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On June 24, Guotai Junan International Holdings Limited ("Guotai Junan International") became the first Chinese brokerage firm in Hong Kong to provide a full range of virtual asset-related trading services, allowing customers to directly trade virtual assets such as cryptocurrencies (such as Bitcoin, Ethereum, etc.) and stablecoins (such as Tether) on the Guotai Junan International platform.
As soon as the news broke, the capital market reacted strongly, with Guotai Junan International's stock initially surging by 100%, closing up nearly 200%, reaching a nearly 10-year high. Meanwhile, Hong Kong's brokerage sector collectively strengthened, and the stablecoin concept in the A-share market became active again.
On the same day, Guotai Junan International, a subsidiary of Guotai Haitong Group, officially received approval from the Hong Kong Securities and Futures Commission (hereinafter referred to as the "Hong Kong SFC") to upgrade its existing securities trading license to provide virtual asset trading services, and to provide advice based on the provision of virtual asset trading services, as well as issue and distribute virtual asset-related products, including over-the-counter derivatives.
This means that customers will be able to trade cryptocurrencies (such as Bitcoin, Ethereum, etc.), stablecoins (such as Tether, etc.), and other virtual assets directly on the Guotai Junan International platform.