Core Viewpoint - HASHKEY HLDGS plans to globally offer 241 million shares, aiming to raise approximately HKD 15.52 billion, with a net amount of HKD 14.26 billion for various operational enhancements and financial flexibility [1][2] Group 1: Share Offering Details - The company will offer 24.0572 million shares in Hong Kong and 217 million shares internationally, with an additional 36.0852 million shares available for over-allotment [1] - The subscription period is set from December 9 to December 12, with a maximum offer price of HKD 6.95 per share and an entry fee of approximately HKD 2,808.04 for a board lot of 400 shares [1] Group 2: Fund Utilization - The raised funds will be used to expand the operational team, enhance brand awareness, and establish ecosystem partnerships [1] - Additional allocations include upgrading technology and infrastructure over the next three to five years, strengthening operational and risk management, and providing working capital for general corporate purposes [1] Group 3: Key Investors - The company has secured cornerstone investors including Cithara Global Multi-Strategy SPC — Bosideng Industry Investment Fund SP, Infini Global Master Fund, UBS Asset Management (Singapore) Ltd., and others, committing to purchase approximately 84.024 million shares at the offer price [1] Group 4: Financial Performance - For the fiscal years ending June 30, 2023, 2024, and the first half of 2025, the company reported net losses of HKD 580 million, HKD 1.189 billion, and HKD 506 million respectively, with year-on-year changes of 0.73%, -104.85%, and 34.84% [2]

Group 1 - HashKey Holdings plans to conduct an initial public offering (IPO) from December 9 to 12, 2025, aiming to globally offer 241 million shares, with approximately 10% allocated for public sale in Hong Kong and 90% for international sale, along with a 15% over-allotment option [1] - The expected price range for the shares is between HKD 5.95 and HKD 6.95, with trading anticipated to commence on the Hong Kong Stock Exchange on December 17 [1] - The company operates a licensed digital asset platform providing trading facilitation, on-chain services, and asset management, and is recognized as the largest regional onshore platform in Asia by trading volume for 2024 [1] Group 2 - The net proceeds from the global offering, assuming no exercise of the over-allotment option and a mid-point share price of HKD 6.45, are estimated to be approximately HKD 14.26 billion [2] - Approximately 40% of the net proceeds will be allocated for upgrading technology and infrastructure over the next three to five years, with 22% specifically for enhancing product development capabilities [2] - The company plans to use about 10% of the proceeds over the next three years for procuring cloud services from external quality cloud providers and upgrading its systems [2]

Core Viewpoint - HashKey Holdings plans to conduct a global offering of 241 million shares, with a price range of HKD 5.95 to 6.95 per share, aiming to raise approximately HKD 14.26 billion in net proceeds [1][2]. Group 1: Offering Details - The global offering consists of approximately 10% for public sale in Hong Kong and 90% for international sale, with an additional 15% over-allotment option [1]. - The shares are expected to commence trading on December 17, 2025, at 9:00 AM Hong Kong time [1]. Group 2: Business Overview - HashKey Holdings operates a licensed digital asset platform providing trading facilitation, on-chain services, and asset management [1]. - The company 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 3: Strategic Partnerships - The company has entered cornerstone investment agreements with several major investors, including UBS AM Singapore and Fidelity, totaling USD 75 million in share subscriptions [2]. - Assuming a mid-range offer price of HKD 6.45, cornerstone investors are expected to acquire approximately 90.54 million shares [2]. Group 4: Use of Proceeds - Approximately 40% of the net proceeds 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 5: 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 [4]. - The number of registered customers increased dramatically from 18 in 2022 to 1.37 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 138,500 by mid-2025, indicating significant growth in client engagement [4].

Group 1 - The company HASHKEY HLDGS plans to globally offer approximately 241 million shares, with 24.06 million shares available in Hong Kong and about 217 million shares for international offering, subject to reallocation and adjustments [1] - The expected pricing date for the shares is December 15, 2025, with a price range of HKD 5.95 to HKD 6.95 per share, and trading is anticipated to commence on December 17, 2025 [1] - The company has established a licensed digital asset platform providing trading facilitation, on-chain services, and asset management services, and is recognized as the largest regional onshore platform in Asia by trading volume according to Frost & Sullivan [2] Group 2 - The cornerstone investors have agreed to subscribe for shares totaling USD 75 million (approximately HKD 584 million) under certain conditions, with the total number of shares to be subscribed being approximately 90.54 million at a median price of HKD 6.45 per share [3] - The net proceeds from the global offering are expected to be approximately HKD 14.264 billion, with 40% allocated for technology and infrastructure iteration, 40% for market expansion and ecosystem partnerships, 10% for operations and risk management, and 10% for working capital and general corporate purposes [4]

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]