Article Author: Lesley, MetaEra
On June 24, Guotai Junan International (01788.HK) obtained the first full license for virtual assets from a Chinese broker in Hong Kong, and the market quickly responded with a tech stock-style revaluation premium: at one point, it surged nearly 90% at the beginning of trading, with a cumulative increase of 466% over three trading days.

Guotai Junan International Stock Price
Subsequently, news of several brokers completing the upgrade of License No. 1 was released, triggering a rush of funds.
On June 26, the "Hong Kong Digital Asset Development Policy Declaration 2.0" was published, marking a "boiling point moment" for the digital asset era in Hong Kong's capital market, adding a policy engine to the wave of broker licenses.
The integration of traditional finance and digital assets has reached a substantial turning point in Hong Kong.

Policy Acceleration, Capital Entry: Hong Kong's Digital Asset Ecosystem Accelerates Formation

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 Draft," which was published in the gazette on May 30, marking the establishment 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 SAR government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," clearly supporting the creation of a global digital asset innovation center through policy.
At the same time, the Hong Kong Securities and Futures Commission is accelerating the implementation of the licensing system. As of now, 41 companies have successfully upgraded to License No. 1, obtaining virtual asset licenses, leading to significant increases in related Hong Kong stock prices. Investors are voting with real money for the new era of digital assets in Hong Kong.
MetaEra has compiled the Top 5 Hong Kong stocks that received License No. 1 upgrades in terms of price increases over the three trading days starting June 25 for market reference.

Price Increases of Hong Kong Stocks Related to License No. 1 Upgrade (June 25 - June 27)
The continuous implementation of policies and the market situation resonate, stimulating investors' confidence and expectations for the development of digital assets in Hong Kong.

Why Did Guotai Junan Become the Leader?

The concept of digital assets has opened up a new growth story for traditional brokers, but not all brokers can truly seize the opportunity; early layout 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, it launched brokerage services for virtual asset-related products (including ETFs and futures)
• In April 2024, it began issuing and distributing virtual asset-related products (including OTC derivatives)
• In December 2024, it started introducing agents for virtual asset trading platforms
• In April 2025, it launched digital bond issuance services
• In May 2025, it began providing advice on distributing tokenized securities or tokenized securities
• In June 2025, it started providing advice based on offering virtual asset trading services; officially approved by the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to the latest license that allows for virtual asset trading services
CITIC Securities pointed out, "As a state-owned enterprise and one of the largest securities companies in mainland China, Guotai Haitong's Hong Kong subsidiary obtaining a virtual asset trading service license is a significant breakthrough. Under the demonstration effect of Guotai Haitong, mainland brokers' Hong Kong subsidiaries will accelerate their license applications, and securities companies are expected to speed up their virtual asset-related business."

Traditional Financial Market Weakness: How Brokers Can Keep Up with the Digital Asset Rhythm

Against the backdrop of sluggish growth in traditional businesses, digital asset operations are becoming a key incremental engine for brokers seeking transformation breakthroughs.
In recent years, brokers' profit models have been under continuous pressure from market influences, and overall profitability faces significant challenges. In contrast, the digital asset field shows greater growth potential. The high activity brought by high-frequency trading users significantly enhances platform traffic and onboarding efficiency, combined with diverse income sources such as trading commissions, creating a relatively independent new growth curve from traditional capital market fluctuations.
However, the benefits are not evenly distributed. To stand out in the "traditional finance + digital assets" arena, institutions must possess four key capabilities simultaneously.
• Compliance Awareness: Strictly adhere to regulatory requirements and timely apply for relevant qualifications
• Technical Strength: Blockchain technology development and security protection capabilities
• Customer Base: Resources of institutional clients and high-net-worth individual clients
• Risk Control System: A risk management framework that adapts to the characteristics of digital assets
It is reported that several large brokers' Hong Kong subsidiaries are actively following up on license applications, especially leading brokers with extensive customer bases, which are viewed by the market as potential targets for the next round of speculation.

After the Market Frenzy, How to Solidify Value?

Amid the frenzy, calm reflection is equally important. Hong Kong ignited market sentiment with the first full license for virtual assets, and the seemingly "hard-to-obtain license" aura is destined to fade as more institutions are approved one after another------the diminishing marginal effect of policy dividends, the gradual disappearance of license scarcity, and the actual implementation of digital asset operations will all be key variables in determining whether this capital feast can be sustained.
From "obtaining qualifications" to "operating well," 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 a deep participation in the reconstruction of the global financial order. Those who can leave a solid structure after the bubble will truly define the standards for the next generation of financial platforms.