Guotai Junan International (01788) saw its stock price skyrocket by 69.35% during the Wednesday trading session, following a groundbreaking announcement. The company revealed that it has received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license, allowing it to provide virtual asset trading services.
The approval, granted on June 24th, enables Guotai Junan International to offer not only virtual asset trading services but also advisory services related to virtual asset trading. This significant upgrade means that clients will now be able to directly trade popular cryptocurrencies such as Bitcoin and Ethereum, as well as stablecoins like USDT, on the company's platform.
This development marks a milestone for Guotai Junan International, making it the first Hong Kong-based Chinese-funded securities firm to provide comprehensive virtual asset-related services. The company has been actively expanding its virtual asset business in recent years, including launching virtual asset ETF structured products and conducting exchange platform agency business. This latest approval aligns with Hong Kong's ambition to establish itself as an international virtual asset hub, potentially positioning Guotai Junan International at the forefront of this evolving financial landscape.
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