The financial world has recently turned its attention to Hong Kong, where a wave of crypto-themed stocks is igniting market excitement. Fueled by regulatory milestones, corporate ambitions, and growing institutional interest, this so-called "crypto meme stock season" is reshaping investor sentiment across the region. From stablecoin developments to brokerages embracing digital assets, the momentum is building — but what lies beneath the surface?
The Three Waves of Hong Kong’s Crypto Stock Rally
The recent surge in Hong Kong-listed equities tied to cryptocurrency narratives didn’t happen overnight. It unfolded in three distinct phases, each amplifying the last: Circle概念股 (Circle-related stocks), stablecoin概念股 (stablecoin-themed stocks), and finally, crypto-enabled brokerages.
Wave 1: The Circle Effect
The spark was lit when Circle, issuer of the USDC stablecoin, made headlines with its U.S. market debut. In just over ten days, its valuation surged nearly tenfold, briefly touching $40 billion. This sent ripples through global markets — including Hong Kong.
As an early investor in Circle, China Everbright Holdings (00165.HK) saw its shares jump over 15% ahead of the listing. Meanwhile, Huaxing Capital (1911.HK) disclosed that its Huaxing New Economy Fund had backed Circle back in 2018. At the time, Circle wasn’t focused on stablecoins and was valued at only $3 billion. Today, that foresight appears visionary.
“We believed blockchain could create massive commercial and social value,” said Lei Ming, former Huaxing investor. “Circle stood out because it held more regulatory licenses than anyone else at the time.”
Following the announcement, Huaxing Capital’s stock climbed from HKD 3.55 on June 4 to HKD 4.93 by June 30 — a year-to-date high.
Wave 2: The Stablecoin Boom
With stablecoins now at the center of financial innovation, major tech players began signaling their entry into the space.
In June, Bloomberg reported that Ant Group plans to apply for stablecoin licenses in Hong Kong and Singapore. While Ant hasn’t confirmed specific timelines, its blockchain chief verified the intent once regulations take effect on August 1, 2025.
The market reacted instantly: Yunfeng Financial (00376.HK) — often seen as an Ant-affiliated stock — surged up to 98%, closing with a 53% gain. Other related names like Shten Holdings and Yao Cai Securities also posted double-digit increases.
Then came JD.com. Chairman Richard Liu revealed JD’s ambition to launch a global stablecoin aimed at slashing cross-border payment costs by 90% and reducing settlement times to under 10 seconds. JD’s stablecoin will be issued on a public blockchain, ensuring full transparency of supply data.
Even more telling: JD ChainTech CEO Liu Peng confirmed that JD’s Hong Kong and Macau e-commerce platforms will soon accept stablecoin payments. A Q4 2025 launch is targeted.
This wave wasn’t just hype — it signaled a shift toward real-world utility and institutional adoption.
Wave 3: Brokerages Go Crypto-Native
The final catalyst came from traditional financial gatekeepers: Hong Kong brokers opening crypto trading doors.
On June 24, Guotai Junan International (1788.HK) announced it had upgraded its license to offer virtual asset trading services — becoming the first mainland-backed broker in Hong Kong to provide full crypto access, including Bitcoin, Ethereum, and USDT.
The market response was explosive: shares soared over 63% within 24 hours and briefly spiked past HKD 7 — a staggering rise from pre-announcement levels.
But Guotai Junan wasn’t alone. Reports suggest other brokers like Victory Securities and AID Partners Securities have also upgraded their SFC Type 1 licenses. These firms operate under a "distribution model" — offering clients access via omnibus accounts on licensed exchanges like HashKey — not direct custody.
Crucially, these services are not open to mainland Chinese residents, aligning with strict compliance protocols.
Even GF Securities’ Hong Kong arm entered the fray by launching “GF Token,” a tokenized money market instrument offering daily interest and redemption for institutional clients. Priced against SOFR for USD-denominated tokens, it trades on HashKey — further blurring lines between traditional finance and Web3.
Navigating the Hype: Barriers to Entry for Investors
While returns look enticing, accessing this rally isn’t easy — especially for mainland investors.
Barrier #1: The 500K RMB Threshold
Mainland investors typically rely on Stock Connect programs to access Hong Kong markets. But eligibility requires:
- A minimum average asset balance of RMB 500,000 over the past 20 trading days (excluding margin funds)
- Risk profile rated C4 (aggressive) or higher
- Passing a knowledge test (usually 80%+)
- Active A-share account with no disciplinary history
That half-million RMB barrier excludes most retail investors — no matter how bullish they feel.
Barrier #2: Tightened Brokerage Access
Even opening a direct Hong Kong brokerage account has become harder.
Firms like Futu (Moomoo) and Longbridge have phased out "legacy proof" methods for mainland users. Now, applicants must provide verifiable overseas residency or employment documentation:
- Utility bills (electricity, water, gas)
- Credit card statements
- Telecom invoices
- Insurance policies
- Government tax notices
- Rental or property ownership proof
All documents must be issued within the last three months and clearly display name, address, issuer, and date.
Meanwhile, some Hong Kong banks have quietly restricted IPO subscriptions for non-residents — citing compliance with offering circular terms.
Barrier #3: Trading Cost Reforms
High-frequency traders welcomed a key change: HKEX eliminated minimum and maximum stock transaction fees starting June 30.
Previously capped at HKD 2–100 per trade, the new fee is calculated at 0.0042% of transaction value, with no floor or ceiling.
For small trades — say HKD 1,000 — costs dropped from HKD 2 (0.2%) to just HKD 0.042. For institutions executing large volumes, this enables finer cost control and strategy optimization.
Note: Fees are still charged on both buy and sell sides.
Is This Sustainable? Lessons from Past Rallies
Hong Kong’s crypto-driven rally echoes events from late 2024, when policy optimism sparked similar surges. Back then:
- Tiger Brokers saw weekly sign-ups jump 73.4%
- Futu reported a 95% increase in weekly trading volume
- New investor inflows rose by 60%
But what sets 2025 apart is the increased legitimacy behind the rally. Regulatory clarity via the Stablecoin Ordinance, government-backed initiatives like the Digital Asset Policy Declaration 2.0, and tangible product rollouts (e.g., JD’s stablecoin plans) suggest deeper fundamentals.
As Financial Secretary Paul Chan noted in late June:
“Stablecoins can offer cost-effective alternatives beyond traditional finance — transforming cross-border payments and capital market activities.”
Frequently Asked Questions (FAQ)
Q: What triggered the recent Hong Kong crypto stock surge?
A: The rally was driven by three waves: Circle's U.S. listing success, major tech firms like Ant Group and JD.com entering the stablecoin space, and brokerages launching regulated crypto trading services.
Q: Can mainland Chinese investors participate directly?
A: No. Most Hong Kong brokerages and banks now restrict crypto-related services and IPO access to non-mainland residents due to compliance requirements.
Q: Are these stocks truly tied to crypto performance?
A: While linked by narrative and market sentiment, most companies aren’t pure-play crypto firms. Their exposure varies — some are early investors (e.g., Huaxing), others are infrastructure enablers (e.g., Guotai Junan).
Q: What role does regulation play in this trend?
A: Critical. The August 1, 2025 enforcement of Hong Kong’s Stablecoin Ordinance provides legal clarity, encouraging institutional participation and product development.
Q: How does Stock Connect work for crypto-related stocks?
A: Eligible investors can buy eligible Hong Kong-listed stocks via mainland brokers using Stock Connect channels, but only if they meet the RMB 500K asset threshold and other criteria.
Q: Is this rally likely to continue?
A: Momentum appears strong due to ongoing policy support, technological rollout plans (like JD’s stablecoin), and increasing institutional adoption — though volatility remains high.
Final Thoughts
Hong Kong’s crypto stock rally may feel speculative — but beneath the meme-like frenzy lies real progress. Regulatory frameworks are solidifying, corporate strategies are evolving, and financial infrastructure is adapting.
For qualified investors, opportunities abound — but access remains tightly controlled. As the city positions itself as Asia’s digital asset hub, one thing is clear: this isn’t just another bubble. It’s a transformation in motion.
Core Keywords: Hong Kong crypto stocks, stablecoin regulation, Circle IPO impact, Guotai Junan crypto services, Stock Connect eligibility, Ant Group stablecoin plans, JD.com blockchain strategy.