Hong Kong stocks are ushering in the first year of 'Ethereum reserves' On August 8, 2025, Hong Kong listed company Huajian Medical purchased HKD 149 million ETH through HashKey Exchange and plans to use up to HKD 880 million to purchase ETH as its core reserve asset in the public market. Within three days, the stock price of Huajian Medical surged by 27%. I have said before that Hashkey is a dominant force in Hong Kong's encryption compliance, and collaborating with Hashkey will help expand the business exponentially. Unlike the "pre standardization" approach of US stock micro strategies, Huajian Medical fully follows a compliance path, backed by HashKey Exchange licensed by the Hong Kong Securities and Futures Commission, and has the ability to execute OTC large amounts and provide global multi site liquidity support. This compliance is not accidental. Hong Kong, as the region with the most comprehensive regulation of digital assets in Asia, provides a secure channel for traditional financial institutions to access Web3. Huajian Medical's actions have actually played a role in testing the feasibility of this channel. Furthermore, the choice of Huajian Medical reflects that Hong Kong stock companies are shifting their understanding of Web3 from "speculation" to "strategy". Traditionally, the asset allocation of Hong Kong listed companies has been extremely conservative, mainly focusing on low-risk assets such as bank deposits and bonds. Huajian Medical's actions have overturned this traditional paradigm by allocating assets such as ETH, which have high volatility but large long-term appreciation potential, to achieve a "dual engine" model: traditional main businesses provide cash flow and stability, while digital asset allocation provides growth and explosive power. What is worth observing next is whether this dual engine mode can be validated for long-term effectiveness. The decision-making chain of institutions is relatively long, but once consensus is formed, the follow-up effect will be very obvious. Once the model of Huajian Medical is verified, it is likely to trigger a trend of "Ethereum reserves" in the HashKey Exchange in Hong Kong stocks and even Asian markets. Bold prediction: More listed companies will follow suit in 2025, and the institutional adoption curve of Ethereum will be steeper than that of Bitcoin.