Core Viewpoint - HASHKEY HLDGS plans to conduct an initial public offering (IPO) from December 9 to December 12, 2025, aiming to issue 241 million shares at a price range of HKD 5.95 to 6.95 per share, with 10% allocated for public offering in Hong Kong and 90% for international investors [1][2] Group 1: Company Overview - The company operates a licensed digital asset platform offering trading facilitation, on-chain services, and asset management [1] - HASHKEY HLDGS is recognized as the largest regional onshore platform in Asia by trading volume for 2024, and also leads in on-chain services and digital asset management by assets under management [1] Group 2: Investment Agreements - The company has entered cornerstone investment agreements with several firms, including UBS AM Singapore and Fidelity, totaling USD 75 million in shares [2] - Assuming a median offer price of HKD 6.45, cornerstone investors are expected to acquire approximately 90.54 million shares [2] Group 3: Use of Proceeds - Approximately 40% of the net proceeds from the IPO will be allocated to upgrading technology and infrastructure over the next three to five years, with specific allocations for product development, cloud services, talent acquisition, and IT security [3] - Another 40% will be used to expand the operational team, enhance brand awareness, and establish ecosystem partnerships [3] - About 10% will be directed towards improving operational and risk management, including legal and compliance team expansion [3] - The remaining 10% will be reserved for working capital and general corporate purposes [3] Group 4: Performance Metrics - The company's trading volume surged from HKD 4.2 billion in 2022 to HKD 328 billion in 2023, and is projected to reach HKD 638.4 billion in 2024, driven by the launch of its digital asset trading platforms [4] - Registered customers increased dramatically from 18 in 2022 to 158,600 by the end of 2023, and further to 1.3372 million by the end of 2024, reflecting the rapid expansion of the trading platform [4] - The number of asset-holding clients rose from zero in 2022 to 37,530 by the end of 2023, and to 120,700 by the end of 2024, indicating strong growth in client engagement [4]

正如电影《大空头》中的一句台词所暗示，短视与欺诈从未真正带来长久的成果。每一次对加密生态价 值的挤压，都会驱赶建设者，使技术发展停滞。短期投机者为了收益牺牲底层资产的长期价值，最终整 个行业都将为此付出代价，包括那些真正热爱并相信这项技术的人。Mhmarkets迈汇认为，如果希望加 密行业重新回到改善世界的轨道，就必须明确指出这些行为的本质：短视、自私且毫无建设性。生态需 要重新把注意力放回真正有价值的创新、长期可持续的应用，以及能够真正兑现Web3潜力的项目与协 议，以迎接未来更多用户的真正加入。 开发者减少进行智能合约审计并非因为他们愿意冒险上线产品，而是因为真正值得构建的新应用正在断 层。Mhmarkets迈汇认为，大量优秀的开发者与创始人正在等待更健康的行业环境，甚至已离开赛道； 他们不愿重复打造已有的金融类应用，也不愿在失去支持的情况下艰难推进更具长期价值的项目。同 时，资本对"实用型应用"的兴趣极度稀薄，除非某个项目能迅速实现千倍收益，否则几乎无法获得资金 与资源，这让许多有能力的团队在起点就陷入困局。投资正在集中于短期逐利的资产——如梗币、黑箱 式DeFi结构、高杠杆投机等——资金流向决定注意力 ...

在金融科技浪潮中，商业模式的创新与抗风险能力同样备受关注。香港远景未来投资管理股份有限公司 (下称"远景未来")近年来推行的一种"金融+实体"双轮驱动战略，引发了行业观察者的兴趣。这打破了 传统资产管理公司纯线上、纯金融的单一模式，试图在虚实结合中探索一条差异化的路径。 线上金融：科技赋能下的资管服务 远景未来的线上业务根基在于全球资产管理。公司宣称其业务覆盖能源、贵金属、农产品、股指等多元 领域。为支撑这项业务，技术成为了关键驱动力。公开信息显示，远景未来强调运用区块链、人工智能 与大数据技术开发智能顾问系统和风控模型。其自主研发的风险评估体系，据称能将项目识别的准确率 提升至较高水平。创始人王贵运作为拥有金融工程背景的专业人士，其技术驱动的理念深刻影响了公司 的发展方向。 分析人士认为，这种布局在商业逻辑上至少有两层含义：其一，实体产业能够创造真实的商品贸易利 润，理论上可构成独立于金融投资回报之外的收益来源，有助于平滑单一金融业务可能带来的波动。其 二，实体资产和品牌可以作为企业价值的直观承载，增强公众和合作伙伴的感知度，为整体业务提供某 种"压舱石"效应。 此外，公司还曾参与农产品采购助力乡村振兴，王 ...

"AI+金融"的无限场景 当金融遇上科技，故事的焦点便从当下的运营转向了对未来的塑造。对于香港远景未来投资管理股份有 限公司(下称"远景未来")而言，技术不仅是当前风控与交易的工具，更是其规划未来十年发展路径的核 心引擎。在创始人王贵运的构想中，公司的使命是以专业、合规和创新来助力可持续发展。 风控科技的深度演进：从工具到核心壁垒 风控是金融业务的生命线，也是远景未来技术叙事的第一篇章。公司已对外宣称，其利用人工智能与大 数据构建了智能风控模型。然而，技术的应用不会止步于此。未来的方向可能在于模型的不断自我迭代 与学习能力的升级。通过引入更先进的算法，处理更海量、更多元的全球市场数据，旨在实现对复杂金 融风险更高精度、更快速度的识别与预警。 王贵运本人拥有金融风险管理师(FRM)认证，其对风控技术的重视根植于专业背景。这种以技术构筑专 业壁垒的思路，旨在将风控从一项成本支出，转变为公司的核心竞争力与信任来源。 区块链与交易基础设施的想象 在公开资料中，区块链技术已被提及应用于确保资金流向的可追溯性。展望未来，该技术的应用场景存 在更大想象空间。例如，在资产托管、交易结算、合约执行等环节，区块链技术有潜力进一步 ...

Core Insights - The latest National Security Strategy (NSS) report from the Trump administration notably omits any mention of cryptocurrencies and blockchain technology, contrasting sharply with previous pro-crypto statements from the President [1][4][11] - This silence has led to significant market reactions, including a drop in Bitcoin prices, indicating a negative sentiment in the crypto community regarding the lack of strategic endorsement from the highest levels of government [1][9] Policy Actions - The Trump administration had previously taken steps to create a favorable environment for cryptocurrencies, including signing executive orders to roll back strict regulations and promoting the first federal stablecoin regulation bill, the GENIUS Act [4] - A "Presidential Digital Asset Market Working Group" was established to coordinate regulatory efforts across departments, and an executive order was signed to prohibit the issuance of any form of Central Bank Digital Currency (CBDC) [4] - The administration announced the establishment of a "Bitcoin National Strategic Reserve," symbolizing a commitment to the cryptocurrency sector, although the assets were sourced from government seizures rather than new purchases [4] Strategic Focus - The NSS report emphasizes the importance of artificial intelligence (AI), biotechnology, and quantum computing as core national interests, while cryptocurrencies are relegated to a financial asset category rather than a strategic technology [5][6] - The report suggests that the administration views cryptocurrencies primarily as financial instruments rather than tools that could enhance national competitiveness [5][6] Market Reactions - Following the NSS release, Bitcoin's price fell below $90,000, driven by market fears regarding the implications of the report and its perceived negative signals about the future of cryptocurrency policy [9][10] - Analysts interpreted the NSS's call for NATO allies to increase defense spending from 2% to 5% of GDP as a potential driver of increased government borrowing, which could lead to higher inflation and prolonged high interest rates, further impacting the crypto market [9][10] Implications for the Crypto Industry - The omission of cryptocurrencies from the NSS may not be entirely negative; it could represent a form of "strategic ambiguity" that allows the crypto sector to evolve without stringent military-level scrutiny and regulation [10] - This "silence" may provide a buffer for the crypto industry, allowing it to continue its growth as a financial innovation rather than being entangled in geopolitical tensions [10][11] Conclusion - The NSS's lack of reference to cryptocurrencies highlights a disconnect between political rhetoric and actual strategic priorities, signaling that the crypto sector has not yet entered the core of U.S. national security considerations [11] - Investors are cautioned that reliance on political figures' promises may no longer suffice, as the fate of crypto assets increasingly aligns with broader macroeconomic trends and geopolitical developments [11]

Group 1 - The core viewpoint of the articles highlights a surge in the issuance of technology-focused ETFs, particularly those targeting the artificial intelligence (AI) sector, indicating a strong interest from public fund companies in this area [1][3][4] - Seven public fund companies have launched the first batch of "Double Innovation Artificial Intelligence ETFs," with one company ending its fundraising early due to reaching the 1 billion yuan limit [1][2][3] - The ETFs are designed to track the CSI Innovation and Entrepreneurship Artificial Intelligence Index, which includes 50 leading companies focused on AI technology development and its commercial applications across various sectors [3][4] Group 2 - A total of 19 new ETFs targeting the AI sector, including robotics and semiconductors, have been reported to the China Securities Regulatory Commission (CSRC) within a week, reflecting the growing trend in technology investments [2][3] - The influx of funds into these technology ETFs is expected to bring over 30 billion yuan in new capital to the AI and technology sectors if all funds reach their maximum fundraising targets [3] - Industry experts attribute the rapid growth in technology ETF offerings to supportive government policies, strong market performance, and a competitive landscape among fund companies [4][5] Group 3 - Investment managers express a strong belief in the long-term potential of AI, alongside other sectors such as semiconductors, biotechnology, and clean energy, viewing AI as a "golden track" for long-term investments [5][6] - Key investment opportunities within AI are identified as the computing power and algorithm sectors, with a particular focus on storage-related opportunities in the computing power segment [6] - Companies that can integrate AI into their business models to innovate products or services are also seen as valuable investment prospects [6]

Core Viewpoint - The company is facing a comprehensive crisis due to regulatory scrutiny revealing accounting irregularities, asset impairment affecting profits, and a decline in market share of its core business [1][19]. Group 1: Regulatory Issues and Accounting Irregularities - The company received an administrative regulatory decision from the Shenzhen Regulatory Bureau on October 31, 2025, requiring rectification of identified issues, exposing four major problems from accounting loopholes to internal control failures [2][20]. - Revenue accounting is non-compliant; the company did not recognize bad debt losses when clients refused to pay contract balances, leading to a simultaneous reduction in revenue and profit. For instance, a project with a 20 million yuan payment refusal resulted in a 20 million yuan underreporting of revenue [2][20]. - Insufficient basis for long-term equity investment impairment tests; the management's revenue growth predictions lacked industry data support, leading to inadequate impairment provisions [2][20]. - Confusion in accounting for non-current financial assets, with inconsistent treatment and arbitrary changes in valuation methods, resulting in a fair value loss of 232 million yuan in 2024, accounting for 54.6% of that year's losses [3][22]. - Inadequate bad debt provisions due to errors in historical recovery statistics, leading to an under-provision of 82 million yuan, which inflated current profits [3][22]. Group 2: Declining Core Business Performance - The company, a listed financial software service provider, has seen a dramatic decline in performance, with revenue dropping from 1.592 billion yuan in 2023 to 1.342 billion yuan in 2024, a year-on-year decrease of 15.7% [5][23]. - The gross profit margin has been on a downward trend, falling nearly 4.6 percentage points to 40.45% in 2024, down over 30 percentage points from 71.62% in 2020 [9][25]. - The net profit attributable to shareholders plummeted from 263 million yuan in 2021 to only 61 million yuan and 68 million yuan in 2022 and 2023, respectively, with a further drop to -425 million yuan in 2024, marking the first loss since the company went public in 2014 [11][27]. - In 2025, the crisis continues, with a reported revenue of 937 million yuan in the first three quarters, a year-on-year decline of 5.2%, and a net loss of 43.21 million yuan, indicating a near depletion of core business profitability [13][29]. Group 3: Market Position and Future Outlook - The company's traditional business model is becoming less suitable for the current market environment, with significant internal control issues and declining performance being exposed under regulatory scrutiny [17][33]. - Unlike competitors that have adopted standardized product strategies, the company remains heavily reliant on customized software development, which has hindered its ability to maintain profitability [14][30]. - The company’s core products are nearing the end of their lifecycle, and new technological investments have not yet yielded commercial success, with no significant innovations reported [15][31]. - Shareholder sentiment is declining, as evidenced by a reduction in the shareholding percentage of the top ten shareholders from 21% to 19.66% in 2025, indicating a lack of confidence in the company's future [16][32].

沪指上升三部曲 期待突破机会 ——股指周报2025.12.08 本期观点 | 品种 | 主要逻辑 | 策略建议 | 风险提示 | | --- | --- | --- | --- | | 股指 | 1、经统计，2025年1-11月，沪市上市公司新增披露增持计划（含一次性增持）210家次， 责任，着力增强价值发现培育能力、财富管理服务能力、跨境金融综合服务能力，积极 是差异化特色化发展要做到新突破。要巩固深化头部机构引领、中小机构特色发展的行 业格局，发挥好比较优势，从价格竞争加快转向价值竞争。用好并购重组机制和工具， 实现优势互补、高效配置。四是加强合规管理和风险防控要取得新成效。要进一步提升 | 操作上，期指对 应四大现货指数 均已回补之前的 缺口，从权重股 搭台题材股唱戏 21日的缺口回补 时间窗口基本成 熟，沪指60日均 线虽没有站稳， 市场短线量能放 | | | | 计划增持金额上限649.84亿元，较去年同期数518.10亿元增长25.43%。其中，沪主板新 | | | | | 增披露增持计划177家次，计划增持金额上限628亿元，较去年同期493亿元增长27%。 | | | | | （人民财讯）。 ...

Core Viewpoint - HashKey Group is set to launch its IPO, aiming to raise approximately $200 million, with a focus on expanding its digital asset services and infrastructure in Asia [2][3]. Group 1: Company Overview - HashKey provides a licensed digital asset platform offering trading facilitation, on-chain services, and asset management [3]. - The company has established itself as a leading integrated digital asset company in Asia, with a comprehensive ecosystem catering to retail investors, institutional clients, and other stakeholders in the blockchain value chain [3][4]. - As of September 30, 2025, HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets and DeFi tokens [4]. Group 2: Financial Performance - HashKey's revenue sources include trading facilitation, on-chain services, and asset management, with significant growth in trading volumes from HKD 4.2 billion in 2022 to HKD 328 billion in 2023 [11][13]. - The company recorded revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024, respectively, indicating rapid expansion in trading facilitation services [11]. - 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 84% of the digital assets being mainstream tokens [12]. Group 3: Market Position and Services - HashKey is recognized as the largest onshore platform in Asia by trading volume and the largest on-chain service provider by staked assets [3][4]. - The company offers OTC services designed for large-scale or customized digital asset transactions, ensuring compliance and reduced market impact [8]. - HashKey's blockchain investment fund has achieved a return rate exceeding 10 times, significantly outperforming the industry average [10]. Group 4: Future Plans and Use of IPO Proceeds - The proceeds from the IPO will be allocated towards technology and infrastructure upgrades, market expansion, ecosystem partnerships, and general corporate purposes [13].

类似的局面并非首次上演。2018年比特币暴涨时，显卡工厂产能几乎全数被区块链矿场吞噬，最终造成零售缺货、价格飞涨。 今年则在AI算力战下重复发生。行业人士承认，如今各大代工厂即便满负荷运转，仍填不满数据中心和企业对DRAM、NAND 的胃口，比如十铨管理层就坦言，现在不只是台式机内存，连GDDR6、GDDR7、LPDDR5几乎都买不上，在东南亚的部分电 商平台，发货时间甚至被拉长至半年以上。 事实上，冷数据存储方式也在近期出现变化。由于硬盘制造商未扩产，越来越多的数据中心将冷数据转移至固态硬盘，这进一 步加剧了NAND闪存的紧俏状况。假如某地突然增加机械硬盘生产，或许对固态盘供应有正向影响，但目前看来距离这种转折 还很遥远。 也有极少数反向案例可供参考。去年日本市场的DDR4库存意外过剩，偶然导致本地用户短时间享受了平价内存。然而仅两个 月之后，全球行情一体化依旧将价格拉升到高位，证明区域性"小阳春"难以长久。从整体趋势看，只要AI赛道继续狂奔，大众 购买力就只能被动等待新一轮市场变革带来的再平衡。 未来几年，除非有技术突破降低DRAM/NAND生产难度，否则对于绝大多数玩家和消费级用户，攒机和升级的窗口期只 ...