Core Viewpoint - The approval of virtual asset trading licenses for brokerage firms in Hong Kong marks a significant expansion into the digital finance market, allowing for the integration of virtual assets into diversified investment portfolios and innovative strategies [2][15]. Group 1: License Approvals and Market Impact - On July 14, 2023, China Merchants Jinling International became the first Chinese bank-affiliated brokerage to receive a virtual asset trading license from the Hong Kong Securities and Futures Commission [2]. - Following the approval of licenses, brokerage stocks have experienced significant price increases, with China Merchants Jinling's stock rising over 4.43% on July 15, 2023, after the announcement [3]. - The approval of licenses has led to a surge in stablecoin concept stocks, with a notable 5.18% increase in this sector on the same day [3]. Group 2: Regulatory Framework and License Types - Hong Kong operates a dual-track licensing system for virtual assets, differentiating between security-type and non-security-type assets, with specific licenses required for various business models [5]. - As of July 2025, there are 11 licensed Virtual Asset Trading Platforms (VATPs) in Hong Kong, including OSL and HashKey, with a growing number of firms applying for licenses [6][8]. - By July 2025, 42 brokerages are expected to have upgraded their licenses to provide virtual asset trading services, while 37 firms will offer investment consulting for virtual assets [11]. Group 3: Market Growth and Future Prospects - The total market size for Real World Assets (RWA) has reached approximately $24.4 billion, with significant competition emerging in the stablecoin market as Hong Kong's policies continue to evolve [16][19]. - The "LEAP framework" proposed in the latest policy declaration aims to establish Hong Kong as a global digital asset innovation center, focusing on regulatory optimization, expanding tokenized product types, and fostering cross-sector collaboration [17][18]. - The ongoing trend of compliance in virtual assets is reshaping the non-bank financial industry, creating a collaborative ecosystem for asset issuance, circulation, management, and application [23].

Core Viewpoint - The article highlights the recent performance of the Shanghai Composite Index, which briefly surpassed 3500 points on July 9, 2024, before closing at 3493.05 points, a decrease of 0.13%. This marks the first time the index has crossed this threshold in approximately eight months [1]. Industry Performance - The multi-financial sector played a significant role in the index's performance, achieving a 2.75% increase on July 9, 2024, and leading the industry in gains over the past three trading days with a total increase of 7.65%. Notable companies in this sector include Yuexiu Capital and Nanhua Futures, both of which reached their daily limit up [1]. - Multi-financial companies typically engage in activities outside of traditional banking and securities, including futures, leasing, and trust services. Key players in this sector include Yong'an Futures, Nanhua Futures, Bohai Leasing, and various financial holding companies [1]. Market Drivers - The recent activity in the multi-financial sector is attributed to a favorable macroeconomic environment and accelerated financial innovations, such as stablecoins. The trend towards the compliance of virtual assets is expected to activate and reshape the entire non-bank financial industry chain, with a collaborative ecosystem for digital asset issuance, circulation, management, and application rapidly taking shape [1].