Core Viewpoint - HashKey Holdings (03887) experienced a volatile first day of trading, opening high but closing down over 7%, indicating market skepticism about its valuation and future profitability [1] Company Overview - HashKey Exchange is the first licensed virtual asset trading platform in Hong Kong aimed at retail users, holding licenses for Type 1 (Securities Trading) and Type 7 (Automated Trading Services) from the Hong Kong Securities and Futures Commission [1] - According to Frost & Sullivan, the company is projected to be the largest regional onshore platform in Asia by trading volume in 2024 [1] - It is also the largest on-chain service provider in Asia by staked assets and the largest digital asset management institution by assets under management [1] Financial Performance - The company reported revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024 respectively, while incurring losses of HKD 585 million, HKD 580 million, and HKD 1.19 billion for the same years [1] - For the first six months of 2025, the company achieved revenue of HKD 284 million but recorded a loss of HKD 507 million, indicating it has not yet reached profitability [1] Market Reception - During the public offering phase, HashKey received a subscription rate of 393.71 times, with 10% of the offering allocated to Hong Kong and 90% to international placements [1] - Post-listing, the company's market capitalization is approximately HKD 13.4 billion, with the IPO price corresponding to a price-to-sales ratio of about 18.6 times for 2024 revenue, suggesting a high valuation [1]
HASHKEY HLDGS上市次日跌超7% 仍处于投入期尚未盈利