HashKey源自这样一个路线从18年走到今天。目前，HashKey在6个不同的司法区域，一共获取了13张牌 照。 配发结果显示，公司香港公开发售获8.86万份申请，受理为2.98万份，超购392.71倍，一手中签率为 10%，国际发售部份则获超购4.46倍。 香港持牌虚拟资产交易所HashKey Exchange母企HashKey Holdings（3887.HK）今日挂牌，股价开报6.7 港币，较定价6.68元高0.3%，最高升超5%，其后随即掉头向下，低见6.12元跌8.4%，每手400股，一手 帐面蚀44元。 责任编辑：郝欣煜 多位香港政商代表到场参与HashKey IPO仪式，包括财政司司长陈茂波、港交所主席唐家成及行政总裁 陈翊庭、证监会主席黄天祐、立法会（科技创新界）议员邱达根等。 香港持牌虚拟资产交易所HashKey Exchange母企HashKey Holdings（3887.HK）今日挂牌，股价开报6.7 港币，较定价6.68元高0.3%，最高升超5%，其后随即掉头向下，低见6.12元跌8.4%，每手400股，一手 帐面蚀44元。 HashKey董事长肖风致辞时表示，公司自2018年在香 ...

香港持牌虚拟资产交易所Hashkey Exchange母企HASHKEY HLDGS(3887.HK)明日(17日)在港挂牌上 市，富途行情显示，该股暗盘段收跌1.05%，报6.61港元，每手400股，不计手续费，一手亏28港元。 根据弗若斯特沙利文资料，按2024年交易量计，HASHKEY是亚洲最大的区域性在岸平台。在交易业务 之外，按质押资产计，是亚洲最大的链上服务提供商，同时，以在管资产计，也是亚洲最大的数字资产 管理机构。截至9月30日，平台共支持80种数字资产代币，涵盖多个类别，包括主要Layer-1资产、去中 心化金融(DeFi)代币、稳定币及新兴生态系统项目。 | 03887 HASHKEY HLDGS | | ol | | --- | --- | --- | | 6.610 4 -0.070 -1.05% | | 暗盘已收盘 12/16 18:29 | | * % % 目 ♥ 白选 | | ● 快捷交易 | | 最高价 7.710 | 开盘价 6.680 | 成交量 856.24万 | | 最低价 6.580 | 昨收价 6.680 | 成交额 5940.46万 | | 平均价 6.937 | ...

北京商报讯（记者 岳品瑜 董晗萱）12月16日，北京商报记者注意到，香港证监会官网将"香港稳定币 交易所"列入"可疑虚拟资产交易平台"，并公示了其网址。备注显示，该实体宣称是在上述网站上营运 的一个虚拟资产交易平台，涉嫌进行无牌活动、从事虚拟资产相关欺诈活动。该实体虚假宣称其由"港 交所、联交所、期交所香港三大交易所共同成立"，事实上跟三者并无关连。 香港证监会在官网定期更新"无牌公司及可疑网站完整列表"。除"香港稳定币交易所"，近日，还有"9M AI Group Inc. / 9M AI (只备有英文名称)"等被列入可疑虚拟资产交易平台。 ...

来源：新浪证券 出品：新浪财经上市公司研究院 作者：喜乐 基石投资占比合理但结构分化 中资主流机构缺席成短板 本次IPO的基石投资环节，共有9家投资者合计认购7500万美元，按发行规模下限计算，占基础发行规 模的40.8%，这一比例在近期港股IPO项目中处于合理水平，一定程度上彰显了部分资本对公司的认 可。同时，公司可通过发售量调整权灵活调整发行规模，有效控制流通盘水平，为上市后股价稳定提供 一定支撑。 从投资者构成来看，基石阵容呈现明显的两级分化态势。一方面，有国际知名长线基金加持：瑞银资管 及富达国际分别投资1000万美元、500万美元，其中后者同时还是公司的老股东关联方，今年仅参与了 紫金黄金国际及本单IPO项目。 另一方面，参与机构中既有行业知名玩家，也有缺乏基石投资经验的新面孔。鼎晖资本作为知名中资私 募，同时也是老股东关联方，投资500万美元；无极资本出资1000万美元，这家港股市场活跃的对冲基 金获得中东资金支持后，今年通过港股配售及IPO基石投资累计投入超150亿港元，投资活跃度颇高； 至源控股作为产业投资者，同样投入1000万美元布局。而信庭基金、利通发展、Space Z PTE、Shini ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：喜乐 Hashkey于12月9日启动全球发售，预计于12月15日定价，并于12月17日上市。本次IPO发行价格区间为5.95-6.95港元/股，基础发行 股数约为2.4亿股，对应发行规模约14.3-16.7亿港元。此外，公司还设置了发售量调整权及超额配售选择权，若上述两种权利均全额 行使，则发行规模将达到21.4-25.0亿港元。一边是亚洲区域市场的龙头地位与香港虚拟资产交易的先发牌照优势，一边是全球竞争 力薄弱、业绩增长波动且持续亏损的现实；一边是多元化基石投资者参与且占比合理，一边是中资主流机构缺席、配售通道暗藏隐 忧的短板。多重变量叠加下，Hashkey的上市表现充满不确定性。 基石投资占比合理但结构分化 中资主流机构缺席成短板 本次IPO的基石投资环节，共有9家投资者合计认购7500万美元，按发行规模下限计算，占基础发行规模的40.8%，这一比例在近期 港股IPO项目中处于合理水平，一定程度上彰显了部分资本对公司的认可。同时，公司可通过发售量调整权灵活调整发行规模，有效 控制流通盘水平，为上市 ...

Core Insights - HashKey Holdings, the parent company of the licensed virtual asset trading platform HashKey Exchange in Hong Kong, is in the final stage of its IPO process [1] - The international placement portion has been oversubscribed, with public offering funds amounting to approximately HKD 24.898 billion, representing an oversubscription of about 148 times against the fundraising target of HKD 167 million [1] - The IPO subscription will close on December 12 [1]

Core Viewpoint - HashKey Holdings, the parent company of HashKey Exchange, is launching an IPO from today until December 12, with a share price range of HKD 5.95 to 6.95, aiming to raise up to approximately HKD 1.672 billion [1] Fund Allocation - Approximately 40% of the net proceeds will be used for upgrading technology and infrastructure over the next 3 to 5 years [1] - About 40% will be allocated to expanding the operational team, increasing brand awareness, and establishing ecosystem partnerships [1] - Around 10% will be used to further enhance operations and risk management [1] - The remaining 10% will be for working capital and general corporate purposes [1]

| J.P.Morgan | | 國泰君安國際 | | --- | --- | --- | | | GUOTAI HAITONG | GUOTA JUNAN NTERNATIONAL | | | | 搜狐号@HawkInsight | 一、合规牌照构筑业务护城河 2025年12月1日，港交所披露信息显示，综合性数字资产公司HashKey Holdings Limited（以下简 称"HashKey"）已通过主板上市聆讯，向成为"香港虚拟资产第一股"迈出关键一步。据悉，此次IPO计 划募资约5亿美元（折合约39亿港元）。由摩根大通和国泰海通联席保荐。 HashKey的收入主要来源于三大板块：交易促成服务、链上服务及资产管理服务。其中，交易促成服务 是当前核心收入来源，2024年实现收入7.21亿港元。2025年上半年，该业务收入为2.84亿港元。值得关 注的是，公司客户集中度显著下降，五大客户收入占比由2022年的79.6%降至2025年上半年的22.8%。 在链上服务方面，截至2025年9月底，HashKey的质押资产规模达290亿港元；其自研的HashKey Chain 作为以太坊Layer 2网络，已实现 ...

Economic Indicators - The US manufacturing sector is experiencing its largest contraction in four months, with the ISM manufacturing index dropping to 48.2, indicating a decline in factory activity[9] - The US manufacturing index has remained below the neutral level of 50 for nine consecutive months, reflecting ongoing challenges in the sector[13] - In China, the manufacturing PMI for November is reported at 49.20, indicating a slight contraction in the manufacturing sector[17] Market Performance - The Shanghai Composite Index closed up 0.65% at 3914.01 points, while the Shenzhen Component rose by 1.25% and the ChiNext Index increased by 1.31%[1] - The Hang Seng Index in Hong Kong gained 0.67% to close at 26033.26 points, with the Hang Seng Tech Index up 0.82%[1] - Major US indices closed lower, with the Dow Jones down 0.9%, the S&P 500 falling 0.53% to 6812.63 points, and the Nasdaq decreasing by 0.38%[1] Commodity Trends - Precious metals are showing strength across the board, indicating a potential safe-haven demand amid market volatility[1] - The ISM prices paid index in the US has increased, suggesting a rise in raw material costs, which could impact manufacturing margins[13] Corporate Developments - DeepSeek has launched new AI models that reportedly perform comparably to leading models like GPT-5 and Gemini-3.0-Pro, showcasing advancements in AI technology[9] - The Chinese government has instructed data providers to halt the release of monthly real estate sales data, which may increase uncertainty in the property market[13]

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]