Hong Kong’s financial markets are undergoing a transformative phase, driven by the convergence of traditional equities and digital asset innovation. Dubbed the “Hong Kong crypto-linked stock surge” of 2025, this market movement has ignited investor enthusiasm across Asia, particularly among those seeking exposure to blockchain, stablecoins, and virtual asset trading infrastructure.
This phenomenon isn’t just speculative noise—it reflects deeper structural shifts fueled by regulatory clarity, corporate strategy, and evolving investor behavior. Below, we unpack the three major trends powering this rally, examine changing market access rules, and explore what it means for global investors navigating this new frontier.
Wave 1: The Circle Effect – Stablecoin Sentiment Sparks Market Momentum
The first wave of the current uptrend was triggered by news from across the Pacific: Circle, the U.S.-based issuer of the USD Coin (USDC) stablecoin, successfully listed on the New York Stock Exchange. Its public debut sent ripples through both traditional and digital asset markets, reinforcing stablecoins as a legitimate bridge between fiat and crypto ecosystems.
In parallel, Hong Kong’s government formalized its stance on stablecoins by enacting the Stablecoin Ordinance on May 30, 2025—legally recognizing regulated stablecoin frameworks and setting licensing requirements for issuers. This dual catalyst sparked a rally in Hong Kong stocks with perceived crypto exposure.
Notably:
- LianLian Digital surged nearly 80% intraday.
- OKLink (OKEC) and YeePay (09923.HK) saw substantial gains due to their blockchain infrastructure roles.
- Investment firms like China Everbright Limited (00165.HK) and Huaxing Capital (1911.HK)—early backers of Circle—also experienced notable price increases.
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This initial surge wasn’t purely fundamentals-driven; rather, it reflected market sentiment aligning around a powerful narrative: Hong Kong is positioning itself as a regulated gateway for institutional-grade digital finance.
Wave 2: Tech Giants Enter the Stablecoin Race
The second phase intensified when major Chinese tech conglomerates signaled their intent to launch regulated stablecoins in Hong Kong. On June 12, Bloomberg reported that Ant Group was preparing applications for stablecoin licenses in both Hong Kong and Singapore—news that sent Yunfeng Financial (00376.HK) soaring 98% in a single session.
Even more impactful was the announcement from JD.com. Chairman Richard Liu revealed that JD aims to secure stablecoin licenses in key global currency jurisdictions to reduce cross-border payment costs and improve settlement efficiency. The company also confirmed plans to launch its own JD Stablecoin, expected in Q4 2025, which will be used for e-commerce transactions on its Hong Kong-Macau platform.
These developments underscore a broader trend: Big Tech is embracing tokenization. Unlike decentralized crypto projects, these initiatives operate within regulatory guardrails, making them more palatable to institutional investors and policymakers alike.
Other beneficiaries included:
- Shinetoon Holding (02562.HK) – a fintech enabler with payment infrastructure ties.
- Yau Tsim Mong Securities (01428.HK) – leveraged increased retail trading volumes.
Market analysts suggest this phase marks a shift from speculative trading to real-world utility adoption—a critical milestone in maturing the digital asset ecosystem.
Wave 3: Brokerage Platforms Embrace Virtual Asset Services
The third and most structurally significant wave emerged from Hong Kong’s brokerage sector. On June 24, Guotai Junan International (1788.HK) became the first mainland-backed securities firm to receive approval from the Securities and Futures Commission (SFC) to upgrade its license, enabling full-service virtual asset trading—including BTC and ETH—for qualified clients.
The stock responded swiftly, gaining over 63% within 24 hours.
This move set off a chain reaction:
- Victory Securities (08540.HK) confirmed it had completed similar licensing upgrades, pushing its share price up more than 100% in short order.
- These platforms typically offer distribution-only models, partnering with licensed exchanges to provide compliant access to major cryptocurrencies.
- Importantly, participation remains restricted—Mainland Chinese residents are explicitly barred from using these services.
Additionally, GF Securities’ Hong Kong arm launched “GF Token,” a tokenized security offering interest in USD, HKD, and offshore RMB—available exclusively to institutional and professional investors. This marks a pivotal step toward asset tokenization at scale.
👉 Learn how tokenized assets are redefining the future of capital markets.
Evolving Market Access: Higher Barriers, Lower Costs
While excitement builds, entry conditions for international investors have become more complex:
IPO Subscription门槛 Rise Sharply
The Hong Kong IPO market remains hot—new listings like Brokki and Mixue Group saw oversubscriptions exceeding 5,000x. However, access via the Stock Connect program now requires mainland investors to maintain an average daily asset balance of at least RMB 500,000 over the past 20 trading days.
Online Brokers Tighten Account Openings
Platforms such as Futu (Moomoo) and Longbridge have discontinued "existing account verification" for mainland users. New applicants must now provide proof of overseas residency or employment—a move aligned with tightening regulatory scrutiny.
Trading Fees Drop Significantly
Starting June 30, 2025, HKEX implemented a revised trading fee structure:
- Eliminated the previous minimum (HK$2) and maximum (HK$100) caps.
- Now charges 0.0042% per trade—making small trades far cheaper.
- Example: A HK$1,000 transaction fee drops from HK$2 to just HK$0.042.
Though fees apply on both buy and sell sides, this change reduces friction for retail participation and algorithmic strategies alike.
Why This Rally Is Different From Past Cycles
While Hong Kong saw similar speculative surges in late 2024 following pro-innovation policies, the 2025 rally carries stronger foundational support:
- Clear regulatory frameworks (e.g., Stablecoin Ordinance).
- Corporate-backed digital currency initiatives.
- Licensed financial institutions integrating crypto services.
Moreover, the release of Hong Kong’s Digital Asset Development Policy Declaration 2.0 signals long-term commitment to becoming a global fintech hub—bridging Mainland China’s capital with international financial standards.
Frequently Asked Questions (FAQ)
Q: What are crypto-linked stocks?
A: These are publicly traded companies whose business models or market sentiment are closely tied to blockchain technology, cryptocurrency adoption, or digital asset services—such as fintech firms, brokers offering virtual asset trading, or tech companies developing stablecoins.
Q: Can mainland Chinese investors directly participate?
A: No. Due to regulatory restrictions, mainland residents cannot open accounts with Hong Kong brokers offering crypto-related services or subscribe to certain new listings via Stock Connect without meeting strict asset thresholds.
Q: Are these gains sustainable?
A: Short-term volatility is expected, but long-term sustainability depends on actual product rollouts—like JD’s stablecoin—and continued regulatory clarity. Companies delivering real utility will likely outperform pure speculation plays.
Q: How does this affect global crypto markets?
A: Hong Kong’s regulated approach provides a blueprint for institutional adoption. As traditional finance integrates digital assets under supervision, it enhances legitimacy and could drive broader global acceptance.
Q: What risks should investors watch for?
A: Key risks include regulatory reversals, overvaluation of概念股 (concept stocks), low liquidity in smaller caps, and geopolitical tensions affecting cross-border financial flows.
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Final Thoughts: Opportunity Meets Caution in Hong Kong’s New Financial Era
The so-called “crypto-linked stock surge” in Hong Kong is more than a speculative frenzy—it's a signal of systemic transformation. With stablecoin regulation in place, tech giants entering the space, and brokers launching compliant crypto services, the ecosystem is maturing rapidly.
For investors, the opportunity is clear—but so are the challenges. Higher entry barriers, evolving compliance demands, and sharp price swings require careful navigation. Success will belong not to those chasing momentum alone, but to those who understand the underlying technologies, regulatory timelines, and corporate execution capabilities shaping this new chapter of finance.
As Hong Kong solidifies its role as a bridge between East and West in digital finance, staying informed—and strategically positioned—will be key.