184亿香港数字资产第一股来了，上市首日一度跌8%

Core Viewpoint - HashKey Holdings (3887.HK) officially listed on the Hong Kong Stock Exchange on December 17, 2023, becoming the first digital asset stock in Hong Kong, despite a lackluster debut performance [1][6]. Group 1: Listing Performance - On its first trading day, HashKey opened 0.3% higher, peaked at 7.12 HKD (up 6.6%), but closed at 6.67 HKD, down 0.15% with a trading volume of 666 million HKD and a turnover rate of 3.58% [1]. - The stock experienced a significant fluctuation with a daily range of 14.96% and a net outflow of 21.31 million HKD from major investors [1]. Group 2: IPO Details - HashKey's IPO was highly subscribed, with a subscription rate of 393.71 times, where 10% of shares were allocated to Hong Kong and 90% to international investors [2]. - The company issued 241 million shares at a price of 6.68 HKD per share, raising approximately 1.607 billion HKD, with a net amount of about 1.479 billion HKD after expenses [1]. Group 3: Key Investors - Notable institutional investors such as UBS Asset Management, Fidelity, and CDH Investments participated in the IPO, with a total of 9 cornerstone investors committing to a six-month lock-up period [4]. Group 4: Financial Performance - HashKey reported revenues of 129 million HKD, 208 million HKD, and 721 million HKD for the years 2022, 2023, and 2024 respectively, with cumulative losses exceeding 3.5 billion HKD [5][6]. - The company anticipates that early losses are expected as digital asset trading platforms typically require years of investment to achieve scale and profitability [6]. Group 5: Business Model and Partnerships - HashKey operates as a comprehensive digital asset financial services group, with segments including a virtual asset exchange, asset management, and Web3 infrastructure [6]. - The company has established partnerships with various banks and securities firms, focusing on trading services and the issuance of digital asset ETFs [7].