Recently, the securities industry has intensified its efforts in the strategic deployment of cross-border operations. Zhongtai Securities has bolstered the growth of its wholly-owned overseas subsidiary, Zhongtai International, by offering a guarantee of HK$350 million. Furthermore, in the footsteps of Guotai Junan International, Hafu Securities, and CMBI, several firms have successively announced the acquisition of Hong Kong virtual asset trading service licenses. Over the past few years, international business has emerged as a pivotal driver for enhancing the performance of securities firms. As the level of capital market openness continues to rise, securities firms are avidly seizing opportunities to expedite the expansion of their cross-border operations. While leading securities firms strive to broaden the scope and depth of their businesses, smaller and medium-sized firms are exploring differentiated development paths.