Market Overview - The market experienced fluctuations throughout the day, with the Shenzhen Component Index and the ChiNext Index both dropping over 1% at one point [1] - The Fujian sector showed strong performance, while the battery and shipping sectors faced declines [1] ETF Performance - The S&P Consumer ETF rose by over 2%, and several dividend-related ETFs increased by more than 1% [1] - Specific ETF performance includes: - S&P Consumer ETF: 2.53% increase, estimated size of 8.764 billion [2] - Hong Kong Dividend Low Volatility ETF: 1.7% increase, estimated size of 11.96 billion [2] - Hong Kong Dividend Index ETF: 1.57% increase, estimated size of 169.527 billion [2] - Other notable ETFs include the Hang Seng Dividend Low Volatility ETF and the Hang Seng Dividend ETF, both showing increases around 1.5% [2] Institutional Investment Trends - Analysts suggest that some institutions may sell high-valuation, volatile growth stocks to lock in annual returns, shifting towards high-dividend, high-safety margin Hong Kong dividend sectors [2] - The period from December to January is noted as a peak for insurance premiums, leading some insurance funds to quickly build positions in high-dividend assets to match liability costs, creating a rigid buying pressure [2] Media Industry Outlook - Long-term prospects for the media industry are expected to improve due to a gradual recovery in content supply, ongoing AI technology integration, and supportive policies alongside consumer recovery expectations [4] - Companies in the film and television, gaming, and advertising sectors are recommended for their strong performance, as well as those involved in digital assets and AIGC-related technologies [4]

Core Insights - HashKey Holdings Limited is preparing for a mainboard listing on the Hong Kong Stock Exchange, with JPMorgan and Cathay Securities acting as joint sponsors [1] - Established in 2018, HashKey is a comprehensive digital asset company with a global reach, offering a wide range of products and services to meet the evolving needs of retail investors, institutional clients, and other stakeholders in the blockchain value chain [1] - As of September 30, 2025, HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [1] Financial Performance - As of September 23, 2025, HashKey's trading platform safeguarded over HKD 19.9 billion in customer assets, with a cumulative spot trading volume of HKD 1.3 trillion [3] - HashKey's on-chain business supports HKD 29 billion in staked assets, making it the largest on-chain service provider in Asia by staked assets and the eighth largest globally [3] - Since its inception, HashKey has achieved an asset management scale of HKD 7.8 billion in venture capital and liquidity strategies [3] Market Position - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume for 2024 [3] - In addition to trading, HashKey is the largest on-chain service provider in Asia by staked assets and the largest digital asset management institution by assets under management [3] - As of August 31, 2025, HashKey held HKD 1.657 billion in cash and cash equivalents, along with HKD 591 million in digital assets, of which 84% are mainstream tokens including ETH, BTC, USDC, USDT, and SOL [3] Use of IPO Proceeds - The net proceeds from the IPO will primarily be used for technology and infrastructure upgrades, market expansion and ecosystem partnerships, operational and risk management, as well as general corporate purposes [4]

美联储负责监管的副主席米鲍曼计划周二向众议院议员表示，她将努力为银行和稳定币制定新规则。她 在为众议院金融服务委员会听证会准备的发言稿中表示，"作为监管者，我的职责是以负责任的方式鼓 励创新，我们必须不断提高能力来监管创新给安全和稳健带来的风险。"鲍曼表示，她将与其他机构合 作，根据针对稳定币的法律"GENIUS法"的要求，为稳定币发行机构制定资本和多元化监管规定。该法 要求这些发行机构正式注册，并持有等额储备金。她强调，各机构将就数字资产提供明确的监管指导， 并就拟议的新应用案例提供监管反馈。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Core Viewpoint - HashKey Holdings Limited is a comprehensive digital asset company with a global presence, aiming to create a digital asset ecosystem that meets the evolving needs of retail investors, institutional clients, and other stakeholders in the blockchain value chain [2]. Group 1: Company Overview - HashKey was established in 2018 and has developed a wide range of products and services related to digital assets, including trading facilitation, on-chain services, and asset management [2]. - As of September 30, 2025, HashKey's platform supports 80 types of digital asset tokens across various categories, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [2]. Group 2: Financial Performance - As of September 23, 2025, HashKey's trading platform safeguards over HKD 19.9 billion in customer assets, with a cumulative spot trading volume of HKD 1.3 trillion [4]. - HashKey's on-chain business supports HKD 29 billion in staked assets, making it the largest on-chain service provider in Asia by staked assets and the eighth largest globally [4]. - Since its inception, HashKey has achieved an asset management scale of HKD 7.8 billion in the venture capital and liquidity strategy sectors [4]. Group 3: Market Position - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume as of 2024 [5]. - HashKey is also the largest on-chain service provider in Asia by staked assets and the largest digital asset management institution by assets under management [5]. Group 4: Financial Resources - As of August 31, 2025, HashKey holds HKD 1.657 billion in cash and cash equivalents, along with digital assets valued at HKD 591 million, of which 84% are mainstream tokens including ETH, BTC, USDC, USDT, and SOL [5]. - HashKey has received investments from various institutions, including Gao Rong Capital, Fidelity International, and others [5]. Group 5: IPO Plans - The net proceeds from HashKey's IPO will primarily be used for technology and infrastructure upgrades, market expansion, ecosystem collaboration, operational and risk management, and general corporate purposes [5].

Core Viewpoint - The company has entered into a non-binding term sheet with Kimber Labs Inc. to explore potential tokenization projects for real-world assets (RWA), indicating a strategic move into the RWA sector [1][2] Group 1: Company Strategy - The company will advise Kimber Labs on suitable RWAs and potential asset issuers for tokenization, focusing on areas such as renewable energy, housing, and intellectual property [1] - The collaboration with Kimber Labs aims to enhance the company's expertise and project execution efficiency in the RWA field [1] Group 2: Market Potential - The company recognizes the growth potential of the RWA business, with RWA financing expected to become a major source of funding [2] - According to a market report by Research and Markets, the RWA tokenization market is projected to reach $1.07 billion by 2029, with a compound annual growth rate (CAGR) of 12.5% [2] - The Hong Kong Monetary Authority is promoting the application of cryptocurrencies, marking significant progress in the practical application of tokenization technology within the financial industry [2]

Group 1 - The company has entered into a non-binding term sheet with Kimber Labs Inc. to explore potential tokenization projects for real-world assets (RWA) [1] - The company's main responsibilities include recommending eligible RWAs and potential asset issuers to Kimber Labs for on-chain tokenization and revenue distribution [1] - Kimber Labs will provide necessary infrastructure, technical interfaces, and ecosystem resources for the tokenization and on-chain deployment of the recommended assets [1] Group 2 - The company sees growth potential in the RWA business, considering it a major source of financing due to increasing global institutional acceptance of digital assets [2] - According to a market report by Research and Markets, the RWA tokenization market is expected to reach $1.07 billion by 2029, with a compound annual growth rate of 12.5% [2] - The Hong Kong Monetary Authority is promoting the development of cryptocurrency applications, marking significant progress in the practical application of tokenization technology in the financial industry [2]

Core Viewpoint - STRC is a variable-rate preferred stock designed to trade around a $100 stated amount, with the board adjusting the dividend monthly to maintain a price range of approximately $99 to $101, currently priced at around $97 [1] Group 1: Investment Philosophy - The investment philosophy focuses on deep fundamentals, impactful narratives, and Austrian economics, with a primary emphasis on a global, long-run macro view for investment considerations [1] - Long-horizon research will concentrate on digital assets, macroeconomic factors, and general value opportunities, while short-horizon research will focus on options and volatility for income generation and hedging [1]

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]

Core Viewpoint - HashKey is a comprehensive digital asset company that provides a licensed digital asset platform for trading facilitation, on-chain services, and asset management, establishing itself as a leader in the Asian digital asset ecosystem [2] Group 1: Company Overview - HashKey operates a platform capable of issuing and circulating tokenized real-world assets and has launched HashKey Chain, a scalable Layer 2 infrastructure for on-chain migration [2] - The company is recognized as the largest regional onshore platform in Asia by trading volume, with a market share exceeding 75% in Hong Kong [2] - HashKey is also the largest on-chain service provider in Asia and the largest digital asset management institution by assets under management [2] Group 2: Revenue Sources - The company's revenue primarily comes from trading facilitation services, on-chain services, and asset management services, with trading facilitation being the core business driven mainly by institutional clients [3] - The Hong Kong platform supports trading of major digital assets including USDT, BTC, ETH, and others, while the Bermuda platform covers 72 categories of digital assets [3] Group 3: Financial Performance - For the fiscal years ending December 31, 2022, 2023, and 2024, and for the six months ending June 30, 2025, the company reported revenues of HKD 1.29 billion, HKD 2.08 billion, HKD 7.21 billion, and HKD 2.84 billion respectively [7] - The company recorded losses of HKD 5.85 billion, HKD 5.8 billion, HKD 11.9 billion, and HKD 5.07 billion for the same periods [7] - The revenue from the top five clients accounted for 79.6%, 56.0%, 18.5%, and 22.8% of total revenue in the respective periods [7] Group 4: Client Base - The client base consists of institutional clients such as banks, asset management firms, family offices, hedge funds, and Web3 developers, as well as omnibus clients, ecosystem partners, and retail users [3]

Core Viewpoint - HashKey Holdings Limited has successfully passed the Hong Kong Stock Exchange hearing and is positioned as a leading digital asset company in Asia, offering a comprehensive range of services including trading facilitation, on-chain services, and asset management [2][3]. Group 1: Company Overview - HashKey provides a licensed digital asset platform that facilitates trading, on-chain services, and asset management, with capabilities to issue and circulate tokenized real-world assets [2]. - The company has established itself as a mature digital asset company in Asia, with a global presence and a focus on building a digital asset ecosystem through end-to-end financial infrastructure and technology [2][3]. - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume projected for 2024 [2]. Group 2: Product and Service Offerings - HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects as of September 30, 2025 [3]. - The company offers OTC trading services designed for large-scale or customized digital asset transactions, providing a compliant trading venue with higher flexibility and confidentiality [7]. - HashKey's on-chain services include blockchain staking infrastructure, tokenization capabilities, and blockchain-native development, making it the largest staking service provider in Asia with HKD 29 billion in staked assets [7]. Group 3: Financial Performance - HashKey's revenue sources include trading facilitation, on-chain services, and asset management, with significant growth in trading facilitation services [6][10]. - The company's revenue for 2022, 2023, and 2024 was HKD 129 million, HKD 208 million, and HKD 721 million respectively, reflecting rapid expansion in trading facilitation services [10]. - As of August 31, 2025, HashKey held HKD 1.657 billion in cash and cash equivalents, along with HKD 592 million in digital assets, with mainstream tokens comprising 84% of the digital asset portfolio [11]. Group 4: Market Position and Strategy - HashKey's trading volume surged from HKD 4.2 billion in 2022 to HKD 328 billion in 2023, and further to HKD 638.4 billion in 2024, driven by the launch of its Hong Kong digital asset trading platform [12]. - The company plans to allocate funds raised from its IPO for technology and infrastructure upgrades, market expansion, ecosystem collaboration, and general corporate purposes [12].