On June 25, Guotai Junan International's stock price surged 80% at the beginning of trading and skyrocketed over 190% during the day, becoming one of the strongest Hong Kong stocks of the day. The price surge was accompanied by this traditional financial brokerage making a high-profile entry into the crypto stock arena, with the company announcing today that it has received approval from the Hong Kong Securities and Futures Commission to officially enter the cryptocurrency trading service. Coupled with the previous investments by several Hong Kong listed companies in Bitcoin and Ethereum assets, as well as the upcoming implementation of the stablecoin regulations, the Hong Kong stock market is quietly welcoming a wave of 'crypto stock frenzy.'
Supercarrier Brokerage
Guotai Junan International is an important subsidiary of Guotai Haitong Group, primarily engaged in traditional financial-related businesses. The company operates through six business departments. The brokerage department provides clients with securities, futures, options, and leveraged forex trading, as well as brokerage and insurance brokerage services. Its parent company, Guotai Haitong Securities, was formed in 2024 by the merger of two leading brokers, Guotai Junan and Haitong Securities, to create a 'supercarrier-level' brokerage that offers various financial services, including investment banking and asset management, to both individual and institutional clients. It was officially renamed Guotai Haitong Securities in April 2025. Haitong Securities was established in 1988, while Guotai Securities and Junan Securities were both established in 1992 and merged to form Guotai Junan in August 1999. This 'supercarrier-level' brokerage is not satisfied with traditional financial services and has begun to venture into RWA and tokenized securities. On June 25, Guotai Junan International officially received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities license to a comprehensive license for providing virtual asset trading and related advisory services, becoming the first Hong Kong-based Chinese brokerage to obtain this qualification for comprehensive virtual asset trading services. The stock price of Guotai Junan International surged over 80% at the beginning of trading and reached a maximum intraday increase of over 190%.
As of now, Guotai Junan International has become the first Hong Kong-based Chinese brokerage to provide comprehensive virtual asset-related trading services, covering virtual asset trading, professional advisory services during the trading process, and the issuance and distribution of virtual asset-related products, including over-the-counter derivatives. This means that soon, clients of Guotai Junan International will be able to directly trade various virtual assets, including mainstream cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like USDT, through its platform, marking the acceleration of traditional brokerages' transformation towards Web3 finance.
Competition or cooperation? Comparing with Hashkey.
The path for Guotai Junan International to enter crypto trading services can be summarized as: 'Based on the identity of a traditional brokerage, starting from asset tokenization, and gradually expanding to compliant virtual asset trading services.'
HashKey is currently one of the most representative licensed crypto trading platforms in Hong Kong. Its entry into crypto trading services can be summarized as: 'Starting from compliance, building institutional-level infrastructure, and steadily expanding the retail market.'
Against the backdrop of Hong Kong accelerating the construction of a virtual asset center, HashKey Exchange and Guotai Junan International represent two different paths in crypto finance practice, respectively entering the RWA and tokenized securities market from the perspectives of Web3 native and traditional brokerages.
As one of the first licensed virtual asset trading platforms in Hong Kong, HashKey has currently opened BTC and ETH spot trading for retail users and has established entry and exit paths with local banks such as ZA Bank and Standard Chartered Bank. The platform also offers OTC and custody services and is actively expanding its infrastructure in stablecoins and asset tokenization. Its parent company, HashKey Group, is also active in the Web3 investment space.
Unlike HashKey, which focuses on trading scenarios, Guotai Junan International's strategy is more inclined towards 'chain reform' and 'securitization of asset tokens.' Since January this year, it has submitted and obtained approval from the Hong Kong Securities and Futures Commission for the issuance and distribution of tokenized structured notes, funds, and digital bonds, aiming to map traditional financial products onto the blockchain. The approval times for the projects were in April and May of this year.
HashKey is more suitable for crypto-native users, such as those looking to buy BTC, engage in on-chain staking, or arbitrage USDT; it serves as a 'compliant yet decentralized-friendly' entry point. Guotai Junan International's services are closer to the investment banking role of 'securitization of on-chain assets'; it does not trade cryptocurrencies with you but may underwrite a 'tokenized government bond' and provide on-chain settlement services.
Is the heat of Hong Kong stocks shifting from 'stablecoin concepts' to 'crypto stocks'?
The Hong Kong Legislative Council recently passed the (stablecoin regulations), which will officially take effect on August 1. The first batch of issuing institutions includes JD Coin Chain Technology, Yuan Coin Innovation Technology, and Standard Chartered Hong Kong Consortium. Following this news, related stablecoin concept stocks such as ZhongAn Online, JD Group, and Lianlian Digital surged collectively.
Meanwhile, U.S. stocks have ushered in a new wave of 'public companies hoarding cryptocurrencies,' with companies following the 'MicroStrategy path' to incorporate cryptocurrencies into their balance sheets through financing, bond issuance, and other means. SBET bought ETH, and DFDV bought SOL, leading to stock price surges of several dozen times. On June 24, Nano Labs announced a private placement of convertible bonds to raise USD 500 million for its BNB reserve strategy, reaching a maximum intraday increase of 170%. Whether this trend can be replicated in Hong Kong stocks is already showing some signs.
Boyaa Interactive began purchasing and holding Bitcoin in 2023. As of March 31, 2025, Boyaa Interactive held 3,351 BTC and 297 ETH, making it the company with the largest cryptocurrency holdings in the Hong Kong stock market. Its stock price doubled from HKD 3.3 to HKD 6.8 from April to May. In addition, Guofu Innovation purchased HKD 36 million worth of Bitcoin from March to August 2024, while Lanport Interactive held BTC and ETH worth USD 8.8 million as of mid-2024. These Hong Kong 'MicroStrategy' companies have all significantly benefited from the recent cryptocurrency concept market, becoming new focal points of capital pursuit.
Outside of the 'MicroStrategy' model, other cryptocurrency concept stocks have recently experienced a concentrated outbreak. Companies focusing on blockchain browsers like OKLink, those focusing on digital asset custody like New Fire Technology, and those providing digital asset infrastructure services like OSL Group have continued to strengthen in May's market, becoming hotspots of capital attention.
On June 25, Guotai Junan International's stock price surged over 190% in a single day due to its introduction of virtual asset trading services, marking a key step in traditional brokerages' transformation towards Web3. Whether through the 'MicroStrategy' path or focusing on trading, custody, and infrastructure in the crypto business sector, both are driving a new round of market movements in Hong Kong stocks.
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