Guotai Junan three-day rise 466%: TradFi seizes the new trend of digital assets

The integration of TradFi and digital assets has reached a substantial turning point in Hong Kong. Article Author: Lesley, MetaEra On June 24, Guotai Junan International (01788.HK) obtained the first full license for virtual assets from a Chinese-funded brokerage in Hong Kong, and the market quickly responded with a technology stock-like revaluation premium: at one point, it rose nearly 90% at the start of trading, with a cumulative increase of 466% over three trading days.

Guotai Junan International stock price Subsequently, news of multiple brokerages completing the upgrade of license No. 1 was released, sparking a rush of funds seeking to invest. On June 26, the "Hong Kong Digital Asset Development Policy Declaration 2.0" was released, marking a "boiling point moment" for Hong Kong's capital market as it enters the digital asset era, adding a policy engine to the wave of brokerage licenses. The integration of TradFi and digital assets has reached a substantial turning point in Hong Kong. Policy acceleration, capital entry: Hong Kong's digital asset ecosystem is rapidly taking shape. Hong Kong is actively building a digital asset ecosystem, with relevant policies and market development advancing in sync. In May 2025, the Legislative Council passed the "Stablecoin Ordinance Bill," which was published in the gazette on May 30 and became law, marking the implementation of the world's first comprehensive regulatory framework for fiat-backed stablecoins.

"Hong Kong Digital Asset Development Policy Declaration 2.0" On June 26, the Hong Kong Special Administrative Region Government released the "Hong Kong Digital Asset Development Policy Declaration 2.0", clearly stating its policy support to build a global digital asset innovation center. At the same time, the Hong Kong Securities and Futures Commission is accelerating the implementation of the licensing system. So far, 41 companies have successfully upgraded to License No. 1 and have been approved for virtual asset licenses, leading to a significant surge in the stock prices of related Hong Kong stocks. Investors are voting with real money for the new era of digital assets in Hong Kong. MetaEra has compiled the Top 5 rankings of Hong Kong stocks that received license upgrade No. 1 within three trading days starting from June 25, for market reference.

The increase in Hong Kong stocks related to License No. 1 upgrade (June 25 - June 27) The continuous implementation of policies and the resonance with market conditions have stimulated investors' confidence and expectations for the development of digital assets in Hong Kong. Why has Guotai Junan become the leader? The concept of digital assets has opened up a new growth story for TradFi brokerages, but not all brokerages can truly seize the opportunity; early positioning and compliance awareness will be the most important factors. As early as 2024, Guotai Junan International proactively laid out its virtual asset business. • In January 2024, the brokerage business for virtual asset-related products (including ETFs and futures) will be launched. • In April 2024, the issuance and distribution of products related to virtual assets (including over-the-counter derivatives) will commence. • In December 2024, the introduction of agent services for virtual asset trading platforms will begin. • In April 2025, the digital bond issuance business will commence. • In May 2025, begin distributing tokenized securities or providing advice on tokenized securities. • In June 2025, opinions will be provided based on the provision of virtual asset trading services; officially approved by the Hong Kong Securities and Futures Commission to upgrade the existing securities trading license to the latest license that allows for the provision of virtual asset trading services. CITIC Securities pointed out that "As a state-owned enterprise and one of the largest securities companies in Mainland China, Guotai Junan's Hong Kong subsidiary obtaining a virtual asset trading service license is a major breakthrough. Under the示范效应 of Guotai Junan, the Hong Kong subsidiaries of Mainland securities firms will accelerate their applications for relevant licenses, and securities companies are expected to speed up the development of virtual asset-related businesses." TradFi market fatigue: How brokerages can keep pace with digital assets Against the backdrop of sluggish growth in traditional businesses, the digital asset business is becoming a key incremental engine for brokerages seeking transformation breakthroughs. In recent years, the profitability model of brokerages has been under continuous pressure from market influences, facing significant challenges to overall profitability. In contrast, the digital asset sector has shown greater growth potential. The high activity brought by high-frequency trading users has significantly increased platform traffic and onboarding efficiency, combined with diverse income sources such as trading commissions, creating a new growth curve for brokerages that is relatively independent of the fluctuations in traditional capital markets. However, the dividends are not equal. To stand out in the "TradFi + digital asset" arena, institutions must possess four key capabilities. • Compliance awareness: Strictly adhere to regulatory requirements and timely apply for relevant qualifications. • Technical Strength: Blockchain technology development and security protection capabilities • Customer base: institutional clients and high-net-worth individual clients resources • Risk Control System: A risk management framework adapted to the characteristics of digital assets. It is reported that several large brokerage firms' Hong Kong subsidiaries are actively pursuing license applications, especially leading brokerages with a broad customer base, which are seen by the market as potential targets for the next round of speculation. After the market frenzy, how does value settle? Amid the excitement, cool-headed thinking is equally important. Hong Kong has ignited market sentiment with its first full license for virtual assets, and the seemingly "hard-to-obtain" scarcity halo is destined to fade as more institutions gradually obtain approval— the diminishing marginal effect of policy dividends, the gradual disappearance of license scarcity, and the actual implementation of digital asset businesses will all be key variables in assessing whether this capital feast can be sustained. From "gaining qualifications" to "doing good operations," and from "policy-driven" to "capability-driven," the entire industry is entering a deeper reshuffling period. Digital assets are not a "quick game" in the capital market, but rather a deep participation in the restructuring of the global financial order. Those who can leave a robust structure after the bubble will truly define the standards of the next generation of financial platforms.