Guotai Junan International Surges Nearly 200% After Becoming First Chinese Brokerage in Hong Kong Licensed for Full Virtual Asset Trading Services

On June 24, Guotai Junan International Holdings Limited became the first Chinese brokerage in Hong Kong authorized to offer comprehensive virtual asset trading services. Clients on its platform can now directly trade virtual assets such as Bitcoin, Ethereum, and stablecoins like Tether. Following the announcement, Guotai Junan International’s stock surged at market open, at one point soaring 100%, and ultimately closed with a nearly 200% increase, marking a new high not seen in nearly a decade. The news also drove a broader rally in Hong Kong-listed brokerage stocks and reignited interest in the A-share stablecoin sector.

According to an announcement from the firm’s official WeChat account on June 24, Guotai Junan International received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities license to include virtual asset trading. The new license permits the company to provide opinions and issue or distribute virtual asset-related products, including over-the-counter derivatives. As a result, clients can directly trade cryptocurrencies and stablecoins via the company’s platform.

Guotai Junan International was the first Chinese brokerage to list via IPO on the Hong Kong Stock Exchange and maintains leading positions in wealth management, brokerage, investment banking, loans and financing, asset management, and financial products. The company's early efforts in digital finance and virtual assets laid the foundation for this development. In 2024, it launched structured products based on virtual asset spot ETFs and was approved to act as an introducer for virtual asset trading platforms. In the first half of 2025, it received confirmation to distribute and advise on tokenized securities and began digital bond issuance.

By securing this qualification, Guotai Junan International has established a comprehensive service ecosystem in the virtual asset field and becomes the first Chinese brokerage in Hong Kong capable of delivering full-service virtual asset trading. The firm announced it would continue to integrate fintech and virtual asset operations, enhance its product and service capabilities, contribute to Hong Kong’s role as an international virtual asset hub, and offer secure, compliant, and professional virtual asset services to investors.

This development has also sparked significant movement in the secondary market. On June 25, brokerage stocks across the Hong Kong market rose sharply. Guotai Junan International gained more than 100% at the open, briefly retraced, and then rose again in the afternoon. By market close, its daily gain reached 198%, leading the sector. First Shanghai and Shenwan Hongyuan Hong Kong gained over 30%, while more than ten stocks, including Delyn Holdings, rose over 10%. In parallel, A-share stablecoin-related stocks recovered from previous declines, with Jingbei Fang hitting the upper limit and Jida Zhengyuan achieving a three-day streak of limit-ups. Xin Guodu, Zhaori Technology, and Cuiwei Co. all rose over 10%, while others such as Yuyin Co. and Lakala followed suit.

Currently, virtual asset operations in Hong Kong are governed under traditional license frameworks. Participants include trading platforms and brokers, crypto spot and derivatives providers, stablecoin issuers and custodians, as well as those involved in product issuance, trading, investment, and management. According to a CITIC Securities research report, the license system comprises four categories: platforms operating under the VASP regime (requiring Type 1, Type 7, and sometimes Type 4 or Type 9 licenses); stablecoin issuers and custodians needing dedicated licenses and capital requirements; asset managers handling virtual asset funds (subject to Type 9 upgrades and professional investor limitations); and brokers with Type 1 licenses authorized to provide virtual asset trading services only in partnership with SFC-licensed platforms.

The Hong Kong Securities and Futures Commission’s official site confirms that intermediaries licensed for Type 1 and/or Type 4 activities may offer virtual asset trading and advisory services to existing clients. Currently, eleven virtual asset trading platforms are approved to operate in Hong Kong, and Guotai Junan International’s partner is believed to be HashKey Exchange.
As virtual asset business layouts accelerate across Hong Kong, multiple brokerages have received related licenses. While Hong Kong-based brokerages such as Tiger Brokers, Victory Securities, Interactive Brokers, and Futu Securities were earlier entrants, Chinese brokerages are now catching up. Platforms like OSL and HashKey may face competitive pressure from traditional brokerages with large client bases and strong compliance systems, though the regulatory framework also fosters collaboration opportunities.

Mitchell Chu, Sales Director at HashKey Exchange, stated that Chinese brokerages are expanding into virtual assets through diversified strategies, differentiated services, and partnerships with fintech firms or licensed institutions. HashKey has built deep partnerships with several top-ten Chinese brokerages, many of which have completed license upgrades, system integrations, and agreement signings, and are preparing to launch virtual asset services. Through omnibus brokerage offerings, HashKey supports asset deposit and withdrawal features for brokerage clients.

With Guotai Junan International leading the way, top-tier Chinese brokerages are expected to enter the virtual asset trading market, including segments involving cryptocurrencies and stablecoins. Firms with international subsidiaries, such as CITIC Securities and Haitong International, are closely monitoring the development and may follow soon. Insiders anticipate more institutions will complete license upgrades within one to two years. CITIC Securities confirmed preparations are underway, and a representative from Industrial Securities’ international unit said the company held internal discussions on June 25. Guolian Minsheng stated its Hong Kong subsidiary is currently preparing application materials to obtain the same license.

However, mid- and small-sized brokerages may advance at a slower pace due to their operational scale and regulatory considerations. Some firms remain hesitant due to the sensitivity of crypto-related business or lack the infrastructure for overseas operations. A CITIC Securities report indicates that Chinese brokerages can expand into various sectors along the virtual asset value chain, including brokerage, equity investment, trading services, investment banking, and asset management.

Brokerages may partner with licensed platforms or use their own systems to offer crypto trading and asset transfer services, linking traditional securities accounts with virtual asset transactions. Futu Securities collaborates with HashKey, and Interactive Brokers with OSL Group, with crypto services beginning in August 2024 and February 2023, respectively. Robinhood began offering crypto trading in the U.S. in 2018.

For retail investors, the entry of Chinese brokerages into virtual assets lowers the barrier to compliant crypto trading. It allows trading directly within securities apps, eliminating the need for separate exchange registration and enhancing safety and transparency. Tian Lihui, Director of the Institute of Financial Development at Nankai University, remarked that the participation of traditional brokerages marks a shift toward mainstream financial system integration. Investors can now access crypto investment advice and risk management tools via familiar securities platforms, reducing speculation and encouraging a transition from retail-driven to institutional and diversified markets