Core Viewpoint - Derlin Holdings (01709) announced that its subsidiary, Derlin Securities (Hong Kong) Limited, has received conditional approval from the Hong Kong Securities and Futures Commission to provide virtual asset trading services under a comprehensive account arrangement, pending acceptance of certain conditions related to its existing Type 1 (securities trading) regulated activity license [1] Group 1 - Derlin Securities must establish and maintain a comprehensive account to provide virtual asset trading services through a licensed platform regulated by the SFC [1] - The company is required to comply with the terms and conditions for licensed corporations or registered institutions providing virtual asset trading services under the comprehensive account arrangement [1] - Virtual asset trading services will only be offered to professional investors, who are clients of Derlin Securities' Type 1 regulated activity (securities trading) business [1] Group 2 - As of December 29, 2025, Derlin Securities has accepted the aforementioned conditions and will commence virtual asset trading services upon receiving formal approval from the SFC [1] - The company is also working on upgrading Derlin Securities' Type 4 (advising on securities) regulated activity license, which is currently under final approval by the SFC [1] - An appropriate announcement will be made once the company receives the relevant approvals from the SFC [1]

智通财经APP讯，德林控股(01709)发布公告，于2025年12月29日，公司持有70%权益的附属公司德林证 券(香港)有限公司已获香港证券及期货事务监察委员会有条件批准在综合账户安排下提供虚拟资产交易 服务，惟须待德林证券接纳其现有第1类(证券交易)受规管活动牌照的若干条件方可作实。 该等条件包括(i)德林证券须透过经营在证监会持牌平台(定义见证券及期货条例及其附属法例)设立及维 持的综合账户提供虚拟资产交易服务，(ii)德林证券须遵守《在综合帐户安排下提供虚拟资产交易服务 的持牌法团或註册机构的条款及条件》(经不时修订)，及(iii)德林证券仅向专业投资者(定义见证券及期 货条例及其附属法例)提供虚拟资产交易服务，而该等专业投资者在任何时间均为其第1类受规管活动 (证券交易)业务的客户。 于2025年12月29日，德林证券已接纳上述条件，并将于接获证监会的正式批准后开展虚拟资产交易服 务。公司致力于推进德林证券第4类(就证券提供意见)受规管活动牌照的升级，目前证监会正进行最后 审批，公司将于接获证监会的相关批准后作出适当的公告。 ...

Core Viewpoint - The recent cash robbery in Hong Kong, involving approximately 1 billion yen, highlights the ongoing significance of cash exchange businesses in the region, despite the rise of electronic payments [2][3]. Group 1: Incident Details - The robbery occurred on December 18, with a staff member from a currency exchange shop reporting the incident after being approached by three suspicious men, two of whom were armed [2][3]. - The stolen cash, amounting to 1 billion yen, weighs at least 100 kilograms, as the largest denomination of yen is 10,000 yen, weighing about 1 gram each [3]. - Following the incident, police arrested a suspect and discovered a vehicle linked to the crime, along with a suitcase containing a significant amount of yen [3][4]. Group 2: Currency Exchange Business Context - The cash involved in the robbery belonged to a client engaged in foreign trade, who has been operating in the currency exchange business for years without prior incidents [4]. - Hong Kong remains the fourth largest foreign exchange center globally and the largest offshore renminbi business hub, according to a survey by the Bank for International Settlements [4]. - The yen exchange market has seen increased activity due to fluctuations in the foreign exchange market, particularly since October, with expectations of a slowdown in interest rate hikes by the Bank of Japan [4]. Group 3: Currency Exchange Shops in Hong Kong - Currency exchange shops, prevalent in Hong Kong, cater to a wide range of customers, from residents to financial traders, benefiting from competitive exchange rates [5]. - The rental prices for these shops have been described as exorbitant, with some locations charging up to 26 million HKD per month for a small space [6]. - The business model of currency exchange shops has faced challenges in recent years due to the rise of electronic payments and the impact of the pandemic, leading to a decline in their profitability [6][7]. Group 4: Regulatory Environment and Future Trends - The emergence of cryptocurrency exchange shops has introduced new dynamics to the currency exchange landscape, with around 200 such establishments operating in Hong Kong [7]. - The Hong Kong government is working on regulatory measures to oversee virtual asset transactions, aiming to prevent money laundering and fraud in this sector [7].

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]

HashKey源自这样一个路线从18年走到今天。目前，HashKey在6个不同的司法区域，一共获取了13张牌 照。 配发结果显示，公司香港公开发售获8.86万份申请，受理为2.98万份，超购392.71倍，一手中签率为 10%，国际发售部份则获超购4.46倍。 香港持牌虚拟资产交易所HashKey Exchange母企HashKey Holdings（3887.HK）今日挂牌，股价开报6.7 港币，较定价6.68元高0.3%，最高升超5%，其后随即掉头向下，低见6.12元跌8.4%，每手400股，一手 帐面蚀44元。 责任编辑：郝欣煜 多位香港政商代表到场参与HashKey IPO仪式，包括财政司司长陈茂波、港交所主席唐家成及行政总裁 陈翊庭、证监会主席黄天祐、立法会（科技创新界）议员邱达根等。 香港持牌虚拟资产交易所HashKey Exchange母企HashKey Holdings（3887.HK）今日挂牌，股价开报6.7 港币，较定价6.68元高0.3%，最高升超5%，其后随即掉头向下，低见6.12元跌8.4%，每手400股，一手 帐面蚀44元。 HashKey董事长肖风致辞时表示，公司自2018年在香 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：喜乐 Hashkey于12月9日启动全球发售，预计于12月15日定价，并于12月17日上市。本次IPO发行价格区间为5.95-6.95港元/股，基础发行 股数约为2.4亿股，对应发行规模约14.3-16.7亿港元。此外，公司还设置了发售量调整权及超额配售选择权，若上述两种权利均全额 行使，则发行规模将达到21.4-25.0亿港元。一边是亚洲区域市场的龙头地位与香港虚拟资产交易的先发牌照优势，一边是全球竞争 力薄弱、业绩增长波动且持续亏损的现实；一边是多元化基石投资者参与且占比合理，一边是中资主流机构缺席、配售通道暗藏隐 忧的短板。多重变量叠加下，Hashkey的上市表现充满不确定性。 基石投资占比合理但结构分化 中资主流机构缺席成短板 本次IPO的基石投资环节，共有9家投资者合计认购7500万美元，按发行规模下限计算，占基础发行规模的40.8%，这一比例在近期 港股IPO项目中处于合理水平，一定程度上彰显了部分资本对公司的认可。同时，公司可通过发售量调整权灵活调整发行规模，有效 控制流通盘水平，为上市 ...

Core Viewpoint - HashKey, the first listed cryptocurrency company in Hong Kong, has passed the Hong Kong Stock Exchange hearing and is preparing for its IPO, aiming to raise up to $500 million for technology upgrades, market expansion, and operational management [1][3]. Company Overview - HashKey is one of the 11 licensed virtual asset trading platforms in Hong Kong, focusing on trading facilitation, on-chain services, and asset management, currently in the investment phase and not yet profitable [1][2]. - The company has a market share of over 75% in Hong Kong and is the largest onshore platform in Asia by trading volume, as well as a major player in on-chain staking services [2]. Financial Performance - HashKey reported losses of HKD 585.2 million, HKD 579.9 million, HKD 1.189 billion, and HKD 506.7 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [7][9]. - Revenue figures for 2022, 2023, 2024, and the first half of 2025 were HKD 129.1 million, HKD 207.8 million, HKD 720.7 million, and HKD 283.9 million, showing a cumulative growth of over 458% from 2022 to 2024 [7][9]. - The 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, but dropped to HKD 214 billion in the first half of 2025 due to strategic adjustments in a declining market [8][9]. Business Structure - The revenue structure for the first half of 2025 showed that trading facilitation contributed 68% of total revenue, on-chain services accounted for 18.7%, and asset management made up 13.3% [3]. - HashKey's asset management segment has a total asset management scale of HKD 7.8 billion, having completed over 400 early-stage blockchain project investments [3]. Market Position and Regulatory Environment - The successful hearing by the Hong Kong Stock Exchange indicates a willingness to include virtual asset platforms in the main board IPO review process, reflecting a more established regulatory environment in Hong Kong [3][4]. - The recent reaffirmation by the People's Bank of China and other departments to prohibit virtual currency speculation may limit HashKey's ability to expand into mainland China, but it could also enhance Hong Kong's position as a compliant digital asset hub [4][5]. Strategic Focus - HashKey aims to focus on institutional clients, which are five times more stable than retail clients, and plans to control costs while optimizing operational efficiency [11][12]. - The company is also looking to diversify its operations geographically, deepening its presence in Hong Kong while exploring markets in Singapore and the Middle East [12].

Core Viewpoint - Jieli Trading Treasure (08017) has announced a share placement plan to raise approximately HKD 93.1 million, which will be used to strengthen its subsidiary's capital base and support business expansion [1] Group 1: Share Placement Details - The company plans to place a total of 70 million shares, representing about 9.33% of the enlarged issued share capital after the placement [1] - The placement price is set at HKD 1.33 per share, which is approximately 14.19% lower than the closing price of HKD 1.55 on November 10 [1] - The estimated net proceeds from the placement will be around HKD 92.02 million [1] Group 2: Use of Proceeds - The net proceeds will be injected into the subsidiary TradeGo Markets Limited (TGM) to strengthen its capital base and support business development [1] - The funds will also enhance TGM's ability to provide initial public offering financing services to clients [1] - Additionally, the company plans to invest in the development of a virtual asset trading system, tentatively named "VirtuTrade Pro," to meet potential trading demands from existing clients [1]

Core Viewpoint - Jieli Trading (08017) announced a share placement plan to raise approximately HKD 93.1 million, with the proceeds aimed at strengthening its subsidiary TradeGo Markets Limited's capital base and supporting business expansion [1] Group 1: Share Placement Details - The company plans to place a total of 70 million shares, representing about 9.33% of the enlarged issued share capital post-placement [1] - The placement price is set at HKD 1.33 per share, which is approximately 14.19% lower than the closing price of HKD 1.55 on November 10 [1] - If all shares are fully placed and issued, the total proceeds from the placement will amount to HKD 93.1 million, with estimated net proceeds of approximately HKD 92.02 million [1] Group 2: Use of Proceeds - The net proceeds from the placement will be used to inject capital into TradeGo Markets Limited to solidify its capital foundation and support business development [1] - The funds will also enhance TradeGo's capacity to provide initial public offering financing services to clients [1] - Additionally, the company plans to invest in the development of a virtual asset trading system, tentatively named "VirtuTrade Pro," to meet potential trading demands from existing clients [1]

Core Viewpoint - The company plans to place 70 million new shares, representing approximately 9.33% of the total share capital post-placement, at a price of HKD 1.33 per share, which is a discount of about 14.19% compared to the closing price of HKD 1.55 on the day of the announcement [1] Fundraising Details - The total amount expected to be raised from the placement is HKD 93.1 million, with a net amount of approximately HKD 92.02 million [1] - The net proceeds will be used to inject capital into the subsidiary TradeGo Markets Limited (TGM) to strengthen its capital base and support business development [1] Business Development Plans - The company aims to increase TGM's funding reserves for providing initial public offering financing services to clients, enhancing service capabilities [1] - Investment will also be made to develop a virtual asset trading system to meet the potential trading needs of existing customers [1]