On September 16, 2025, Yunfeng Financial (00376.HK), under Jack Ma, announced a placement of a total of 191 million new shares at a price of HKD 6.1 per share, successfully raising approximately HKD 1.17 billion. One of the main uses of this substantial fund is to support the group's system facility upgrades, talent recruitment, and related capital needs, including but not limited to launching comprehensive virtual asset trading services and virtual asset-related investment management services. This move follows the approval of Yunfeng Financial by the Hong Kong Securities and Futures Commission to provide virtual asset trading services, undoubtedly marking a full-scale entry of Jack Ma's capital into the Web3 field in Hong Kong. Against the backdrop of actively building a digital asset center in Hong Kong, this series of actions by Yunfeng Financial is igniting a new wave of capital frenzy, indicating that Hong Kong's "license economy" in the virtual asset sector is poised for explosive growth.
- Yunfeng Financial: HKD 1.17 billion heavy investment in virtual assets
Yunfeng Financial's placement raised HKD 1.17 billion, with a very clear strategic intention: a full-scale entry into the virtual asset field.
Capital support after license upgrade: Previously, on September 9, Yunfeng Financial received approval from the Hong Kong Securities and Futures Commission to upgrade its existing Type 1 (securities trading) regulated activity license, allowing it to provide virtual asset trading services under the arrangement of opening comprehensive accounts on the licensed platform of the Securities and Futures Commission. This placement is precisely to provide sufficient financial support for the business expansion following this license upgrade.
Comprehensive virtual asset services: The funds raised will be used for system facility upgrades, talent recruitment, and related capital needs to launch comprehensive virtual asset trading services and virtual asset-related investment management services. This indicates that Yunfeng Financial aims not only to provide buying and selling services for virtual assets but also to delve into virtual asset investment management, offering clients a one-stop digital asset solution.
Jack Ma's Web3 ambitions: Coupled with the fact that Yunfeng Financial has previously accumulated 10,000 ETH in the open market and plans to explore incorporating diversified mainstream digital assets such as Bitcoin (BTC) and Solana (SOL) into the company's strategic reserve assets, as well as collaborating with Ant Group to explore RWA tokenization, Yunfeng Financial's Web3 ambitions have fully erupted.
- Hong Kong: Building a digital asset center's "license economy"
Yunfeng Financial's massive investment is occurring against the backdrop of Hong Kong actively building a global digital asset center. The Hong Kong SAR government and regulatory agencies are committed to creating a digital asset development environment that balances regulatory compliance and technological innovation by optimizing the legal and regulatory framework.
Policy support: Hong Kong's Financial Secretary Paul Chan stated in his latest blog that Hong Kong is a leader in green and sustainable finance in Asia and will provide innovative products in the future to meet the development needs of different countries and regions. The Monetary Authority is exploring how tokenization can improve the issuance and trading of carbon rights through the Ensemble sandbox project.
Improved regulatory framework: Representatives from the Hong Kong Securities and Futures Commission (SFC) introduced the development trends and regulatory framework of the tokenized product market at the 2025 Inclusion Bund Conference, emphasizing that a sound compliance and security system is the cornerstone of digital asset development in the Web3 era. The Hong Kong SAR government released the "Hong Kong Digital Asset Development Policy Declaration 2.0" in June this year, clearly stating its determination to develop digital assets.
RWA and tokenization: At the Bund Conference, the Hong Kong Investment Promotion Agency discussed the development of digital assets and tokenization, with several companies sharing the application prospects of tokenization technology in various industries such as finance, real estate, and supply chains. This aligns closely with Yunfeng Financial's direction of exploring RWA tokenization in collaboration with Ant Group.
Traditional enterprises entering the market: In addition to Yunfeng Financial, the Hong Kong-listed company Chow Tai Fook also announced investments in Gao Ying Securities through its wholly-owned subsidiary, while the A-share listed company Huafeng Ultra Fiber's wholly-owned subsidiary Weifutong Technology also invested in Gao Ying Securities. Both parties will integrate mature resources in cross-border payments, precious metals, and capital markets to compliantly expand related businesses in the digital finance field and explore new growth opportunities in the Hong Kong digital asset market.
All of these indicate that Hong Kong is forming a "license economy" model centered on licenses, attracting global capital and technology, and promoting the healthy development of the digital asset market.
- Stablecoins: A hotspot for digital financial innovation and a compliance cornerstone
Against the backdrop of digital finance accelerating its penetration into the global trade system, stablecoins are becoming a hotspot for digital financial innovation.
Advantages of stablecoins: An article published by the Learning Times, affiliated with the Central Party School, titled "The Technical Principles and Trust Logic of Stablecoins" points out that cryptocurrencies represented by Bitcoin and Ethereum are difficult to undertake mainstream payment functions due to their extreme price volatility. In contrast, stablecoins represented by Tether (USDT) and USD Coin (USDC) establish anchoring mechanisms with fiat currencies, retaining the advantages of efficient circulation and low costs based on blockchain payments while avoiding the instability of traditional cryptocurrencies.
Global compliance cornerstone: Recently, relevant bills and management regulations introduced in the United States, the European Union, and Hong Kong have laid a compliance foundation for the development of stablecoins, which are increasingly favored by global compliant investors and gradually integrating into the mainstream financial system.
Yunfeng Financial's comprehensive entry into virtual asset trading services will undoubtedly include various digital assets, including stablecoins. Under Hong Kong's improved regulatory framework, stablecoins will become a core bridge connecting traditional finance and the crypto ecosystem, providing a solid compliance foundation and broad development space for Yunfeng Financial's virtual asset business.
Conclusion:
Yunfeng Financial's investment of HKD 1.17 billion to fully enter virtual asset trading services is a key step for Jack Ma's capital in the Web3 field. Against the backdrop of Hong Kong actively building a digital asset center, this move will not only accelerate Yunfeng Financial's own digital transformation but also inject new vitality into Hong Kong's "license economy," attracting more traditional financial institutions and tech giants into the virtual asset market. With the continuous improvement of the regulatory framework and the ongoing promotion of digital financial innovations such as stablecoins, Hong Kong is expected to become an important hub for global digital asset development, leading a new wave of capital frenzy and reshaping the global financial landscape.
Related reading: Analysis of Yunfeng Financial's strategy in digital assets and capital operations
Original article: “Yunfeng Financial raises HKD 1.17 billion to fully enter virtual asset trading”
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