HashKey Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：3887） 董事名單及其職能 HashKey Holdings Limited（「本公司」）董事會（「董事會」）成員載列如下。 執行董事 肖風博士 非執行董事 魯偉鼎先生 獨立非執行董事 陳汀先生 林志紅女士 黃宣德先生 董事會設有三個委員會。下表載列該等委員會的成員詳情。 | | 董事委員會 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 董事 | | | | | 肖風博士 | | | | | 魯偉鼎先生 | | | | | 陳汀先生 | M | C | M | | 林志紅女士 | M | M | C | | 黃宣德先生 | C | M | M | 附註： C－相關董事委員會的主任委員 M－相關董事委員會的成員 香港，2025年12月16日 ...

HashKey Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：3887） 提名委員會的職權範圍 HashKey Holdings Limited（「本公司」）根據本公司董事會（「董事會」）於2025年 12月4日通過的決議案成立提名委員會（「委員會」）。下文載列委員會的職權範圍 （「職權範圍」）。職權範圍備有中英文版本以供閱覽。職權範圍的中英文版本如有 任何歧義，概以英文版本為準。 1. 目的 1.1 委員會旨在物色、考慮及向董事會推薦合適人選出任本公司董事，監督 評估董事會表現的程序，以及制訂提名指引及就此向董事會提供建議， 有關指引須與任何適用法律、法規及上市準則一致。 2. 組成 6. 權限 3 4.1 委員會可全面接觸高級管理層，亦可邀請高級管理層成員或其他人士出 席會議。 4.2 高級管理層成員有義務及時向委員會提供充足的資料，使委員會能夠作 出知情決定。所提供的資料必須完整可靠。倘委員會成員要求取得高級 管理層自願提供資料以外的其他資料，相關成員應作出額外必要查詢。 4.3 本公司應向委員會提供充足的資源供其履行職責，包括但不限於在必要 時取得內部或外部法律、會計 ...

3. 會議 1 2.1 委員會成員須由董事會不時委任。委員會須由至少三名成員組成， 且大部分成員須為獨立非執行董事，彼等須符合上市規則不時規定 的獨立性要求。委員會須至少有一名不同性別的成員。 2.2 董事會須委任一名委員會成員擔任主任委員（「主任委員」），該成員 須為獨立非執行董事。 HashKey Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：3887） 薪酬委員會的職權範圍 HashKey Holdings Limited（「本公司」）根據本公司董事會（「董事會」）於2025年 12月4日通過的決議案成立薪酬委員會（「委員會」）。下文載列委員會的職權範圍 （「職權範圍」）。職權範圍備有中英文版本以供閱覽。職權範圍的中英文版本如有 任何歧義，概以英文版本為準。 1. 目的 1.1 委員會旨在就董事及高級管理層的薪酬政策及架構向董事會提出建 議；設立正規及透明的政策制定程序；評估董事及高級管理層的表 現；檢討及批准激勵計劃（包括香港聯合交易所有限公司證券上市 規則（「上市規則」）（經不時修訂）第十七章項下的股份計劃）及董事 服務合約條款及╱或相關事項；及就全體董事及高級管理 ...

HashKey Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：3887） 審核委員會的職權範圍 HashKey Holdings Limited（「本公司」）根據本公司董事會（「董事會」）於2025年 12月4日通過的決議案成立審核委員會（「委員會」）。下文載列委員會的職權範圍 （「職權範圍」）。職權範圍備有中英文版本以供閱覽。職權範圍的中英文版本如有 任何歧義，概以英文版本為準。 1. 目的 1.1 委員會旨在協助董事會建立正規且具透明度的安排及就此提供建議，以 便考慮董事會應如何應用財務報告、風險管理及內部監控原則，以及如 何與本公司核數師維持適當的關係，並檢討及監督本公司的環境、社會 責任及企業管治（「ESG」）政策及常規，以確保遵守相關法律及監管規 定，監督及回應新興的ESG議題，並在適當情況下向董事會提出建議， 以改善本公司及其附屬公司（「本集團」）的ESG表現。 2. 組成 1 5. 報告程序 3 3.13 委員會成員須委任委員會秘書（「秘書」）負責會議記錄。如秘書未能出 席，其代表或由出席委員會會議的委員會成員選定的任何人士須出席委 員會會議並負責會議記錄。倘會 ...

HashKey Holdings Limited 第四份經修訂及重訂 組織章程大綱 及 細則 （根據日期為2025年12月4日的特別決議案有條件採納，並自本公司股份於香港聯 合交易所有限公司上市之日起生效） 1 | 股份、認股權證及修訂權利 | 10 | | --- | --- | | 股東名冊及股票 | 14 | | 留置權 | 16 | | 催繳股款 | 17 | | 股份轉讓 | 18 | | 股份傳轉 | 20 | | 沒收股份 | 21 | | 股東大會 | 23 | | 股東大會議事程序 | 24 | | 股東表決 | 27 | | 委任受委代表及法團代表 | 29 | | 註冊辦事處 | 32 | | 董事會 | 32 | | 董事的委任和輪值 | 38 | | 借貸權力 | 39 | | 董事總經理等 | 40 | | 管理 | 41 | | 經理 | 41 | | 董事長及其他高級人員 | 42 | | 董事議事程序 | 42 | | --- | --- | | 會議記錄及公司記錄 | 44 | | 秘書 | 44 | | 印章的一般管理與使用 | 45 | | 文件認證 | 47 | | ...

Core Insights - The listing of HashKey Holdings in Hong Kong marks a significant milestone for the blockchain industry, indicating a shift from "wild growth" to "regulated maturity" [1] - The current industry winter is not a sign of decline but a "survival of the fittest" phase, where compliance becomes essential for survival and development [2] - HashKey's IPO signals a transformation in the blockchain industry's underlying logic, emphasizing long-term value over short-term speculation [2] Industry Overview - The ongoing industry winter is characterized by high regulatory pressure and a significant reduction in market liquidity, with over 60% of small exchanges shutting down due to compliance costs [2] - The total market value of global crypto assets has shrunk by over 40% from its peak, reflecting a broader trend of "bad projects being eliminated" [2] HashKey's Listing Signals - HashKey's IPO serves as a "trend guide" for the Web3 industry, highlighting four key signals that could reshape the industry landscape [3] - Hong Kong's unique position as a "safe haven" for Web3 is reinforced by HashKey's listing, which connects traditional finance with blockchain technology [4] - HashKey has established itself as a leader in Hong Kong's blockchain ecosystem, with a trading volume exceeding 1.3 trillion HKD and staked assets of 29 billion HKD [4] Compliance and Traditional Finance - HashKey's listing provides a strong compliance endorsement, addressing traditional finance's hesitance to enter the crypto space due to perceived risks [5] - The revenue from institutional clients at HashKey has surged from 420 million HKD in 2022 to 27.37 billion HKD in 2024, indicating a significant influx of traditional funds into the crypto market [6] Platform Token Dynamics - HashKey's platform token $HSK is now recorded on the company's balance sheet, transforming it from a speculative asset to a company equity certificate [7] - This new model aligns the value of $HSK with the company's financial performance, encouraging HashKey to maintain its value through business growth [7] Industry Turning Point - The current phase for digital assets is likened to the pivotal moment for the internet in 1995, with user growth and regulatory clarity paving the way for mainstream adoption [8] - Monthly active digital asset addresses have tripled to 220 million by September 2024, indicating rapid user base expansion [8] BUYCOIN's Strategic Positioning - BUYCOIN has proactively aligned itself with the compliance trend, establishing a robust operational framework that meets global regulatory standards [10] - The platform emphasizes community sovereignty, allowing users to benefit from their contributions through a transparent profit-sharing mechanism [11] Ecosystem Development - BUYCOIN's collaboration with DeepLink has led to the integration of over 100,000 devices, enhancing user engagement and expanding its ecosystem [13] - The platform's dual focus on hardware and finance aims to broaden its value proposition, making its token BCT a practical currency [13] Resilience Across Market Cycles - BUYCOIN's structure is designed to provide stability during market downturns while capitalizing on growth opportunities during upturns, ensuring community engagement remains strong [14] Conclusion - The current market conditions present an opportunity for strategic positioning within the compliant and value-driven segments of the crypto industry, as exemplified by HashKey and BUYCOIN [15][16]

Core Viewpoint - HashKey Holdings is launching an IPO for its virtual asset exchange, aiming to raise up to HKD 1.67 billion with a share price range of HKD 5.95 to HKD 6.95, reflecting strong investor interest with a subscription rate of 301.6 times [1] Group 1: Company Overview - HashKey is a comprehensive digital asset company providing a licensed platform for trading facilitation, on-chain services, and asset management [2] - The company has launched HashKey Chain, a scalable Layer 2 infrastructure supporting on-chain migration, and is recognized as the largest regional onshore platform in Asia with a market share exceeding 75% [2] - HashKey is also the largest on-chain service provider in Asia and the largest digital asset management institution by assets under management [2] Group 2: Product and Service Offerings - The company's platform supports trading of 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [2] - The Hong Kong platform facilitates trading of various cryptocurrencies such as USDT, BTC, ETH, and others, while the Bermuda platform supports a total of 72 categories of digital assets [3] Group 3: IPO Details - HashKey plans to issue 240 million shares with a public offering accounting for 10% of the total, and has the option to increase the offering by 30% and an additional 15% post-listing [1] - The company has secured cornerstone investors, raising approximately HKD 590 million from nine investors, including UBS and Fidelity [1]

Group 1 - HashKey Holdings plans to issue 240 million shares with an offering price between HKD 5.95 and HKD 6.95, aiming to raise up to HKD 1.67 billion [1] - The company has received margin financing of HKD 50.6 billion from brokers, with the public offering being oversubscribed by 301.6 times [1] - The expected listing date for HashKey is December 17, with a minimum entry fee of HKD 2,808 for 400 shares [1] Group 2 - HashKey is a comprehensive digital asset company providing a licensed platform for trading facilitation, on-chain services, and asset management [2] - The company has launched HashKey Chain, a scalable Layer 2 infrastructure to support on-chain migration, and is recognized as the largest regional onshore platform in Asia with a market share exceeding 75% [2] - HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [2] Group 3 - The Hong Kong platform supports trading of various digital assets including USDT, BTC, ETH, USDC, SOL, LINK, AVAX, DOGE, UNI, and XRP, while the Bermuda platform covers 72 categories of digital assets [3]

Core Insights - HashKey Holdings, the parent company of the licensed virtual asset trading platform HashKey Exchange in Hong Kong, is in the final stage of its IPO process [1] - The international placement portion has been oversubscribed, with public offering funds amounting to approximately HKD 24.898 billion, representing an oversubscription of about 148 times against the fundraising target of HKD 167 million [1] - The IPO subscription will close on December 12 [1]

Core Viewpoint - HashKey Global's recent prospectus reveals significant pressures in governance, capital structure, and operational ecology, prompting discussions about the company's operational model and future sustainability [1] Group 1: Related Structure and Resource Dependence - The prospectus discloses that the company has HKD 432 million in "payables to related parties" and HKD 151 million in "digital asset payables," indicating substantial financial transactions with its parent company, raising concerns about operational independence [3] - A significant portion of the company's services, from technical systems to security services, is sourced from subsidiaries of the parent company, which, while reducing R&D costs, creates a high dependency on the related structure, posing challenges for future independent technological development [3] Group 2: Redeemable Preferred Shares - HashKey currently has HKD 1.725 billion in redeemable preferred share liabilities, a common structure in venture financing, but the redemption terms are often linked to the company's IPO process and valuation, making it a focal point for market scrutiny [4] - Analysts suggest that if the IPO does not meet expectations or the valuation falls short, the company may face significant cash redemption pressures, impacting its liquidity [4] Group 3: Token Mechanism and Community Confidence - The prospectus indicates that HSK tokens promised to users but not yet released are accounted for as HKD 189 million in "contract liabilities," highlighting the need for the platform to fulfill these commitments in the future [5] - Key market discussions revolve around the circulation speed and release mechanism of HSK tokens, as well as whether the actual application scenarios can support their long-term value [5] Group 4: Market Volatility and User Confidence - In the highly reputation-dependent crypto industry, establishing a clear, transparent, and sustainable mechanism between token economics and user expectations is a critical challenge for HashKey moving forward [6] Group 5: Losses and Cash Flow Pressure - The prospectus reveals projected losses of approximately HKD 1.19 billion for 2024 and HKD 507 million for the first half of 2025, with negative operating cash flow during the same period, leading to a net debt of HKD 1.582 billion by mid-2025 [7] - Industry analysis suggests that while initial losses are common in heavy asset and investment phases for compliant exchanges, the company must demonstrate its business model's ability to achieve self-sustainability amid expanding investments and capital structure pressures [7] Group 6: Market Expectations and Regulatory Observations - HashKey aims to optimize its capital structure and alleviate financial pressures through the IPO while seeking necessary funds for business expansion [8] - Future risks include ensuring transparency and independence in related transactions, managing redeemable preferred shares, enhancing market confidence in the HSK model, and maintaining compliance with regulatory requirements [8] Conclusion - The prospectus presents a complex balance between capital structure, governance mechanisms, ecological development, and future expansion, requiring the market to assess its value and risks based on comprehensive disclosures, regulatory demands, and industry trends [9] - For investors, this IPO serves as a test of the company's sustainability and a reference point for regulatory and investment logic in Hong Kong's crypto asset industry [9]