On June 25th, Guotai Junan International's stock price soared 80% at market open, peaking at a staggering 190% intraday, making it one of Hong Kong's top-performing stocks. This surge coincided with the traditional financial brokerage's high-profile entry into crypto trading services. The company announced it had received approval from Hong Kong's Securities and Futures Commission (SFC) to officially launch cryptocurrency trading services.
This development, combined with multiple Hong Kong-listed companies diversifying into Bitcoin and Ethereum asset allocations, along with the impending enactment of the Stablecoin Ordinance, signals a growing "crypto stock" momentum in Hong Kong's markets.
The Brokerage Behemoth
Guotai Junan International is a key subsidiary of Guotai Haitong Group, primarily engaged in traditional financial services. Operating through six business segments, its brokerage division provides securities, futures, options, leveraged forex trading, and insurance brokerage services.
Its parent company, Guotai Haitong Securities, formed in 2024 through the merger of Guotai Junan and Haitong Securities, represents a "supercarrier" brokerage offering investment banking and asset management services. Officially rebranded in 2025, this financial giant is now expanding beyond traditional finance into RWA (Real-World Assets) and tokenized securities.
On June 25th, Guotai Junan International became the first Hong Kong-based Chinese brokerage to receive SFC approval for upgrading its securities license to include virtual asset trading services. This milestone allows clients to trade mainstream cryptocurrencies like Bitcoin and Ethereum, alongside stablecoins such as USDT, marking a pivotal shift toward Web3 financial integration.
Competition or Collaboration? Comparing HashKey
Guotai Junan International's approach focuses on tokenization of traditional assets, gradually expanding into compliant virtual asset trading. In contrast, HashKey—a licensed crypto exchange—prioritizes institutional-grade infrastructure before targeting retail markets.
Key distinctions:
- HashKey: Tailored for crypto-native users (e.g., BTC/ETH spot trading, staking), with partnerships with ZA Bank and Standard Chartered for fiat gateways.
- Guotai Junan: Acts as a "tokenized investment bank," specializing in securities like digitized bonds and funds, without direct crypto trading.
Shift from "Stablecoin Stocks" to "Crypto Stocks"?
Hong Kong's legislative passage of the Stablecoin Ordinance (effective August 1st) has spurred rallies in stablecoin-related stocks like JD.com and ZhongAn Online. Meanwhile, the "MicroStrategy model"—where companies accumulate crypto on balance sheets—is gaining traction in Hong Kong:
- Boyaa Interactive: Since 2023, its Bitcoin holdings contributed to a stock price doubling from HK$3.3 to HK$6.8.
- Others: Grand Wealth Group and LKGames hold significant BTC/ETH reserves, mirroring U.S. trends.
Crypto-adjacent stocks (e.g., blockchain browser OKLink, custody firm New Huo Technology) also surged in May, reflecting heightened market interest.
FAQ Section
Q: What triggered Guotai Junan's stock surge?
A: Approval for virtual asset trading services signaled a strategic pivot to Web3, driving investor optimism.
Q: How does Guotai Junan differ from HashKey?
A: Guotai focuses on tokenizing traditional securities, while HashKey offers direct crypto trading for retail/users.
Q: Will Hong Kong's "crypto stock" trend persist?
A: With regulatory clarity and corporate adoption (e.g., stablecoins, BTC holdings), the trend appears sustainable near-term.
👉 Explore crypto trading innovations reshaping traditional finance.
👉 Dive deeper into Hong Kong's Web3 regulatory landscape.
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