Core Insights - The virtual asset sector is emerging as a significant topic in the capital markets by 2025, providing new growth paths for Hong Kong brokerages to overcome traditional business growth bottlenecks [1][2] - Three brokerages, Futu, Guotai Junan International, and Huaxing Capital, are actively positioning themselves in the virtual asset space, reflecting deep exploration in the integration of traditional finance and digital assets [1][2] Futu - Futu leverages its internet brokerage advantages, focusing on global licensing and a vast user base to drive its crypto trading business expansion [1][3] - As of Q2 2025, Futu's revenue reached HKD 53.11 billion, a year-on-year increase of 69.7%, with net profit at HKD 26.6 billion, up 105.2% [3][5] - The platform's virtual asset-related asset balance approached HKD 40 billion, with a quarter-on-quarter growth of 43% [3][5] - Futu has successfully established operations in Hong Kong, Singapore, and the U.S. within a year of launching virtual asset trading services [3][5] Guotai Junan International - Guotai Junan International adopts a "compliance synergy" approach, utilizing its traditional brokerage license advantages to build a comprehensive virtual asset service system [2][6] - The brokerage reported a revenue of HKD 28.25 billion for the first half of 2025, a 30% year-on-year increase, with a net profit of HKD 5.5 billion, up 182% [2][7] - The company’s market capitalization surged by 200% to HKD 327 billion by June 30, 2025, and exceeded HKD 500 billion shortly after [7][9] - Guotai Junan International launched cryptocurrency trading services for Hong Kong investors, allowing integrated trading within existing brokerage accounts [8][9] Huaxing Capital - Huaxing Capital reported a turnaround to profitability in its mid-2025 financial results, achieving a net profit of RMB 65 million [2][10] - The firm is focusing on a strategy that integrates traditional finance with decentralized finance, with a budget of USD 100 million allocated for Web 3.0 and cryptocurrency investments [10][11] - Huaxing has a history of investing in Web 3.0 projects, including a significant investment in Circle, which recently went public [12][13] - The company is also collaborating with YZi Labs to create a fund aimed at integrating traditional financial resources with digital asset technology [11][12]