China Merchants Securities shares surge on HK crypto license approval
Investing.com-- Shares of China Merchants Securities (HK:6099) surged on Tuesday after its Hong Kong unit, CMB International Securities Ltd (CMBI), secured regulatory approval to offer crypto trading services.
The company received the Hong Kong Securities and Futures Commission’s nod on Monday, becoming the first Chinese bank-backed brokerage in Hong Kong licensed for crypto services.
Hong Kong-listed China Merchants Securities stock briefly surged more than 20% to HK$18.68, but was trading 5.4% higher at HK$16.04 as of 05:09 GMT.
The move marks a significant step in the company’s expansion into the digital asset space, aligning with Hong Kong’s broader strategy to position itself as a regional hub for virtual asset trading.
CMBI’s approval allows the firm to provide regulated crypto trading and custody services to professional investors in Hong Kong. The announcement follows similar licensing wins by other mainland brokerages like Guotai Junan International (HK:1788).
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