Core Viewpoint - The significant stock price fluctuations of Guotai Junan International (1788.HK) highlight the market's intense interest in virtual asset licenses and the rapid changes in sentiment within the Hong Kong stock market [1][2]. Company Summary - Guotai Junan International's subsidiary, Guotai Junan Securities (Hong Kong) Limited, received approval from the Hong Kong Securities and Futures Commission (SFC) to upgrade its existing license to provide virtual asset trading services [2][6]. - The company has been actively involved in the virtual asset sector, launching a virtual asset spot ETF-based structured product in 2024 and obtaining licenses for various virtual asset-related services [5][6]. - The recent approval for virtual asset trading services marks a significant enhancement of the company's service ecosystem in this field [6]. Industry Summary - As of June 24, 2025, 40 institutions have completed the upgrade of their licenses to provide virtual asset trading services, including 38 brokerages, 1 bank, and 1 internet company [7]. - The Hong Kong market currently has 11 licensed virtual asset trading platforms, 6 spot ETFs, and 3 futures ETFs, indicating a growing regulatory framework and market participation [8]. - The SFC has implemented a comprehensive regulatory framework for virtual asset trading platforms, emphasizing the principle of "same business, same risk, same rules" [10][11].