来源：鹰瞻财经HawkInsight 2025年12月9日，Hashkey Holdings Limited（股票代码：http://）正式启动香港IPO公开招股，拟全球发 售2.406亿股，其中10%用于香港公开发售。招股价区间为每股5.95至6.95港元，每手400股，入场费约 2,808港元，预计将于12月17日正式挂牌。 | HASHKEY | | --- | | HashKey Holdings Limited | | (於開曼群島註冊成立的有限公司) | | [编纂] | | [编纂]項下的[编纂]數目 : [编纂](视乎[編纂]及[编纂]行使與否而 定) | | [编纂]數目 : [编纂](可予重新分配及視乎[編纂]行使 與否而定) | | [编纂]數目 : [编纂](可予重新分配及視乎[編纂]及[编 | | 纂]行使與否而定) | | 最高[編纂] : 每股[編纂][編纂]港元,另加1％經 | | 紀佣金 · 0.0027％證監會交易微費 · | | 0.00565% 鄂交所交易量及0.00015% | | 會財局交易徵費(須於[編纂]時以港元 | | 繳足,多繳股敷可予退還) | | 面值 ...

12月5日，2025金中环论坛暨金融机构颁奖典礼在香港隆重召开。中铭证券有限公司凭借前瞻的全球化 布局、卓越的服务能力，荣获2025"年度新锐虚拟资产券商"奖。 下一步，中铭证券将立足新荣耀，积极关注并申请更多金融牌照，拓展国际市场合作，并不断加强投研 力量、完善风险管理制度，以满足全球投资者对多元化资产更安心、更合理配置的需求。 立足新荣耀，开创新未来 作为一家金融科技公司，中铭证券立足香港面向全球，在Web3等金融领域持续深耕，目前已持有香港 证券及期货事务监察委员会(SFC)颁发的第1、4、9号核心业务牌照，是少数完成虚拟资产业务资质全面 升级的综合性券商之一。 中铭证券目前主要围绕股票经纪业务、投资建议顾问业务以及资产管理业务不断积累与打磨，已推出股 币交易平台"牛有果"，不仅提供港股、美股等传统股票业务，还支持基金、虚拟货币等金融衍生品的交 易，为用户提供一站式的金融服务体验。 本届盛会由国内领先的港美股资讯平台智通财经、中资海外私募基金一站式服务平台新智基金网与香港 中资证券业协会联合主办，财经公关综合服务提供商冬日暖阳Donova独家承办。同时由多家权威机构 提供战略合作：招银国际、香港中国金融 ...

| J.P.Morgan | | 國泰君安國際 | | --- | --- | --- | | | GUOTAI HAITONG | GUOTA JUNAN NTERNATIONAL | | | | 搜狐号@HawkInsight | 一、合规牌照构筑业务护城河 2025年12月1日，港交所披露信息显示，综合性数字资产公司HashKey Holdings Limited（以下简 称"HashKey"）已通过主板上市聆讯，向成为"香港虚拟资产第一股"迈出关键一步。据悉，此次IPO计 划募资约5亿美元（折合约39亿港元）。由摩根大通和国泰海通联席保荐。 HashKey的收入主要来源于三大板块：交易促成服务、链上服务及资产管理服务。其中，交易促成服务 是当前核心收入来源，2024年实现收入7.21亿港元。2025年上半年，该业务收入为2.84亿港元。值得关 注的是，公司客户集中度显著下降，五大客户收入占比由2022年的79.6%降至2025年上半年的22.8%。 在链上服务方面，截至2025年9月底，HashKey的质押资产规模达290亿港元；其自研的HashKey Chain 作为以太坊Layer 2网络，已实现 ...

Core Insights - HashKey Holdings Limited is set to become the first publicly listed cryptocurrency company in Hong Kong, having passed the Hong Kong Stock Exchange's hearing and expected to list soon [2] - The company holds 13 licenses and commands over 75% of the virtual asset trading market in Hong Kong, reflecting the strategic positioning of Hong Kong in the global crypto landscape [3][5] Company Overview - Founded in 2018, HashKey provides licensed digital asset trading, on-chain services, and asset management, achieving a trading volume of HKD 638.4 billion in 2024 [3] - The platform supports trading of 80 digital assets and has safeguarded over HKD 19.9 billion in customer assets, with a total spot trading volume of HKD 1.3 trillion by September 2025 [3][5] Business Model - HashKey's business encompasses three main areas: digital asset trading services, on-chain services, and asset management, creating a comprehensive service ecosystem [5] - The customer base is diverse, including institutional clients, omnibus clients, ecosystem partners, and retail users, enhancing customer loyalty and revenue streams [5][13] Competitive Advantage - The company’s competitive edge lies in its comprehensive licensing, with 13 licenses covering various services across multiple regions, mitigating policy risk and allowing for tailored services [6] - HashKey has attracted significant investment from various public companies and institutional investors, indicating strong market confidence [6] Market Trends - The virtual asset market in Hong Kong and Asia is undergoing structural changes, with a shift towards licensed platforms creating unique opportunities for compliant operators like HashKey [7] - The global digital asset trading market is projected to grow at a compound annual growth rate (CAGR) of 26.6% from 2024 to 2029, potentially reaching USD 83.5 trillion by 2029 [7][11] Financial Performance - HashKey's revenue surged from HKD 129 million in 2022 to HKD 720 million in 2024, marking a growth of approximately 4.6 times, driven by retail trading and the Bermuda platform [9] - However, the company faced a loss of HKD 507 million in the first half of 2025 due to market downturns and high operational costs [9][10] Future Outlook - The company plans to use IPO proceeds for technology upgrades and market expansion, including new product offerings and partnerships in Southeast Asia [12] - HashKey's customer metrics have shown resilience, with registered customers exceeding 1.4469 million by June 2025, a year-on-year increase of over 310% [12][13] Industry Context - The global crypto asset market has surpassed USD 4 trillion, with increasing institutional participation and a supportive regulatory framework in regions like Hong Kong [11] - The anticipated launch of the "Digital Asset Treasury" (DAT) system in Hong Kong could facilitate the tokenization of real-world assets, potentially attracting more compliant capital into the market [11]

Core Viewpoint - The acquisition of Yao Cai Securities by Ant Group's subsidiary has been delayed, with the final deadline extended to March 25, 2026, due to regulatory approval processes and holiday factors [1][3]. Group 1: Acquisition Details - Ant Group's subsidiary, Shanghai Yun Jin Information Technology Co., Ltd., plans to acquire 50.55% of Yao Cai Securities at a price of HKD 3.28 per share, totaling approximately HKD 28.14 billion [3]. - The acquisition has received approval from the Hong Kong Securities and Futures Commission but still requires approval from the National Development and Reform Commission (NDRC) [3]. - The initial deadline for the transaction was set for November 25, 2023, but this has been postponed due to the pending NDRC approval [1][3]. Group 2: Regulatory and Market Environment - The delay in the acquisition may be influenced by changes in the regulatory environment and tightening of overseas brokerage account openings, which have made it more difficult for new clients to open accounts [3][4]. - Factors such as regulatory changes, foreign exchange market fluctuations, and the due diligence progress of both parties are critical in cross-border transactions [4]. Group 3: Business Implications - The acquisition could enhance Yao Cai Securities' capabilities in virtual asset trading, leveraging Ant Group's expertise in Web 3.0 technology and licensing [4]. - Yao Cai Securities currently holds multiple licenses from the Hong Kong Securities and Futures Commission, enabling it to expand into virtual asset services [5].

Investment Rating - The report assigns an investment rating of "Buy" for OSL Group, marking its first coverage [5][10]. Core Insights - OSL Group is a licensed digital asset trading and payment platform, uniquely positioned as Hong Kong's only publicly listed virtual asset exchange focused on digital asset trading and payment services. The company has obtained multiple important licenses across over 10 jurisdictions, including Hong Kong, Japan, Australia, the EU (Italy), and Bermuda [5][6]. - The company is transitioning from a single trading platform to a comprehensive digital asset financial infrastructure provider, leveraging four key advantages: the rise of payment services, significant trading fee advantages, a global compliance network, and a triad of compliance, security, and liquidity [7][68]. Summary by Sections Market Performance - As of November 19, 2025, OSL Group's closing price is HKD 15.03, with a market capitalization of HKD 11,942.77 million. The stock has seen a one-year high of HKD 20.30 and a low of HKD 6.84 [3]. Business Overview - OSL Group has developed a digital asset ecosystem comprising brokerage, payment, asset management, exchange, and institutional services. The brokerage business contributes approximately half of the revenue, while the payment business, launched only two months prior, accounted for 29% of the revenue in the first half of 2025 [6][8]. Financial Projections - The report forecasts non-IFRS revenues for OSL Group to be HKD 4.67 billion, HKD 7.64 billion, and HKD 12.20 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 119%, 64%, and 60% [8][10]. Strategic Initiatives - OSL is expanding its payment services, with OSL Pay generating significant revenue shortly after its launch. The company is also pursuing acquisitions to enhance its service offerings and expand its operational capabilities [39][69]. Competitive Positioning - OSL Group's fee structure is competitive, with trading fees ranging from 0% to 0.05%, and no deposit fees, positioning it favorably against other major platforms [73]. Regulatory Environment - The report highlights a favorable regulatory landscape for digital assets, with significant developments in compliance frameworks across various jurisdictions, enhancing the stability and credibility of the digital asset market [61][62]. Growth Drivers - The anticipated easing of monetary policy by the Federal Reserve and the establishment of clear regulatory frameworks are expected to drive growth in the digital asset sector, benefiting OSL Group as it captures institutional interest and expands its market presence [58][66].

Core Viewpoint - Kenya's first cryptocurrency exchange has received approval from the Capital Markets Authority, marking a significant step in the digital finance and virtual assets sector [1] Group 1 - The platform will implement compliance mechanisms such as customer identity verification and anti-money laundering monitoring [1] - This approval allows Kenyan investors to legally trade digital assets that have been sanctioned by regulatory authorities [1] - The Capital Markets Authority emphasized that this license represents an important advancement in the digital finance and virtual assets field, providing new opportunities for attracting technological investment and financial innovation [1]

Core Viewpoint - Jiufang Zhitu Holdings (09636) has demonstrated a strong commitment to shareholder returns by implementing its first interim cash dividend since its listing, reflecting a positive outlook on its financial health and growth potential [1] Group 1: Financial Performance - As of the report, Jiufang Zhitu Holdings' stock price increased by 5.09%, reaching HKD 60.85, with a trading volume of HKD 129 million [1] - The company announced a total cash dividend of approximately HKD 239 million, equating to HKD 0.51 per share, marking its first semi-annual dividend since going public [1] - Since its listing in 2023, Jiufang Zhitu has distributed a cumulative cash dividend of approximately HKD 719 million over three consecutive years [1] Group 2: Market Trends - According to Huachuang Securities, the market trend in Q3 favored "heavy technology growth," leading to a significant shift in fund allocation [1] - Funds have shown a tendency to reduce holdings in mature "traditional beta" stocks like Dongcai and Hong Kong Stock Exchange, while increasing investments in "emerging beta" stocks such as Jiufang Zhitu, which are associated with financial technology and virtual assets [1]

Group 1 - The core point of the article highlights that Jiufang Zhitu Holdings (09636) has seen a stock price increase of over 5%, reaching HKD 60.85, with a trading volume of HKD 1.29 billion [1] - On November 13, Jiufang Zhitu Holdings completed its mid-term cash dividend for 2025, distributing a total of approximately HKD 239 million, which translates to a dividend of HKD 0.51 per share. This marks the company's first semi-annual dividend since its listing, indicating a commitment to shareholder return policies [1] - Since its listing in 2023, the company has implemented annual dividends for three consecutive years, and with the recent mid-term dividend, it has cumulatively distributed cash dividends totaling approximately HKD 719 million [1] Group 2 - Huachuang Securities' recent research report indicates that in Q3, the market style has shifted towards "heavy technology growth." Despite the positive market conditions benefiting companies like Dongcai, HKEX, and Jiufang Zhitu, there has been a notable divergence in fund allocations. Funds are leaning towards reducing holdings in mature "traditional beta" stocks (Dongcai, HKEX) and increasing positions in "emerging beta" stocks (Jiufang Zhitu) that are associated with financial technology and virtual assets, which have higher growth expectations [1]

Group 1: Core Business Strategy - Citibank hosted its 2025 China Summit and reiterated a "Buy" rating for Fosun International, raising the target price to HKD 6.5, highlighting the company's focus on core business and global expansion [1] - Fosun is committed to optimizing its financial structure, with a strong determination to reduce leverage and dispose of non-core assets, which is expected to enhance financial stability and focus on core operations [1][2] - Multiple domestic and international brokerages maintain a "Buy" or "Increase" rating for Fosun International, with target prices ranging from HKD 6.5 to 7.5, reflecting confidence in the company's business resilience and innovation [1] Group 2: Health Sector Innovations - Fosun's health sector is driven by innovation, with several breakthrough drugs, including the first PD-1 monoclonal antibody approved for first-line treatment of small cell lung cancer, now available in nearly 40 countries [2] - Another innovative drug, HLX43, is undergoing clinical research in various countries and has the potential to become a highly effective and safe broad-spectrum anti-cancer drug [2] Group 3: Tourism and Consumer Sectors - During the 2025 National Day and Mid-Autumn Festival, the Taicang Alps International Resort received over 50,000 visitors, and Club Med resorts saw a nearly 10% increase in average daily room rates [3] - The consumer sector is adjusting strategies, with expectations for growth in the jewelry segment, as indicated by the resilience of Fosun's consumer business [3] Group 4: Asset Management and Fintech Innovations - Fosun is innovating in asset management and fintech, with its subsidiary, Xinglu Technology, becoming a leading fintech company in Hong Kong, focusing on AI-driven wealth technology [4] - Xinglu Technology has launched the FinRWA Platform, providing compliant and efficient Web3 access services, and has been recognized as a key enterprise by the Hong Kong government [4] - Brokerages express optimism about Fosun's core industries and its focus on technological innovation, which is expected to enhance its long-term growth potential [4]