Ju.com completes the trial run of stock and officially merges with Hong Kong stocks, creating the world's first zero-distance trading platform for stocks

Ju.com announced the completion of the merger of trial run stocks with the official Hong Kong stocks. The test stock code 0XXXX.HK officially switched to 01959.HK (Century United Holdings Limited) today at 18:00 (UTC+8), marking the complete verification of the "zero-distance trading + stock liquidity rewards" mechanism from concept to implementation in a real market environment. Ju.com thus becomes the world's first platform to support zero-distance trading of stocks and provide on-chain incentives for stock liquidity.

Maintenance began at 16:00, and three hours later, the test holdings in user accounts were automatically converted to real listed company stocks based on market value. This merger essentially served as a complete stress test of the "real stock custody + on-chain incentive" framework. All holdings were settled at the closing price, and stock data was mapped after verification by brokers.

The significance of this step lies in the fact that the trading data, withdrawal records, and user feedback during the trial run have been transformed into the underlying samples and parameter basis for the formal operation phase. From the launch of the trial run on October 20 to the completion of the stock switch on December 1, Ju.com verified a trading logic that did not previously exist: when users buy stocks, they inject liquidity into the market, listed companies achieve better pricing efficiency, and holders can receive additional liquidity incentives according to the rules beyond their shareholder rights.

Barriers of Traditional Brokers and Ju.com's Path Choice

In the traditional brokerage system, investors wishing to trade Hong Kong stocks often need to open overseas accounts, usually requiring a high amount of asset proof, while also bearing currency exchange losses, cross-border remittance fees, and commissions for each transaction. Geographic restrictions are also very evident; for investors not in Hong Kong, many small and medium-cap Hong Kong stocks have almost no available liquidity, and orders may remain unfulfilled for long periods.

Over the past decade, Hong Kong has consistently ranked among the top three in global IPO financing scale, but secondary market transactions are highly concentrated in a few leading blue chips, with a large number of small and medium-cap stocks remaining in a state of low trading activity or even having prices without a market. The Hong Kong stock market as a whole faces structural liquidity pressure. In such a market structure, even individual investors willing to hold Hong Kong stock assets for the long term find it difficult to continuously provide liquidity to the market at reasonable costs.

Ju.com significantly lowers these entry barriers. After completing KYC certification, investors can exchange USDT for the Hong Kong dollar stablecoin HKDJ and directly trade real Hong Kong stocks. Geographic restrictions are greatly weakened, allowing investors in different time zones to share the same order book and market depth. More importantly, the act of buying stocks can be linked to staking and on-chain incentive mechanisms, viewed as a direct contribution to market liquidity.

For example, if user A buys Tencent stock on Ju.com, this order is mapped 1:1 to real shares through a partner broker and registered under A's name. Tencent thus receives a genuine buy order from global investors, improving secondary market liquidity. User A can also continuously receive long-term liquidity incentive income according to established rules.

The core of this model lies in transforming liquidity from an abstract financial concept into a quantifiable and rewardable concrete contribution. In the traditional brokerage system, investors' returns mainly come from stock price appreciation or dividends; in the Ju.com system, users can gain an additional revenue path through liquidity incentives as their trading actions improve market efficiency.

Reserve Fund Mechanism: Providing Underlying Support for Rewards

The token incentives are supported by a reserve fund pool jointly constructed by the listed companies accessing the ecosystem. Each Hong Kong company that connects to the Ju.com and xBrokers ecosystem will allocate a reserve fund at a ratio of 30% of its market value. This fund is specifically used to repurchase corresponding tokens in the secondary market and provide liquidity, thereby supporting token value and enhancing the sustainability of the incentive mechanism.

When users receive token rewards, the reserve fund pool will repurchase tokens in the market according to the rules, creating continuous buy orders. As more Hong Kong companies join, the scale of the reserve fund pool expands, and the liquidity and value stability of the tokens are expected to be enhanced in the long term, providing users with incentives backed by real funds.

This design addresses the common dilemma in the cryptocurrency market, where token price declines compress mining profits, and user attrition further exacerbates price pressure. The reserve fund mechanism improves this internal cycle pressure by introducing external capital flows from listed companies. As long as Hong Kong companies continue to join, the reserve fund pool will continue to expand, providing a more solid underlying support for token value.

Three-Tier Closed Loop: From Subscription to Trading to Staking

Ju.com's xBrokers ecosystem consists of three segments, corresponding to stock financing, secondary liquidity, and long-term incentives.

The early bird subscription area allows users to participate in the early subscription of Hong Kong stocks. Traditional IPO subscriptions are usually only open to institutions, making it difficult for retail investors to participate or only allowing them to buy at high prices in the secondary market. On Ju.com, the subscription threshold is significantly lower than traditional IPO standards, and users can participate using designated crypto assets on the platform. After the subscription is completed, the stocks can enter the staking period, during which users receive corresponding token rewards while retaining full shareholder rights, such as dividends.

The free trading area provides secondary market trading with 1:1 real stock mapping. All stocks corresponding to the transactions are custodied by licensed brokers, and the mapping relationship is verifiable on-chain. Users can withdraw stocks to any broker account that supports Hong Kong stock trading under compliant and open conditions, verifying the authenticity of the stocks. During the trial run, some users successfully completed withdrawals, providing actual verification samples for the "on-chain trading + broker custody" framework.

The stock staking mining area turns static assets into dynamic income tools. Users stake Hong Kong stocks to receive token incentives. During the staking period, shareholder rights are not affected, and dividends are distributed as usual. After the staking period ends, the stocks are automatically unlocked, and users can choose to continue holding, sell, or restake.

The three segments form a complete cycle: the subscription area provides new quality targets, the trading area offers secondary liquidity for these targets, and the staking mining area provides continuous incentives for long-term holders. Users obtain stocks in the subscription area, trade freely in the trading area, and earn liquidity rewards through staking, with each link creating additional value for the next.

Phase Verification Results of This Merger and Future Directions

The stock merger on December 1 was not only a key technical action but also a phase verification of the overall framework.

The trial run results indicate that the combination of on-chain trading and traditional finance is feasible. Users complete buying and selling on-chain, with stocks being custodied 1:1 by brokers, and rights continuing according to traditional securities rules. This framework retains the transparency and efficiency of blockchain while meeting the compliance requirements of traditional finance.

Liquidity incentives demonstrated good effects during the trial run phase. Indicators such as trading activity, order book depth, and bid-ask spreads provide a basis for optimizing parameters in the future. Feedback from early participants shows that the incentive mechanism significantly enhanced the willingness to trade originally illiquid targets.

The global participation pathway has been preliminarily established. The multi-regional user structure of Ju.com allows for a more balanced distribution of trading volume across different time zones, attracting incremental funds from around the world to the Hong Kong stock market. For Hong Kong companies that have long faced liquidity constraints, this model offers a new solution.

After the trial run, Ju.com will continue to optimize the xBrokers-related mechanism settings based on real operating data, focusing on the two core features of zero-distance trading and liquidity incentives to promote the stable operation of the overall ecosystem.

From 0XXXX.HK to 01959.HK, this merger has brought the entire mechanism from the white paper and sandbox simulation into a real market environment. Obtaining liquidity incentives while buying stocks has already left the first batch of real trading data in the Hong Kong stock market. As more companies and institutions gradually join, the framework built by Ju.com around "zero-distance trading + liquidity incentives" will continue to be tested on a larger sample and will distribute the incremental value released to the participating listed companies and long-term holders.