The wind of Compliance blows on both ends: Why did Guotai Junan International and HSK both experience a big pump?

From Guotai Junan International to HashKey, from Hong Kong stock brokerage stocks to the platform token HSK, the capital market is collectively pricing the smoothness of the "compliance path" through price.

Written by: Sanqing

Introduction

On June 25, the Hong Kong stock market and the cryptocurrency market experienced a rare simultaneous movement: Guotai Junan International (01788.HK) surged in the afternoon, closing up nearly 200%; the platform token HSK of HashKey Exchange soared over 70% on the same day. This was not a coincidence.

A notice regarding the "Virtual Asset Service Qualification Upgrade" has triggered the market to reassess the "Compliance Dividend," bringing traditional brokerages and compliant cryptocurrency platforms into the market spotlight.

I. Summary of Events

On the morning of the same day, the Hong Kong stock brokerage sector quickly strengthened, with Guotai Junan International opening high at 1.25 HKD and continuing to rise, peaking at 2.5 HKD during the session. At the end of the trading day, it surged again to hit the upper limit, closing at 3.66 HKD, with a daily increase of 198%, and the trading volume reached a historical high. Other Chinese-funded brokerages in the same sector, such as Shenwan Hongyuan Hong Kong and Hongye Futures, also strengthened simultaneously, while the A-share brokerage sector followed suit with increased volume in the afternoon.

Correspondingly, HSK in the crypto market also surged from $0.48 to $0.89 within a few hours, with a short-term increase of over 85%, and the trading volume dramatically expanded.

This kind of "stock-coin resonance" is relatively rare and may be a result of the institutional implementation of compliance signals, which are reflected by the market onto two seemingly disconnected asset classes.

2. Policy Background: "Licensed Compliance" Enters the Realization Period

The core trigger of this market situation is a notice released by Guotai Junan International on the evening of June 24: its wholly-owned subsidiary has been approved by the Hong Kong Securities and Futures Commission (SFC) to add virtual asset trading, investment advisory, and product distribution functions to its existing securities trading license, officially entering the licensed operation of virtual assets.

Prior to this, Hong Kong fully launched the Virtual Asset Service Provider (VASP) system in 2023, requiring platforms to hold Type 1 (Securities Trading) and Type 7 (Automated Trading Services) licenses, and services can only be opened to retail after strict review.

By 2025, the SFC will further introduce the "A-S-P-I-Re" regulatory framework (Access, Safeguards, Products, Infrastructure, Relationships), clarifying that compliance virtual asset operations need to build a systematic guarantee, product access, and an infrastructure cooperation network.

The approval of Guotai Junan International's expansion license means that Chinese financial institutions have for the first time opened a complete channel between traditional brokerage firms and compliance cryptocurrency trading. This signal constitutes a dual boost to expectations for the Hong Kong stock market and compliance platforms, and also means the visualization and landing of compliance flow.

3. Platform Profile: HashKey's "Compliance Closed Loop" Ecosystem

As one of the first licensed cryptocurrency platforms by the SFC, HashKey Exchange holds Type 1 and Type 7 licenses and has opened retail trading in Hong Kong dollars (BTC, ETH, USDT) since 2023. Its parent group, HashKey Group, has a wide presence in Hong Kong and regions such as Singapore and Japan, establishing an ecosystem centered around "trading - asset management - compliance custody - on-chain infrastructure."

HashKey's current main business segments include:

• HashKey Exchange: A local compliance trading platform in Hong Kong, offering HKD trading pairs;
• HashKey Global: A trading platform for global users;
• HashKey OTC Global: Provides large-scale over-the-counter matching for institutions;
• HashKey Capital: A cryptocurrency asset management company managing over 1 billion USD in assets.
• HashKey Tokenisation: Provides Compliance tokenization solutions for RWA and traditional assets;
• HashKey Chain: Self-developed zkEVM Layer2 chain, HSK is the native coin;
• HashKey AI / Cloud / Brokerage: Expanding infrastructure and deploying smart contract models.

4. The Value Logic of HSK: The Scarcity Re-evaluation Brought by Compliance

HSK is the native token of the HashKey ecosystem, with functions covering platform fee discounts, VIP privileges, node governance, on-chain Gas fees, and priority subscription for new projects. Unlike most Platform Tokens, HSK has no ICO and no private placement financing; its distribution completely relies on platform incentives.

Its deflationary model is committed to be executed by HashKey Group: 20% of the net profit each year will be used to repurchase and destroy HSK, creating a positive feedback loop between "platform growth - token value."

The recent price surge is not purely speculation in the market, but rather a synchronized re-evaluation of the following mechanisms:

• User growth expectations are enhanced: With licensed brokers directing traffic, HashKey retail activity may significantly increase;
• Profit model implementation: Compliance exchanges have real income, and the repurchase plan has a basis for fulfillment;
• Regulatory "unique token" scarcity: Currently, only HSK operates the token model under the SFC framework, possessing a policy moat.

In other words, compliance drives not only incremental users but also the institutional advancement of the valuation system of the platform token.

Conclusion

When traditional financial institutions establish controllable connections with the crypto ecosystem under a regulatory framework, "Compliance" is no longer a boundary that suppresses imagination, but becomes an amplifier that enhances value.

On June 25, what we saw was not a random catalyst of an announcement, but a stage reaction of a complete set of systems entering the practical deep water zone.

Compliance is not the end of the wind, but the runway for value to take off.