Hashkey启动全球发售：瑞银资管 富达国际参与基石投资 2025年上半年收入下滑 费用高企...

Core Viewpoint - Hashkey is set to launch its global IPO on December 9, with an expected pricing date of December 15 and listing on December 17. The IPO price range is between 5.95 and 6.95 HKD per share, with a base issuance of approximately 240 million shares, translating to an issuance scale of about 1.43 to 1.67 billion HKD. The company faces uncertainties in its market performance due to various factors, including its leading position in the Asian market and the challenges of global competition and ongoing losses [1]. Group 1: IPO Details - The IPO is expected to raise between 1.43 billion and 1.67 billion HKD, with potential total proceeds reaching 2.14 to 2.50 billion HKD if the overallotment option is fully exercised [1]. - The cornerstone investment segment includes nine investors who collectively subscribed for 75 million USD, accounting for 40.8% of the base issuance scale, indicating a reasonable level of capital recognition for the company [2]. - The cornerstone investor structure shows a clear division, with notable long-term funds like UBS Asset Management and Fidelity International participating, while the absence of major Chinese institutional investors is a significant shortcoming [2][3]. Group 2: Competitive Position - Hashkey holds a strong regional advantage as the second entity to obtain a virtual asset trading license in Hong Kong, boasting over 75% market share in the local market, making it the largest platform in the region [6]. - Despite its regional strength, Hashkey's global competitiveness is weak, ranking sixth among global trading service providers with only 1.0% market share, while the top three companies hold a combined 67.3% [6]. - The competitive landscape is intensifying, with 11 virtual asset trading licenses issued in Hong Kong, raising concerns about Hashkey's ability to maintain its leading position [5][6]. Group 3: Financial Performance - Hashkey's revenue growth has been inconsistent, with figures of 130 million HKD, 210 million HKD, and 720 million HKD for 2022 to 2024, showing a significant increase of 247% in 2024. However, revenue fell by 26% in the first half of 2025, totaling 280 million HKD [8]. - The company's gross margin has been declining, with rates of 97.2%, 94.0%, 73.9%, and 65.0% from 2022 to the first half of 2025, indicating a significant drop compared to peers like OSL Group, which maintains around 90% [8]. - High operating expenses have led to persistent losses, with net losses of 590 million HKD, 580 million HKD, 1.12 billion HKD, and 510 million HKD from 2022 to the first half of 2025, resulting in net loss rates of 453%, 279%, 165%, and 178% respectively [9]. Group 4: Valuation and Market Sentiment - Hashkey's estimated market capitalization at the lower end of the IPO price is 16.5 billion HKD, with price-to-sales ratios of 22.8 and 26.5 for 2024 and rolling estimates, respectively [10]. - The valuation is lower than that of OSL Group but significantly higher than Coinbase, which has a market cap of 725 billion USD and lower price-to-sales ratios [10][11]. - The opening of international subscription channels for retail investors may indicate insufficient institutional demand, raising concerns about the stock's stability post-listing [10].