Core Viewpoint - The approval of virtual asset trading licenses is generating significant market reactions, transitioning from Hong Kong stocks to A-shares, with Tianfeng Securities becoming the new focus [1][2]. Company Summary - Guotai Junan International has received approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade its existing securities trading license to provide virtual asset trading services, becoming the first domestic broker in Hong Kong to offer comprehensive virtual asset-related trading services [1][2]. - The upgrade allows investors to trade cryptocurrencies like Bitcoin and Ethereum directly on Guotai Junan International's platform, expanding its service offerings to include virtual asset trading, advisory services, and the issuance and distribution of related products [2][4]. - The company aims to enhance its international business and seize strategic advantages in the rapidly evolving virtual asset market, particularly in light of Hong Kong's ambition to become an international virtual asset hub [3][7]. Industry Summary - As of June 27, 2025, a total of 41 institutions have upgraded their licenses to provide virtual asset trading services, indicating a growing trend among domestic brokers to enter this market [3][5]. - The approval of virtual asset trading licenses is expected to drive significant growth in the international business of Guotai Junan International and other brokers, as they explore new revenue streams from virtual asset transactions and related services [3][6]. - The competitive landscape is shifting, with a focus on building core capabilities in cross-border digital finance infrastructure, including efficient cross-border payment solutions and the tokenization of real-world assets [6][7].
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