Compliance Winds Blow Both Ways: Why Are Guotai Junan International and HSK Soaring Together?
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Compliance Winds Blow Both Ways: Why Are Guotai Junan International and HSK Soaring Together?
The capital market is using prices to collectively value the accessibility of the "compliance pathway."
Navigating Web3 tides with focused insightsAuthor: Sanqing
Foreword
On June 25, Hong Kong stocks and the crypto market moved unusually in tandem: Guotai Junan International (01788.HK) surged sharply in the afternoon, closing up nearly 200%; HashKey Exchange's platform token HSK also soared over 70% on the same day. This was no coincidence.
A single announcement regarding an "upgrade in virtual asset service qualifications" triggered a market revaluation of "compliance-driven benefits," bringing both traditional brokerages and regulated crypto platforms into the spotlight.
1. Event Summary
In early trading that day, Hong Kong brokerage stocks quickly gained strength. Guotai Junan International opened at HK$1.25 and continued to rise, peaking at HK$2.50 intraday before surging again near the close, ultimately settling at HK$3.66—a 198% gain for the day with record-breaking turnover. Other Chinese brokerages such as申万宏源香港 and Hongye Futures also strengthened synchronously, while mainland A-share brokers followed suit with increased volume in the afternoon session.
Meanwhile, HSK in the crypto market rose from $0.48 to $0.89 within hours, a short-term gain exceeding 85%, accompanied by a sharp increase in trading volume.
This kind of "stock-crypto resonance" is rare—likely reflecting how institutional progress toward regulatory compliance has been simultaneously priced into two seemingly disconnected asset classes.
2. Policy Background: The Era of “Licensed Compliance” Has Begun
The catalyst behind this rally was an announcement released late on June 24 by Guotai Junan International: its wholly-owned subsidiary received approval from the Hong Kong Securities and Futures Commission (SFC) to expand its existing securities trading license to include virtual asset trading, investment advice, and product distribution—officially entering the ranks of licensed virtual asset operators.
Prior to this, Hong Kong had launched its Virtual Asset Service Provider (VASP) regime in 2023, requiring platforms to hold Type 1 (dealing in securities) and Type 7 (automated trading services) licenses and undergo rigorous review before offering services to retail investors.
By 2025, the SFC further introduced the "A-S-P-I-Re" regulatory framework (Access, Safeguards, Products, Infrastructure, Relationships), which clarified that compliant virtual asset operations must establish systematic safeguards, product access standards, and infrastructure collaboration networks.
The approval for Guotai Junan International to expand its license marks the first time a Chinese financial institution has fully connected traditional brokerage services with compliant crypto trading. This signal boosted expectations across both the Hong Kong stock market and regulated platforms, indicating that compliance-driven traffic is now materializing in tangible form.
3. Platform Profile: HashKey’s “Compliance Closed Loop” Ecosystem
As one of the first crypto platforms licensed by the SFC, HashKey Exchange holds both Type 1 and Type 7 licenses and has offered HKD-denominated retail trading (BTC, ETH, USDT) since 2023. Its parent company, HashKey Group, maintains a broad presence in Hong Kong, Singapore, and Japan, building an ecosystem centered around “trading – asset management – compliant custody – on-chain infrastructure.”
HashKey’s current core business segments include:
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HashKey Exchange: A locally compliant trading platform in Hong Kong offering HKD trading pairs;
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HashKey Global: A global-facing trading platform;
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HashKey OTC Global: Provides large-scale OTC matching services for institutions;
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HashKey Capital: A digital asset management firm managing over $1 billion in assets;
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HashKey Tokenisation: Offers compliant tokenization solutions for RWA and traditional assets;
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HashKey Chain: A proprietary zkEVM Layer 2 chain with HSK as its native token;
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HashKey AI / Cloud / Brokerage: Expanding infrastructure and smart contract model deployment.
4. HSK’s Value Proposition: Scarcity Repricing Driven by Compliance
HSK is the native utility token of the HashKey ecosystem, used for platform fee discounts, VIP privileges, node governance, gas fees on-chain, and priority access to new project launches. Unlike most platform tokens, HSK had no ICO or private funding rounds—the distribution has been entirely driven by platform incentives.
The deflationary mechanism is backed by a commitment from HashKey Group: 20% of annual net profits will be allocated to buy back and burn HSK, creating a positive feedback loop between platform growth and token value.
The recent price surge reflects not mere speculation but a synchronized market re-pricing of several key mechanisms:
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Enhanced user growth outlook: With licensed brokers referring clients, retail activity on HashKey is expected to rise significantly;
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Revenue model realization: As a compliant exchange generates real income, the buyback program becomes fundamentally sustainable;
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Regulatory scarcity of the “sole token”: Currently, HSK is the only token operating under the SFC’s framework, giving it a unique policy moat.
In other words, compliance isn’t just driving incremental users—it’s enabling a structural upgrade in the valuation framework for platform tokens.
Conclusion
When traditional financial institutions and crypto ecosystems establish controllable linkages within a regulatory framework, “compliance” ceases to be a constraint on innovation—and instead becomes a force multiplier for value.
On June 25, we didn’t witness the accidental impact of a single announcement, but rather a phase shift signaling that an entire regulatory system is entering deeper practical implementation.
Compliance is not the end of the wind—it is the runway for value to take off.
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