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].

Core Viewpoint - HashKey Holdings Limited is preparing for a listing on the Hong Kong Stock Exchange, with Morgan Stanley, Cathay Securities, and Guotai Junan International as joint sponsors [1] Company Overview - HashKey is a comprehensive digital asset company that offers a licensed digital asset platform providing trading facilitation services, on-chain services, and asset management services [3] - The company has launched HashKey Chain, a scalable and interoperable Layer 2 infrastructure to support on-chain migration [3] - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume as of 2024, holding over 75% market share in Hong Kong [3] Business Segments - 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 [4] - The Hong Kong platform supports trading of various digital assets including USDT, BTC, ETH, and others, while the Bermuda platform covers 72 categories of digital assets [4] Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of HKD 1.29 billion, HKD 2.08 billion, and HKD 7.21 billion respectively, with a loss of HKD 5.85 billion, HKD 5.8 billion, and HKD 11.9 billion for the same periods [8][10] - The revenue from the top five clients for the periods mentioned was HKD 103 million, HKD 117 million, and HKD 134 million, representing 79.6%, 56.0%, and 18.5% of total revenue respectively [8] Client Base - The client base consists of institutional clients (banks, asset management firms, family offices, hedge funds, and Web3 developers), omnibus clients (licensed securities firms), ecosystem partners, and retail users [4][8]

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的 內容概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 HashKey Holdings Limited （「本公司」） （於開曼群島註冊成立的有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公 司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請 僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售期內向公眾 人士刊發。 (a) 本文件僅為向香港公眾人士提 ...

Core Insights - Upbit announced that its investment subsidiary Dunamu & Partners disclosed its digital asset holdings as of November 30, holding 2,081.8495 BTC with no sales recorded [1] Group 1 - The assets primarily originated from the LUNC (formerly LUNA) exchange transactions conducted earlier this year [1] - According to company policy, if the invested asset is listed on Upbit, Dunamu & Partners will not sell it within three months of the listing and will disclose holdings changes on a monthly basis [1]

Core Insights - The emergence of a new hotel business model leveraging Real World Assets (RWA) allows hotels to convert future "accommodation rights + operational profits" into tradable digital rights (NFG), enabling significant upfront cash flow and a shift towards asset-light operations [1][3][19] Group 1: Pain Points Addressed - The new model addresses three major pain points in traditional hotel operations: capital lock-up, high risk, and low liquidity [3] - By selling digital rights, hotels can alleviate the burden of sunk costs, transforming the relationship with users from a consumption model to a co-creation model [16] Group 2: Operational Mechanism - The process involves issuing a set number of NFGs (e.g., 20,000 at 2,000 yuan each) to raise substantial cash upfront (e.g., 40 million yuan) [4] - Users gain "micro-asset shares," allowing them to transfer usage and benefit rights, thus enhancing liquidity [5][6] Group 3: Financial Projections - For a hotel with 300 rooms, it is projected to sell 450,000 room nights over five years, with a net profit of 57.5 million yuan after variable costs, alongside an initial cash flow of 40 million yuan [11] - The total revenue forecast over five years is approximately 63.5 million yuan [11] Group 4: Value Proposition - Users can enjoy both accommodation rights (e.g., 10 nights per NFG) and benefit rights (sharing in future operational growth), with NFG values projected to increase from 2,000 to 3,175 yuan over five years, yielding an annualized return of 11.75% [13] - The model transforms users from mere consumers to "micro-investors" in hotel operations, sharing in the growth and profitability of the hotel [19] Group 5: Structural Innovations - The RWA model introduces three structural innovations: early sale of digital rights, a shift from a consumption relationship to a co-creation relationship, and the potential for a broader ecosystem where different hotels can issue and exchange NFGs [16] - Future possibilities include the emergence of a "hotel version of Didi," a hotel asset exchange, and a digital accommodation currency [16] Group 6: Comparison with Traditional Models - Traditional hotel membership cards are pre-paid consumption certificates, while RWA rights are digital asset certificates that provide both usage and benefit rights [18] - RWA offers high liquidity and the ability to transfer rights, contrasting with the limited transferability and value depreciation of traditional membership models [18]

Core Viewpoint - Guofu Quantum (00290) reported a significant increase in revenue and profit for the six months ending September 30, 2025, driven by growth in trade and supply chain operations, as well as securities brokerage and financing business [1] Financial Performance - The company achieved a revenue of HKD 1.027 billion, representing a year-on-year increase of 4564.52% [1] - Profit attributable to shareholders was HKD 207 million, with basic earnings per share of HKD 0.029 [1] - The net fair value gains from investments, included in profit or loss, amounted to approximately HKD 1.181 billion, a 31.76-fold increase compared to HKD 37.174 million for the same period in 2024 [1] Business Drivers - The increase in revenue and net fair value gains was primarily due to higher income from trade and supply chain operations, as well as increased revenue from securities brokerage and margin financing [1] - The company also benefited from gains from cryptocurrency sales and increased operating profit from its main business, including securities brokerage and margin financing [1] Future Outlook - The company plans to leverage its traditional financial advantages, focusing on "quantum technology + digital assets" as dual engines for growth, aiming to innovate in financial infrastructure [1]

Group 1 - The core viewpoint of the article emphasizes that blockchain technology has transcended its initial association with digital currencies and is now recognized as a strategic infrastructure deployed by multiple countries globally, impacting areas such as data security, supply chain, financial services, and national security [1][2]. Group 2 - Blockchain is being utilized as a new generation of information infrastructure in China, with a focus on standardization and practical applications. The number of blockchain-related policies issued by central and local governments has exceeded a thousand, with 79 new policies introduced in 2023 alone [5][6]. - The application of blockchain in national security and critical infrastructure is highlighted, with NASA conducting research on using Ethereum for debris detection and decision-making in autonomous spacecraft, indicating its importance beyond traditional financial applications [3][5]. Group 3 - The European Union has established the Markets in Crypto-Assets (MiCA) framework, which is the first comprehensive regulatory framework for the crypto asset industry, aiming to address real market issues and providing regulatory certainty [10][11]. - In contrast, the United States faces challenges with fragmented jurisdiction in its regulatory approach, with Congress proposing the "Eliminate Barriers to Innovation Act" to create a joint working group for digital assets [12][13]. Group 4 - The article discusses various industry standards being developed in China, including those for the insurance sector and IoT, aimed at ensuring secure and trustworthy data circulation [6][9]. - The regulatory landscape is evolving, with recommendations to enhance governance capabilities and improve the legal framework for digital assets, while encouraging self-regulation among enterprises [9].

Core Insights - The collaboration between Datavault AI and MTB Mining Limited represents a significant step in the modernization of mineral resource verification and entry into global commerce through tokenization [1][3][4] - The partnership aims to redefine the concept of "commodities" by digitizing real-world assets, allowing for verified and traceable digital assets to be traded on the International Elements Exchange [1][4] Company Overview - Datavault AI specializes in data monetization, credential verification, digital interaction, and the digitization of real-world assets, utilizing its proprietary Sumerian® technology [1][5] - The company is positioned at the forefront of Web 3.0 innovations, providing comprehensive solutions across various sectors, including sports, entertainment, biotech, and fintech [5][6] Industry Context - Africa has historically been a core resource provider for modern industrial development, and the partnership will enable the digitalization of over 25 million tons of copper reserves held by MTB [2][3] - The mining sector is crucial for Tanzania's economy, and the digitization of asset records will facilitate new avenues for lending, collateralization, and cross-border trade [3][4] Technological Significance - The transaction is seen as a milestone in terms of technology and transparency, creating compliant and transparent channels for monetizing natural wealth globally [4] - The Sumerian® anchoring technology will provide immutable and verifiable digital signatures for precious gemstones, enhancing their marketability and authenticity [2][4]

Core Insights - The UAE ranks as the highest market globally in terms of digital trade readiness, according to Standard Chartered's report "The Future of Trade: Digitalization" [1] Group 1: Digital Infrastructure - The UAE leads the world in digital infrastructure, regulatory frameworks, and enterprise digital technology adoption [1] - 97% of UAE enterprises rely on cloud computing, the highest globally [1] Group 2: Digital Asset Utilization - The usage rate of digital assets in the UAE stands at 68%, showcasing leadership in tokenization, digital settlement, and blockchain trade [1] Group 3: Technology Adoption - 43% of surveyed enterprises in the UAE utilize AR/VR technologies, while 36% employ AI, enhancing operational and supply chain digitalization [1] Group 4: Cross-Border Digital Trade - 96% of surveyed enterprises advocate for the expansion of digital economy agreements to promote standardized cross-border digital trade [1]

Group 1 - Bitcoin price has risen above $90,000 for the first time in a week, recovering from over a month of sell-offs, driven by a rebound in risk assets and reduced volatility [1] - The market is increasingly confident that the Federal Reserve may soon resume interest rate cuts, which has contributed to the recent price increase [1] - BlackRock's U.S. Bitcoin ETF has attracted new inflows, ending a series of redemption waves, indicating a shift in market sentiment [1] Group 2 - The $80,000 mid-high range has acted as a support level during recent consolidation, reflecting a reversal of bearish sentiment in the derivatives market [2] - Demand for long positions in Bitcoin perpetual futures is increasing, with a moderate amount of open interest, suggesting a shift towards bullish bets [2] - The open interest for call options with a strike price of $100,000 has now surpassed that of put options, indicating a growing optimism among traders [2] Group 3 - Investors are testing the market again, with Bitcoin exchange-traded funds recording approximately $130 million in inflows on Tuesday [3] - However, November has seen nearly $3.6 billion withdrawn from 12 U.S.-listed Bitcoin funds, marking the most severe monthly outflow since these products were launched [3]