On May 11, Guotai Junan International issued a document stating that according to the "Circular of Intermediaries Engaging in Activities Related to Tokenized Securities" issued by the Hong Kong Securities Regulatory Commission, relevant business plans were submitted for the tokenized securities distribution business and the digital bond issuance business, both of which have been confirmed by the regulatory authorities that there are no further issues. It pointed out that Guotai Junan International submitted a wealth management related business plan to the Hong Kong Securities and Futures Commission on January 21, 2025, intending to distribute tokenized securities to customers or provide advice on tokenized securities on the basis of original securities transactions. The plan covers The types of tokenized securities include: structured products linked to multiple underlying assets (such as structured notes, over-the-counter derivatives), funds approved by the SFC and non-approved funds, and bonds. The Hong Kong Securities and Futures Commission issued a confirmation email on May 7, 2025 and had no further questions about the plan. Tokenized securities refer to traditional financial instruments (such as stocks, bonds, funds, etc.) that realize the full life cycle management of securities in digital form through distributed ledger technology (DLT, such as blockchain). The nature is basically based on tokenization. Traditional securities packaged as packaging use technical means to achieve formal innovation.