In this wave, the biggest winners in the Chinese-speaking world (Mainland China and Hong Kong) are linked to both cryptocurrencies and stocks.

Including but not limited to Guotai Junan International (HK:01788), Victory Securities (HK:08540), GF Securities (SZ:000776)/(HK:01776), and Tianfeng Securities (SH:601162).

Among them, Guotai Junan International's stock price achieved trading volumes of HKD 16.3 billion and HKD 26.7 billion over two days, with daily turnover rates approaching 68%.

Victory Securities, which has been established for decades, has gone from being unknown with almost no trading volume to achieving a single-day trading volume of HKD 148 million, truly entering the public's view; as long as they don't make major mistakes, the subsequent flow and resources will only increase.

Meanwhile, original players like Hashkey HSK, OSL (HK:00863), and ZhongAn Online (HK:06060), under ZhongAn Bank, have only had a small taste of the benefits.

Next, more veteran players will come out to show off, but the real wealth effect has already ended; the further we go, the lower the returns.