Core Viewpoint - HashKey Holdings (03887) has seen its stock price drop over 20% from its IPO price, reflecting investor concerns amid a weak cryptocurrency market [1] Group 1: Stock Performance - HashKey Holdings' stock fell over 8%, reaching a low of HKD 5.09, and is currently trading at HKD 5.16 with a trading volume of HKD 24.17 million [1] - The stock has declined more than 20% from its IPO price of HKD 6.68 [1] Group 2: 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, HashKey is the largest regional onshore platform in Asia by trading volume projected for 2024 [1] Group 3: Market Conditions - Daiwa's recent report indicates that due to the ongoing weakness in the cryptocurrency market and declining global exchange trading volumes, investor confidence in HashKey may remain low in the short term [1] Group 4: 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, with losses of HKD 585 million, HKD 580 million, and HKD 1.19 billion for the same years [1] - In the first half of 2025, HashKey achieved revenue of HKD 284 million but incurred a loss of HKD 507 million, indicating it has not yet reached profitability [1]
港股异动 | HASHKEY HLDGS(03887)再跌超8%创新低 较招股价已跌超20%