In a landmark move signaling growing institutional interest in digital finance, Greenland Holding Group—China’s first state-owned enterprise (SOE) to make such a move—is preparing to apply for a virtual asset trading license in Hong Kong. The company, 46.4% owned by the Shanghai municipal government, aims to expand its fintech footprint through a new subsidiary under Greenland Financial Technology (Greenland Fintech), focusing on cryptocurrency trading, non-fungible tokens (NFTs), and carbon credit products.
This strategic pivot positions Greenland at the forefront of traditional enterprises embracing blockchain innovation, aligning with Hong Kong’s progressive regulatory framework for digital assets. As the city establishes itself as Asia’s leading crypto hub, Greenland’s initiative reflects both confidence in the region’s financial infrastructure and a broader vision for integrating digital finance into sustainable economic development.
Strategic Expansion into Hong Kong’s Digital Finance Ecosystem
During a recent visit to Hong Kong, Greenland Holding Group Chairman Gen Jing confirmed that the group plans to establish a dedicated subsidiary to operate under Hong Kong’s new virtual asset licensing regime. Speaking exclusively to The Washington Post, Gen emphasized that obtaining an operator license from the Securities and Futures Commission (SFC) would not only diversify Greenland’s business model but also strengthen its global presence.
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“We aim to expand our digital financial services in Hong Kong, using it as a gateway to the world,” Gen said. “With Hong Kong introducing a new regulatory framework for crypto trading platforms, now is the ideal time for Greenland to enter this market.”
The SFC unveiled updated rules in February 2025, allowing retail investors to trade major cryptocurrencies like Bitcoin and Ethereum on licensed exchanges. These regulations, effective June 1, 2025, mandate that all virtual asset trading platforms operating in or targeting Hong Kong users must secure formal approval. Non-compliance will result in suspension of operations.
Greenland Fintech intends to submit its application shortly, with plans to offer a comprehensive suite of services including spot trading of digital assets, NFT marketplaces, and blockchain-based carbon emission trading solutions—areas where the company already has operational experience in mainland China.
From Real Estate Giant to Digital Innovator
Founded in 1992 and headquartered in Shanghai, Greenland Holding Group has long been a powerhouse in real estate development. Ranked 125th on the Fortune Global 500 list last year, the conglomerate manages over $231 billion in assets and generates annual revenues exceeding $84 billion. Beyond property, it has diversified into finance, retail, hospitality, and digital technology.
Its fintech arm has been actively involved in blockchain infrastructure, data management, and carbon trading since 2016—when it secured two regulatory licenses from Chinese authorities for securities advisory and asset management services. This foundation provides Greenland with a competitive edge as it transitions into regulated digital asset operations.
While this marks Greenland’s first formal step into crypto licensing in Hong Kong, it is not the company’s initial foray into digital banking. In 2018, Greenland was among 29 applicants vying for one of Hong Kong’s first virtual bank licenses issued by the Monetary Authority of Hong Kong (HKMA), though it did not make the final cut of eight approved institutions.
However, success followed in Southeast Asia: in 2020, a consortium led by Greenland obtained a digital banking license in Singapore—a testament to its growing expertise in digital financial services.
“Having gained experience from operating digital banking services in Singapore, coupled with five years of expanding our digital operations on the mainland, we believe we are now well-prepared to enter the Hong Kong market,” Gen stated confidently.
Why Hong Kong? Regulatory Clarity Meets Market Opportunity
Hong Kong’s decision to regulate rather than restrict cryptocurrency trading has created a fertile environment for institutional adoption. Unlike mainland China, which maintains a ban on crypto transactions, Hong Kong operates under a clear legal framework that supports innovation while ensuring investor protection.
By positioning itself within this ecosystem, Greenland joins other major players—including Huobi Global and OKX—that have also announced intentions to apply for SFC licenses under the new regime.
This convergence of public-sector backing and private-sector innovation underscores a shift in how traditional enterprises view blockchain technology—not just as a speculative tool, but as a foundational component of next-generation financial systems.
Core Focus Areas: Crypto Trading, NFTs, and Green Finance
Greenland’s proposed business model centers on three key pillars:
- Cryptocurrency Trading: Offering secure, compliant trading of major digital assets such as Bitcoin and Ethereum.
- NFT Platforms: Developing marketplace solutions for digital collectibles and tokenized assets, potentially integrating with real-world applications like art, entertainment, and intellectual property.
- Carbon Credit Trading: Leveraging blockchain to enhance transparency and efficiency in environmental credit markets—a natural extension of Greenland’s existing sustainability initiatives.
These areas reflect broader trends in institutional blockchain adoption: combining financial innovation with environmental responsibility.
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Frequently Asked Questions (FAQ)
Q: Is Greenland Holding Group the first Chinese state-owned enterprise to pursue a crypto license?
A: Yes. With 46.4% ownership by the Shanghai government, Greenland is the first SOE confirmed to be actively pursuing a virtual asset operator license in Hong Kong.
Q: What types of crypto services will Greenland offer if approved?
A: Pending SFC approval, the company plans to support cryptocurrency trading (including Bitcoin and Ethereum), NFT marketplaces, and blockchain-based carbon emissions trading.
Q: When will Hong Kong’s new crypto regulations take effect?
A: The SFC’s updated licensing framework for virtual asset trading platforms went into effect on June 1, 2025.
Q: Does Greenland already have experience in digital finance?
A: Yes. Since 2016, its fintech division has held licenses for securities consulting and asset management in China. It also leads a licensed digital bank in Singapore.
Q: Will Greenland operate independently or partner with existing platforms?
A: The company plans to launch a new subsidiary under Greenland Fintech to apply for the license independently, though future collaborations are not ruled out.
Q: How does this move impact investor confidence in digital assets?
A: As a Fortune Global 500 SOE entering the space, Greenland’s involvement adds credibility and signals growing mainstream acceptance of regulated crypto markets.
The Road Ahead: Institutional Adoption Gathers Momentum
Greenland’s entry into Hong Kong’s digital asset landscape represents more than corporate diversification—it reflects a structural shift in how legacy institutions are adapting to technological change. With decades of operational experience and strong government ties, the company brings trust and scale to an industry often associated with volatility and uncertainty.
As regulatory clarity spreads across Asia, more traditional firms are expected to follow Greenland’s lead—blending innovation with compliance to build sustainable digital economies.
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With its application on the horizon and strategic positioning aligned with global trends, Greenland Holding Group may soon become a benchmark for how state-backed enterprises can responsibly participate in the future of finance.