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].

OSL集团（00863）盘中涨超6%，截至发稿，股价上涨1.86%，现报16.96港元，成交额1.20亿港元。 来源：新浪港股 此次在地域和产品两大层面上的扩展，标志着OSL集团全球化战略迈出的重要一步。通过有机增长与拓 展合作网络，OSL集团将能够为欧洲客户提供合规、高效、安全的数字资产交易服务，并为日后于欧洲 市场开展更多业务打下坚实的基础。 12月3日，OSL集团宣布，将通过直营及与当地合作伙伴协作的方式，在欧洲提供合规数字资产现货与 合约交易服务，预计服务将于2026年第一季度正式上线。 ...

智通财经获悉，OSL集团(00863)早盘涨超6%，截至发稿，涨6%，报17.66港元，成交额8858.99万港 元。 消息面上，12月3日，OSL集团宣布，将通过直营及与当地合作伙伴协作的方式，在欧洲提供合规数字 资产现货与合约交易服务，预计服务将于2026年第一季度正式上线。 此次在地域和产品两大层面上的扩展，标志着OSL集团全球化战略迈出的重要一步。通过有机增长与拓 展合作网络，OSL集团将能够为欧洲客户提供合规、高效、安全的数字资产交易服务，并为日后于欧洲 市场开展更多业务打下坚实的基础。 本文源自：智通财经网 ...

Core Viewpoint - OSL Group (00863) has announced plans to expand its operations into Europe, offering compliant digital asset spot and contract trading services, expected to launch in Q1 2026, marking a significant step in its global strategy [1] Group 1: Company Expansion - OSL Group's stock rose over 6%, reaching HKD 17.66 with a trading volume of HKD 88.59 million [1] - The company will provide digital asset trading services through direct operations and partnerships with local entities in Europe [1] - This expansion signifies OSL Group's commitment to organic growth and the establishment of a robust network for future business in the European market [1] Group 2: Market Impact - The move into Europe is expected to enhance OSL Group's ability to offer compliant, efficient, and secure digital asset trading services to European clients [1] - The expansion lays a solid foundation for OSL Group to pursue additional business opportunities in the European market [1]

此次在地域和产品两大层面上的扩展，标志着OSL集团全球化战略迈出的重要一步。通过有机增长与拓 展合作网络，OSL集团将能够为欧洲客户提供合规、高效、安全的数字资产交易服务，并为日后于欧洲 市场开展更多业务打下坚实的基础。 OSL集团(00863)早盘涨超6%，截至发稿，涨6%，报17.66港元，成交额8858.99万港元。 消息面上，12月3日，OSL集团宣布，将通过直营及与当地合作伙伴协作的方式，在欧洲提供合规数字 资产现货与合约交易服务，预计服务将于2026年第一季度正式上线。 ...

OSL集团执行董事兼首席执行官崔崧表示："欧洲是全球数字资产行业重要的合规市场之一，OSL集团 始终恪守当地监管框架，并以在合规前提下开展业务深感自豪，未来将继续致力于为欧洲客户提供更多 机构级的专业服务。" 香港，2025年12月3日 - 亚洲领先的稳定币交易及支付基建平台OSL集团今日宣布，将通过直营及与当 地合作伙伴协作的方式，在欧洲提供合规数字资产现货与合约交易服务，预计服务将于2026年第一季度 正式上线。 此次在地域和产品两大层面上的扩展，标志着OSL集团全球化战略迈出的重要一步。通过有机增长与拓 展合作网络，OSL集团将能够为欧洲客户提供合规、高效、安全的数字资产交易服务，并为日后于欧洲 市场开展更多业务打下坚实的基础。 ...

Core Viewpoint - The Bank of Japan's hawkish signals have triggered a global bond market sell-off, leading to rising yields in major economies and impacting high-risk assets like Bitcoin [1][3]. Group 1: Bank of Japan's Policy Changes - Bank of Japan Governor Kazuo Ueda hinted at a rate hike in December, aiming to raise rates to 0.75% before discussing future paths [1][3]. - Following Ueda's statements, Japan's 10-year government bond yield rose by 0.07 percentage points to 1.87%, reflecting expectations of monetary policy normalization [3]. Group 2: Global Market Reactions - The shift in Japan's interest rate expectations has caused a ripple effect in the global fixed income market, with the U.S. 10-year Treasury yield experiencing its largest single-day increase in a month [4]. - Concerns arise that rising Japanese bond yields may lead domestic investors to withdraw funds from foreign government bonds, reducing demand [4]. Group 3: Impact on Risk Assets - The increase in yields for safe-haven assets has pressured risk assets, with Bitcoin dropping 5.5% in a single day and over 20% in the past month [2][6]. - The tech sector in the U.S. was notably affected, with the Nasdaq Composite Index falling by 0.4% and the S&P 500 down by 0.5% [2][6]. Group 4: Liquidity and Trading Strategies - The unwinding of carry trades, where investors borrow in low-yield currencies like the yen to invest in higher-yield assets, has intensified the sell-off in risk assets [5][6]. - The sell-off in bonds has led to a broader contraction in market risk appetite, affecting various sectors including technology and cryptocurrencies [6].

Core Insights - Companies are implementing hiring freezes, even after verbal job offers have been made, leading to increased frustration among job seekers [2][3] - The Federal Reserve's Beige Book indicates a slight decline in employment, with about half of the districts reporting weaker labor demand and explicit mentions of hiring freezes [4] - Employers are showing greater risk aversion, resulting in layoffs and an influx of overqualified applicants for limited job openings [5] Employment Trends - Hiring freezes are part of broader strategies including "replacement-only hiring," attrition, and reduced hours [4] - Companies are focusing on upskilling current employees rather than expanding headcount, although this training often does not lead to promotions or pay increases [6] - Workers are less likely to leave their current jobs due to the tighter job market, reflecting a cautious approach amid uncertainty [6]

Group 1 - HashKey Holdings Limited has passed the hearing for its IPO on the Hong Kong Stock Exchange, with sponsors including JPMorgan and Guotai Junan [1] - The company operates a licensed digital asset platform providing trading facilitation, on-chain services, and asset management, with trading facilitation being its core business [1] - HashKey's trading volume reached HKD 638.4 billion in 2024, a year-on-year increase of over 90%, but faced a decline of nearly 40% to HKD 214 billion in the first half of 2025 due to poor digital asset performance and issues with fiat deposit channels in Bermuda [1][2] Group 2 - Institutional clients are the primary drivers of trading volume, with monthly trading volume for institutional clients reaching HKD 24.304 billion in the first half of 2025, nearly five times that of retail clients [2] - HashKey has not yet achieved profitability, reporting a net loss of HKD 1.19 billion in 2024, with total revenue of HKD 721 million and significant investment in hardware and platform development, leading to R&D expenses of HKD 557 million, which accounted for 77.2% of revenue [3] - The company plans to use the funds raised from the IPO for technology and infrastructure upgrades, as well as product innovation [4]

Core Viewpoint - HashKey Holdings Limited has successfully passed the Hong Kong Stock Exchange hearing and is positioned as a leading digital asset company in Asia, offering a comprehensive range of services including trading facilitation, on-chain services, and asset management [2][3]. Group 1: Company Overview - HashKey provides a licensed digital asset platform that facilitates trading, on-chain services, and asset management, with capabilities to issue and circulate tokenized real-world assets [2]. - The company has established itself as a mature digital asset company in Asia, with a global presence and a focus on building a digital asset ecosystem through end-to-end financial infrastructure and technology [2][3]. - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume projected for 2024 [2]. Group 2: Product and Service Offerings - HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects as of September 30, 2025 [3]. - The company offers OTC trading services designed for large-scale or customized digital asset transactions, providing a compliant trading venue with higher flexibility and confidentiality [7]. - HashKey's on-chain services include blockchain staking infrastructure, tokenization capabilities, and blockchain-native development, making it the largest staking service provider in Asia with HKD 29 billion in staked assets [7]. Group 3: Financial Performance - HashKey's revenue sources include trading facilitation, on-chain services, and asset management, with significant growth in trading facilitation services [6][10]. - The company's revenue for 2022, 2023, and 2024 was HKD 129 million, HKD 208 million, and HKD 721 million respectively, reflecting rapid expansion in trading facilitation services [10]. - 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 mainstream tokens comprising 84% of the digital asset portfolio [11]. Group 4: Market Position and Strategy - HashKey's 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, driven by the launch of its Hong Kong digital asset trading platform [12]. - The company plans to allocate funds raised from its IPO for technology and infrastructure upgrades, market expansion, ecosystem collaboration, and general corporate purposes [12].