Core Insights - HashKey Holdings Limited is preparing for a mainboard listing on the Hong Kong Stock Exchange, with JPMorgan and Cathay Securities acting as joint sponsors [1] - Established in 2018, HashKey is a comprehensive digital asset company with a global reach, offering a wide range of products and services to meet the evolving needs of retail investors, institutional clients, and other stakeholders in the blockchain value chain [1] - As of September 30, 2025, HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [1] Financial Performance - As of September 23, 2025, HashKey's trading platform safeguarded over HKD 19.9 billion in customer assets, with a cumulative spot trading volume of HKD 1.3 trillion [3] - HashKey's on-chain business supports HKD 29 billion in staked assets, making it the largest on-chain service provider in Asia by staked assets and the eighth largest globally [3] - Since its inception, HashKey has achieved an asset management scale of HKD 7.8 billion in venture capital and liquidity strategies [3] Market Position - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume for 2024 [3] - In addition to trading, HashKey is the largest on-chain service provider in Asia by staked assets and the largest digital asset management institution by assets under management [3] - As of August 31, 2025, HashKey held HKD 1.657 billion in cash and cash equivalents, along with HKD 591 million in digital assets, of which 84% are mainstream tokens including ETH, BTC, USDC, USDT, and SOL [3] Use of IPO Proceeds - The net proceeds from the IPO will primarily be used for technology and infrastructure upgrades, market expansion and ecosystem partnerships, operational and risk management, as well as general corporate purposes [4]

Core Viewpoint - HashKey has successfully passed the Hong Kong Stock Exchange hearing, indicating a significant step towards its public listing [1] Financial Performance - HashKey's projected revenues for 2022, 2023, and 2024 are HKD 129 million, HKD 208 million, and HKD 721 million respectively [1] - As of August 31, 2025, HashKey is expected to have cash and cash equivalents amounting to HKD 1.657 billion and digital assets valued at HKD 592 million [1]

Core Viewpoint - HashKey Holdings Limited is preparing for an upcoming listing in Hong Kong, with J.P. Morgan and Guotai Junan International as joint sponsors [1][2]. Company Overview - HashKey is a comprehensive digital asset service platform based in Asia, with global operations. Its core services include trading facilitation, on-chain services, and asset management [2]. - The company offers spot and OTC trading services through a licensed digital asset trading platform, supporting major cryptocurrencies and stablecoins, while providing compliant market access and custody solutions for institutional and retail clients [2]. - In terms of on-chain services, HashKey provides staking, tokenization, and blockchain infrastructure services, and has developed its own Layer 2 network, HashKey Chain, which supports the tokenization and circulation of real-world assets (RWA) [2]. - The asset management services encompass venture capital and secondary market funds, offering digital asset allocation solutions for institutional clients [2]. - HashKey operates in multiple jurisdictions, including Hong Kong, Bermuda, and Singapore, aiming to build a digital asset ecosystem that connects traditional finance with Web3 through compliant technological infrastructure [2]. Fundraising Purpose - The funds raised from the Hong Kong listing will be allocated for: 1. Technology and infrastructure iteration 2. Market expansion and ecosystem collaboration 3. Operations and risk management 4. Working capital and general corporate purposes [4].

香港交易及結算所有限公司、香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的 內容概不負責，對其準確性或完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 HashKey Holdings Limited （「本公司」） （於開曼群島註冊成立的有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資料予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、本公司的保薦人、整體協調人、顧問或承銷團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前，本公 司不會向香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請 僅依據於香港公司註冊處處長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售期內向公眾 人士刊發。 (a) 本文件僅為向香港公眾人士提 ...

Group 1 - Diginex Ltd (NASDAQ:DGNX) has formed a strategic alliance with Evident Group to address the increasing demand for sustainability data and tokenized assets [1] - The recent announcement is seen as a potential catalyst for a reversal in the stock price after a period of selling [1] - DGNX shares have shown significant price levels, with $13.50 being a critical support level that traders have recognized [2][5] Group 2 - Following the stock's return to the $13.50 level in late October, many investors placed buy orders, creating support at this price [5] - When this support was broken, some investors regretted their positions, leading to sell orders when the stock returned to this price [6] - The breaking of resistance indicates that the previous sellers are no longer in the market, potentially setting the stage for a price increase as new buyers enter [6]

Group 1 - The Hong Kong Monetary Authority (HKMA) has launched a new phase of the Ensemble project called "EnsembleTX," marking a significant step in promoting tokenized deposits and the real value trading of digital assets [1] - Ant Group has been recognized as a pioneer in the EnsembleTX initiative, collaborating with financial institutions and regulators to explore compliant applications of tokenization [1] - The trial phase of EnsembleTX will utilize tokenized deposits for settling tokenized money market fund transactions and testing real-time liquidity management, initially relying on the Hong Kong dollar's instant payment settlement system [1] Group 2 - Ant Group's ongoing participation in the Ensemble project is driven by its technological accumulation and practical experience, including the recent launch of the "DT Tokenization Suite" for providing digital services throughout the asset lifecycle [2] - The company has also introduced the Layer2 public chain Jovay, which offers high performance, low cost, and high security, serving as a solid technical foundation for asset tokenization [2] - In the Hong Kong market, Ant Group has collaborated with firms like Citic Securities and China Gas to implement digital asset issuance cases, gaining extensive compliance practice experience [2]

Core Insights - Fireblocks is in discussions with investors to raise funds for repurchasing employee shares, with Citigroup handling the transaction, which is still in the early stages [1] - The scale of the buyback and the company's valuation have not yet been clarified [1] Company Overview - Fireblocks provides digital asset infrastructure for large enterprises, with clients including BNY Mellon, Revolut, and WorldPay [1] - The company has raised over $1 billion in total funding [1] - In January 2022, Fireblocks was valued at $8 billion after raising $550 million [1] - Recently, Fireblocks acquired Dynamic Labs to meet the demand for stablecoin and other digital asset services from large consumer enterprises [1]

Core Viewpoint - The company, Ocean Group, has signed a non-binding memorandum of understanding with Coinvex Limited for a potential strategic investment in a platform focused on real-world assets (RWA) [1] Group 1: Investment Details - The memorandum outlines a potential investment in CoinVEX, which operates a digital asset platform with core businesses including regulated digital asset trading and AI-driven quantitative investment services [1] - The company aims to explore innovative measures to enhance competitiveness and shareholder value by transitioning into AI and RWA sectors [1] Group 2: Strategic Direction - The board believes that the digital currency and RWA sectors are rapidly developing, aligning with global financial market innovation trends [1] - This potential investment is a key step in the company's Web4.0 digital finance strategy, aimed at diversifying its business and seizing digital opportunities [1] Group 3: Expected Outcomes - The investment is expected to allow the company to enter a high-growth digital finance sector [1] - It aims to create new profit growth points through AI quantitative technology and trading platforms [1] - The initiative is anticipated to enhance the company's overall competitiveness in the digital asset ecosystem, creating long-term value for shareholders [1]

Core Viewpoint - The company, Ocean Group, has signed a non-binding memorandum of understanding with Coinvex Limited for a potential strategic investment in a platform focused on real-world assets (RWA) [1] Group 1: Investment Details - The memorandum pertains to a potential investment in CoinVEX, which operates a digital asset platform with core businesses including regulated digital asset trading and AI-driven quantitative investment services [1] - The company is actively transitioning towards AI digital human and RWA sectors, exploring innovative measures to enhance competitiveness and shareholder value [1] Group 2: Strategic Direction - The board believes that the digital currency and RWA sectors are rapidly developing, aligning with global financial market innovation trends [1] - The potential investment aligns with the company's strategy to explore digital business opportunities and diversify its operations, marking a key step in implementing its Web4.0 digital finance strategy [1] Group 3: Expected Outcomes - The potential investment is expected to allow the company to enter a high-growth digital finance sector [1] - It aims to create new profit growth points through AI quantitative technology and trading platforms [1] - The investment is anticipated to enhance the company's overall competitiveness in the digital asset ecosystem, creating long-term value for shareholders [1]

Core Viewpoint - The successful acquisition of the MSB financial license by Hong Kong Jutong Management Co., Ltd. (Jutong Exchange) marks a significant step in its compliance and internationalization efforts, enhancing its business expansion opportunities and drawing attention to the importance of the MSB qualification in the fintech and digital asset service sector [1][16]. Group 1: Core Functions of MSB License - The MSB financial license is a compliance registration and regulatory system for "money services businesses," aimed at regulating industry order and combating illegal financial activities such as money laundering and terrorist financing [4]. - Holding an MSB license allows companies to legally conduct core services such as cross-border payment and remittance services, payment processing services, and activities related to digital assets within the U.S. and involving the U.S. dollar system [4][5][6]. Group 2: Challenges in Obtaining MSB License - The process of obtaining the MSB license is challenging and serves as a rigorous test of a company's overall strength, requiring detailed transparency in the application process, including comprehensive company information and ownership structure [9]. - A robust anti-money laundering (AML) system is essential for the MSB license application, necessitating the establishment of internal policies, appointment of a compliance officer, regular employee training, and an independent internal audit mechanism [10][12][14]. - After obtaining the license, companies face ongoing regulatory scrutiny and must fulfill various legal obligations, including submitting reports on large cash transactions and suspicious activities, which adds to compliance costs and pressures [10][12]. Group 3: Impact of MSB License on Jutong Exchange - The acquisition of the MSB license significantly enhances Jutong Exchange's global credibility, serving as indirect recognition of its compliance operations by a U.S. regulatory authority, thus creating a strong competitive advantage [15]. - The license facilitates access to essential business channels, allowing Jutong Exchange to connect with international banks and payment service providers, thereby expanding its service offerings for users [15]. - The MSB license reinforces Jutong Exchange's commitment to compliance and stable operations, attracting quality users and talent focused on security and long-term value, which is crucial for sustainable growth [15].