Hong Kong's Securities and Futures Commission (SFC) has approved 40 institutions—including 38 brokerages, 1 bank, and 1 internet company—to provide virtual asset trading services via omnibus accounts as of June 2025. Yet, Guotai Junan International emerged as the clear leader, surging 500% in two days, while competitors like Victory Securities saw modest gains. What fueled this explosive growth?
Core Drivers Behind Guotai Junan's Dominance
1. Unmatched Full-Chain Service Capabilities
Guotai Junan International is the first Chinese brokerage to offer integrated virtual asset services spanning:
- Trading (BTC, ETH, stablecoins)
- Consultancy
- Tokenized securities issuance
- OTC derivatives
Key Milestone: In 2025, it facilitated a $150M tokenized bond issuance for a state-owned enterprise via Hong Kong’s Central Clearing Network for Tokenized Securities—a feat unmatched by peers.
👉 Explore Hong Kong's tokenization infrastructure
Contrast:
- Most licensees (e.g., ZA Bank, Futu Securities) only provide basic crypto trading with limited coin support.
- International brokers like Interactive Brokers lack stablecoin/derivatives expertise.
2. First-Mover Advantage & Market Perception Shift
Guotai’s early moves created a strategic moat:
- 2024: Launched virtual-asset-backed structured products
- 2025: Pioneered digital bond issuance
This transformed its market positioning from a "license holder" to an ecosystem architect, catching investors off-guard.
3. Policy Tailwinds & Strategic Alignment
Hong Kong’s "International Virtual Asset Hub" initiative aligned perfectly with Guotai’s upgrades:
- Ready for stablecoin cross-border清算 post-August 2025 regulation
- Partnered with government-backed tokenization projects
Lagging Peers: Firms like TF International and Haifu Securities lack stablecoin roadmaps.
4. Financial Performance & Market Sentiment
- 2024 Revenue: HK$4.42B (+37% YoY)
- Active Clients: 315,000 (+31%)
- Virtual asset trading contributed 72% growth in investment income
This triggered a sector-wide rally, lifting other Chinese brokerages.
FAQs: Hong Kong’s Crypto Licensing Landscape
Q1: Which firms hold Hong Kong’s virtual asset licenses?
A1: Four categories:
- Chinese brokerages (e.g., TF International)
- Global players (Futu, Interactive Brokers)
- Local brokers (Victory Securities)
- Tech firms (e.g., DFX Labs with dual 1/7号 licenses)
Q2: Why didn’t other licensees surge like Guotai?
A2: Most lack end-to-end capabilities—only Guotai combines trading, issuance, and custody at scale.
Q3: How does stablecoin regulation benefit Guotai?
A3: Its early清算接入 enables revenue from:
- Transaction fees
- Reserve asset interest spreads
The Future: Ecosystem Over Licenses
Guotai’s lead stems from four pillars:
- Licensing depth (beyond basic 1号牌)
- Policy foresight (stablecoin/Digital Bond readiness)
- Financial scale (12.5M mainland-backed clients)
- Market sentiment (first-mover halo effect)
👉 Latest Hong Kong crypto regulations
Outlook:
- Leaders with full-chain services will dominate.
- Basic trading-only firms face margin compression.