China essentially banned cryptocurrencies years ago. Now that pent-up demand is finding an outlet in Hong Kong markets as local regulators eye the potential of stablecoins. Hong Kong-traded shares of Guotai Junan International nearly tripled in price Wednesday after becoming the first mainland Chinese-backed securities brokerage to obtain a license for virtual currency trading in Hong Kong . So many mainland-based investors bought the Hong Kong-listed stock that Guotai’s total trading value ranked first on the exchange on Wednesday and Thursday, exceeding that of Alibaba, according to Wind Information. Guotai held onto second place on Friday, ceding the top trading spot to Xiaomi after its electric car launch Thursday night, the data…
