HK Stock Market Move | VICTORY SEC (08540) rose more than 13%. One of its joint venture companies has obtained a license to operate a virtual asset platform.

VICTORY SEC (08540) rose more than 13%, as of the time of writing, it is up 13.12% at 5.69 Hong Kong dollars, with a turnover of 1.1973 million Hong Kong dollars. On the news front, VICTORY SEC announced that its affiliated company, Victory Digital Technology Limited, has received licenses for regulated activities under the Securities and Futures Ordinance, including Type 1 (dealing in securities) and Type 7 (providing automated trading services), as well as a license to provide virtual asset services under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. The licenses have been approved by the Securities and Futures Commission but are subject to certain conditions. Given the rapid development of virtual asset-related businesses in recent years with the support of the Hong Kong government, the board believes that Victory Digital Technology operating a virtual asset trading platform in compliance with regulatory approvals aligns with the group's strategy of providing more diversified services to customers, creating opportunities for synergies across the group's various business lines, and adding value to the group. Additionally, following Victory Digital Technology's licensing, the group has become one of the few market participants in the key ecosystem of virtual assets under the comprehensive regulatory regime introduced by the Securities and Futures Commission. The board anticipates that the virtual asset business segment will see more opportunities for expansion and the creation of new revenue sources for the group.