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]