview with Hong Kong media, He Zhengwei clearly stated that the goal of the Fangde AI stock machine is to "break the past privilege where in-depth research only serves institutional clients, allowing high-quality original research content to reach every general user." A month later at Bitcoin Asia, he articulated the same logic more plainly: from information equality to cognitive equality.
A "Terminal for Individuals' Investment"
The Fangde AI stock machine showcased at the booth for visitors
TECHUB NEWS: Let's return to this AI stock machine on the table. Bloomberg terminals are used by institutions, and now Fangde effectively gives individual investors their own "terminal"?
He Zhengwei: Yes. Many institutional investors use Bloomberg; I've been using Bloomberg for almost fifteen years and can't live without it. Individual investors—particularly high-net-worth clients—also need an AI-driven terminal to assist them in making investment judgments. Of course, AI is merely a tool, and the final investment judgment and responsibility still lie with the investors. Mobile apps can be irritating with distractions and various notifications; however, this terminal is exclusive and better accommodates AI functions for investment decisions and its dedicated interface. I can no longer live without it, just like I couldn't without Bloomberg back in the day.
TECHUB NEWS: I see it has hot tracking, AI stock selection, quantitative tools, and an AI assistant for stock inquiries. What model is it based on?
He Zhengwei: We are using an open-source large model as the foundation, our own developed upper structure, and then we trained it on vertical domain datasets. Now various large models are being utilized, but the outcomes are different; the distinction lies in the datasets and scenarios.
TECHUB NEWS: Is this machine only for Fangde users?
He Zhengwei: Currently, it is primarily for Fangde users, linked with their securities accounts. For clients at Fangde who reach a specific asset threshold, we will grant access.
Growth Direction of Crypto: From 1% to 5%
TECHUB NEWS: How do you view the growth direction of the crypto market going forward?
He Zhengwei: I must clarify that I am not a research analyst, and the following does not constitute investment advice. Based on what I just presented: The proportion of crypto in overall asset allocation is still very low. The major institutions in the U.S.—university endowments like Harvard, Brown, and BlackRock—allocate less than 1%. We conducted a survey in 2025 targeting Hong Kong licensed asset management companies, finding that crypto-related allocations were also below 1%, roughly 0.5%. Simultaneously, we've surveyed many family offices and wealth management institutions in Hong Kong, their goal is to allocate crypto-related assets up to 5%.
The wealth management scale in Hong Kong is $5.4 trillion—this aligns with the Hong Kong Securities and Futures Commission's July 2026 report on "2025 Asset and Wealth Management Activities," indicating that total managed assets in Hong Kong have reached a historic high of HK$42.2 trillion. Moving from 1% to 5% is a 4 percentage point increase; approximately 1 percentage point is about HK$400 billion; 4 percentage points equal HK$1.6 trillion in increments. And the total scale of the crypto market is still not very large, with Bitcoin around $1.4 to $1.5 trillion. In the last cycle, many compared Bitcoin to gold—I still believe in that analogy: on the super-sovereign credit level, Bitcoin and gold occupy the same position—they are both super-sovereign credit assets. Gold is currently valued at $15 trillion, Bitcoin at $1.5 trillion; at least on the same axis, the potential space is visible. Of course, today this does not constitute investment advice; if interested, please check our app for the opinions of our research team.
AI Will Not Replace Humans, But Will Change Everything
TECHUB NEWS: Once the licenses are implemented, competition returns to service capabilities. What opportunities and challenges exist for Fangde and for you personally?
He Zhengwei: I believe AI can do many things, especially AI combined with investment advice. AI can create a particularly sophisticated and tailored service system; for high-net-worth individual investors, this will change the entire ecology—previously their cognitive levels were here, and you pull them up to a much higher level. Maybe in the future, we won’t need so many apps; using a single API will suffice, one terminal will do, where you just state your needs, and it directly executes trades, utilizing the best interfaces. It's going to change a lot of things.
TECHUB NEWS: Many people are currently discussing Agents and AI's advancement; do you think it is entirely feasible for the future?
He Zhengwei: I believe it will be a significant opportunity. But I want to clarify: I do not believe AI will replace humans. The same AI tools used by different people can produce entirely different results. You must know how to ask questions and how to use it—making AI work for us makes us the masters of AI, not the other way around. Additionally, AI lacks desires, while humans have.
What Should a Brokerage Firm Uphold: Be a Hospital, Not a Drug Seller
TECHUB NEWS: Last question. The market has many brokerages, and Fangde is a company "born global." As a lasting brokerage that is responsible to its clients, what is it most crucial to uphold?
He Zhengwei: The most important point is the security of assets. The process of counseling investors—including our AI models—true solutions must be from the client's standpoint and solve problems from their perspective. This pertains to the entire company's culture: is it genuinely a "client-first" culture, rather than starting out thinking "I want to push what product to you"? We aim to be a "hospital," not an organization that merely "sells drugs." A hospital needs to diagnose: what is suitable for you, what do you need, and then tailor products according to your needs. Some very complex structured products may yield high margins for brokerages, but if the client lacks the knowledge, is unaware of underlying logic, and doesn’t know where the risks lie— but I'm not going to do that.
TECHUB NEWS: Returning to the essence of business logic.
He Zhengwei: The essence is that we hope every Fangde user can genuinely make money. He humorously remarks, within the company there is a more straightforward saying: "The most important thing in investing is to make money." Whether the app is user-friendly is not the primary principle of financial investment; helping clients earn money is.
Editorial Note: This article was organized by TECHUB NEWS reporter Alma Li based on the audio recording of the interview conducted on August 27, 2026, at Bitcoin Asia 2026 in Hong Kong. It has been edited and not reviewed by the interviewee. Information regarding Fangde Securities' licenses, flagship store, AI stock machine, and group acquisition has been verified against publicly announced disclosures from Jiufang Smart Investment Holdings (9636.HK); the interviewee’s Chinese name, title, and public resume have been verified through public reports from etnet and Caixin Summit. He Zhengwei's views on the crypto market are his personal opinions and have been stated in the interview as not constituting investment advice.
Disclaimer: This article is for informational exchange only and does not constitute any investment advice. Investment involves risks; the price of securities, futures contracts, and virtual assets can rise or fall. Past performance does not represent future performance. Virtual assets are high-risk investments with significant price volatility, which may face partial or total loss of the principal. Risks related to securities of virtual assets include risks in the virtual asset industry, speculative risks, unpredictable risks, extreme price volatility risks, risks of concentrated ownership, regulatory risks, fraud, market manipulation and security vulnerabilities, cybersecurity risks, potential risks of manipulating the Bitcoin network, forking risks, illegal use risks, and risks of time lag in trading. Investors should not solely rely on the contents of this article for investment decisions; they should fully understand the nature and risks of related products and carefully consider their own investment objectives, financial situation, and risk tolerance before making any investment decisions, and consult independent professional advice if necessary. The Fangde AI stock machine is provided by Fangde Intelligent Investment Limited. For regulatory activities, it is provided by Fangde Securities Limited. AI opinions are for reference only and do not constitute investment advice; investors should assess risks independently, and the final decision is made by the investor.
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