HashKey Holdings Limited（「本公司」及其附屬公司「本集團」）董事會（「董事會」） 茲通告謹定於2026年3月27日（星期五）舉行董事會會議，以考慮及通過本集團截 至2025年12月31日止的年度全年業績，以及處理其他事項。 承董事會命 HashKey Holdings Limited 董事長、執行董事兼首席執行官 肖風博士 HashKey Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：3887） 董事會會議召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 香港，2026年3月17日 於本公告日期，(i)肖風博士為執行董事；(ii)魯偉鼎先生為非執行董事；及(iii)陳 汀先生、林志紅女士及黃宣德先生為獨立非執行董事。 ...

Investment Rating - The report assigns an "Accumulate" rating for HashKey HLDGS (03887) with a target price of HK$7.83 [2][5]. Core Insights - HashKey is positioned as a leading compliant digital asset exchange in Asia, capitalizing on the Web3 regulatory advantages and aiming to capture significant market share in the compliant digital asset space [4][14]. - The company has a strong market presence, holding over 75% of the market share among licensed platforms in Hong Kong, and is expanding into global markets such as Bermuda and Dubai [4][6]. - HashKey's business model is evolving from a retail-driven approach to focusing on institutional clients and Omnibus partners, enhancing revenue quality and sustainability [4][5]. - Financial forecasts indicate a significant revenue increase, with projected revenues of HK$7.21 billion in 2024, HK$7.0 billion in 2025, HK$11.5 billion in 2026, and HK$20.2 billion in 2027, despite ongoing net losses [2][5][47]. - The company is expected to benefit from upcoming regulatory developments in Hong Kong, including the issuance of stablecoin licenses, which could enhance its competitive position [6][4]. Financial Summary - Revenue projections for HashKey are as follows: - 2024: HK$721 million - 2025: HK$700 million - 2026: HK$1.149 billion - 2027: HK$2.020 billion - Corresponding net profits are projected to be negative, with estimates of -HK$1.19 billion in 2024, -HK$953 million in 2025, -HK$754 million in 2026, and -HK$150 million in 2027 [2][5]. - The company is expected to optimize its cost structure, leading to a gradual reduction in losses as operational leverage improves [4][5]. Business Model - HashKey operates through three main business segments: 1. **Transaction Facilitation Services**: This includes exchange services, OTC trading, and custody services, which are expected to contribute approximately 70% of total revenue [23][27]. 2. **On-chain Services**: This segment includes staking, tokenization, and blockchain infrastructure services [23][24]. 3. **Asset Management Services**: This involves managing digital asset investment funds, including venture capital and secondary market funds [24][27]. Market Position and Strategy - HashKey is strategically positioned as a compliant digital asset exchange, leveraging its licenses and regulatory framework to attract institutional and retail clients [4][14]. - The company has a concentrated ownership structure, with key stakeholders holding 75.19% of shares, ensuring strategic alignment and stability [15][16]. - The management team comprises experienced professionals from traditional finance and technology sectors, enhancing the company's operational capabilities [19][21].

致：香港交易及結算所有限公司 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 公司名稱: HashKey Holdings Limited 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03887 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： U ...

Core Viewpoint - HASHKEY HLDGS (03887.HK) experienced a significant intraday increase of over 5%, with a current rise of 4.04%, trading at 6.69 HKD, and a transaction volume of 24.9972 million HKD [1] Company Summary - HASHKEY HLDGS saw its stock price rise to 6.69 HKD, reflecting a positive market response [1] - The trading volume reached 24.9972 million HKD, indicating active investor interest [1]

Core Viewpoint - HASHKEY HLDGS has seen a significant stock price increase following its inclusion in the Hang Seng Composite Index, indicating positive market sentiment and potential for further investment opportunities [1] Group 1: Stock Performance - HASHKEY HLDGS experienced an intraday increase of over 5%, with a current rise of 4.04%, trading at HKD 6.69, and a transaction volume of HKD 24.9972 million [1] Group 2: Index Inclusion - The Hang Seng Index Company announced that HASHKEY HLDGS will be included in the Hang Seng Composite Index, with changes effective after market close on March 6 and active from March 9 [1] Group 3: Market Position - HashKey Exchange is recognized as the largest licensed virtual asset exchange in Hong Kong, holding licenses from the Hong Kong Securities and Futures Commission for categories 1, 7, and 9, with a market share exceeding 75% [1] - Institutional business accounts for 85.5% of HASHKEY HLDGS's operations, with Omnibus client trading volume increasing nearly fivefold [1] - By the first half of 2025, institutional revenue is expected to rise significantly to 68%, driven by the development of digital asset ETFs and increasing institutional demand [1]

Core Viewpoint - HASHKEY HLDGS has seen a significant stock price increase following its inclusion in the Hang Seng Composite Index, indicating positive market sentiment and potential for further investment opportunities [1] Group 1: Stock Performance - HASHKEY HLDGS experienced an intraday increase of over 5%, with a current rise of 4.04%, trading at HKD 6.69 and a transaction volume of HKD 24.9972 million [1] Group 2: Index Inclusion - The Hang Seng Index Company announced that HASHKEY HLDGS will be included in the Hang Seng Composite Index, with changes effective after market close on March 6 and active from March 9 [1] Group 3: Market Position - HashKey Exchange is recognized as the largest licensed virtual asset exchange in Hong Kong, holding licenses from the Hong Kong Securities and Futures Commission for categories 1, 7, and 9, with a market share exceeding 75% [1] - Institutional business accounts for 85.5% of HASHKEY HLDGS's operations, with Omnibus client trading volume increasing nearly fivefold [1] - By the first half of 2025, institutional revenue is expected to rise significantly to 68%, driven by the development of digital asset ETFs and increasing institutional demand [1]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with HASHKEY HLDGS (03887) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to CICC research, HASHKEY HLDGS is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing duration [1] Group 2 - HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong, supporting 80 types of digital asset tokens as of September 30, 2025, covering major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [1] - According to Frost & Sullivan, the company is the largest regional onshore platform in Asia by trading volume for 2024 and also the largest digital asset management institution in Asia by assets under management [1] - The company has shown rapid revenue growth, with revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024, respectively [1]

Investment Rating - The report assigns a rating of "Buy" for HashKey Holdings [4]. Core Insights - HashKey is positioned as a leading player in the digital asset market in Hong Kong, with a comprehensive licensing framework and a focus on compliance, which is becoming increasingly critical as the digital asset landscape evolves [2][8]. - The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 7.82 billion, HKD 12.11 billion, and HKD 23.38 billion, representing year-on-year growth rates of 11%, 55%, and 90% respectively [8]. - HashKey's net profit is projected to improve significantly, moving from a loss of HKD 1.08 billion in 2025 to a profit of HKD 594 million by 2028 [8]. Summary by Sections 1. HashKey: Compliance First, Building a Full Ecosystem - HashKey was established with a "compliance first" strategy, obtaining full licenses from the Hong Kong Securities and Futures Commission, making it a leading licensed virtual asset trading platform in Hong Kong [17][24]. - The company has developed a comprehensive ecosystem that includes trading facilitation, on-chain services, and asset management, catering to both institutional and retail clients [24][29]. 2. Focus on Institutional Trading Business, Gradual Improvement in Profitability - HashKey has shifted its focus towards institutional clients, with institutional trading volume increasing significantly, accounting for 68% of total trading volume in the first half of 2025 [30][34]. - The company has seen its trading volume grow from HKD 4.2 billion in 2022 to HKD 638.4 billion in 2024, driven by the launch of its trading platforms [30][34]. 3. Steady Progress on the Compliance Path, Attracting Institutional Participation - The tightening of global digital asset regulations has created a clear framework that enhances investor protection and promotes sustainable development in the digital asset industry [43]. - HashKey's comprehensive licensing and compliance strategy positions it as a preferred partner for institutions looking to engage in the digital asset space [8][43]. 4. Profit Forecast and Valuation Analysis - The report utilizes a price-to-sales (P/S) valuation method, comparing HashKey to peers like Coinbase and OSL, resulting in a valuation of HKD 28.1 billion and a target price of HKD 10.14 per share [8]. - HashKey's revenue is expected to grow significantly, with total revenues projected to reach HKD 3.415 billion by 2028, reflecting a robust growth trajectory [4][8].

Investment Rating - The report assigns an "Accumulate" rating to HashKey Holdings with a target price of HKD 10.14, corresponding to a valuation of HKD 28.1 billion [4][8]. Core Insights - HashKey is positioned as a leading player in the digital asset market in Hong Kong, benefiting from comprehensive licensing and a closed-loop digital asset ecosystem. The company is expected to see significant revenue growth from 2025 to 2027, with projected revenues of HKD 7.82 billion, HKD 12.11 billion, and HKD 23.38 billion, representing year-on-year growth rates of 11%, 55%, and 90% respectively [2][8]. - The company has established a strong focus on institutional trading, with institutional revenue accounting for 85.52% of total income as of the first half of 2025, reflecting a strategic shift towards institutional clients [30][37]. - HashKey's business model is built around three main segments: trading facilitation, on-chain services, and asset management, which together create a comprehensive digital asset ecosystem [24][29]. Financial Summary - Total revenue is projected to grow from HKD 721 million in 2024 to HKD 3.415 billion by 2028, with a gross profit forecasted to increase from HKD 533 million to HKD 2.615 billion over the same period [4][9]. - The net profit is expected to improve significantly, moving from a loss of HKD 1.189 billion in 2024 to a profit of HKD 594 million by 2028, indicating a turnaround in profitability [4][9]. - The company’s financial ratios, including PE and PB, reflect a transition from negative values to positive as profitability improves, with a PE ratio projected to reach 34.76 by 2028 [4][10]. Business Model and Operations - HashKey operates as a centralized exchange, focusing on digital asset trading, on-chain services, and asset management, with a market share exceeding 75% in Hong Kong [24][27]. - The trading facilitation segment is the primary revenue source, supported by on-chain services and asset management, which together enhance the overall ecosystem [29][30]. - The company has made significant investments in compliance and technology to meet regulatory requirements across multiple jurisdictions, which is expected to enhance customer retention and operational efficiency [41][43].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: HashKey Holdings Limited 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03887 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 | USD | | 50,000 | 本月底法定/註冊股本總額： U ...