Core Viewpoint - HashKey Holdings is launching an IPO for its virtual asset exchange, aiming to raise up to HKD 1.67 billion with a share price range of HKD 5.95 to HKD 6.95, reflecting strong investor interest with a subscription rate of 301.6 times [1] Group 1: Company Overview - HashKey is a comprehensive digital asset company providing a licensed platform for trading facilitation, on-chain services, and asset management [2] - The company has launched HashKey Chain, a scalable Layer 2 infrastructure supporting on-chain migration, and is recognized as the largest regional onshore platform in Asia with a market share exceeding 75% [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: Product and Service Offerings - The company's platform supports trading of 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [2] - The Hong Kong platform facilitates trading of various cryptocurrencies such as USDT, BTC, ETH, and others, while the Bermuda platform supports a total of 72 categories of digital assets [3] Group 3: IPO Details - HashKey plans to issue 240 million shares with a public offering accounting for 10% of the total, and has the option to increase the offering by 30% and an additional 15% post-listing [1] - The company has secured cornerstone investors, raising approximately HKD 590 million from nine investors, including UBS and Fidelity [1]

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]