主攻机构客户的HashKey“过关”港交所

Group 1 - HashKey Holdings Limited has passed the hearing for its IPO on the Hong Kong Stock Exchange, with sponsors including JPMorgan and Guotai Junan [1] - The company operates a licensed digital asset platform providing trading facilitation, on-chain services, and asset management, with trading facilitation being its core business [1] - HashKey's trading volume reached HKD 638.4 billion in 2024, a year-on-year increase of over 90%, but faced a decline of nearly 40% to HKD 214 billion in the first half of 2025 due to poor digital asset performance and issues with fiat deposit channels in Bermuda [1][2] Group 2 - Institutional clients are the primary drivers of trading volume, with monthly trading volume for institutional clients reaching HKD 24.304 billion in the first half of 2025, nearly five times that of retail clients [2] - HashKey has not yet achieved profitability, reporting a net loss of HKD 1.19 billion in 2024, with total revenue of HKD 721 million and significant investment in hardware and platform development, leading to R&D expenses of HKD 557 million, which accounted for 77.2% of revenue [3] - The company plans to use the funds raised from the IPO for technology and infrastructure upgrades, as well as product innovation [4]