Core Viewpoint - Hashkey Holdings (3887.HK) is set to list on the Hong Kong Stock Exchange on December 17, with its shares experiencing a slight decline of 1.05% in the dark market, closing at HKD 6.61 per share [1]. Group 1: Company Overview - Hashkey Holdings is recognized as the largest regional onshore platform in Asia by trading volume projected for 2024 [1]. - In addition to trading operations, Hashkey is the largest on-chain service provider in Asia based on staked assets [1]. - The company is also the largest digital asset management institution in Asia by assets under management [1]. Group 2: Platform and Asset Support - As of September 30, Hashkey's platform supports 80 different digital asset tokens, which include major Layer-1 assets, decentralized finance (DeFi) tokens, stablecoins, and emerging ecosystem projects [1].

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]

Core Viewpoint - HashKey Holdings Limited has passed the main board listing hearing, aiming to become the "first virtual asset stock in Hong Kong" with an IPO plan to raise approximately $500 million (around HKD 3.9 billion) [1] Group 1: Regulatory Compliance and Market Position - HashKey is one of the first virtual asset trading platforms (VATP) approved by the Hong Kong Securities and Futures Commission to provide services to both professional and retail investors [4] - The company holds multiple licenses covering securities trading, investment consulting, automated trading services, and asset management, establishing a comprehensive compliance framework [4] - As of September 30, 2025, HashKey supports trading of 80 digital asset tokens and is the largest onshore digital asset trading platform in Asia, with over 75% market share in Hong Kong based on 2024 trading volume [4] Group 2: Business Structure and Revenue Sources - HashKey's revenue primarily comes from three segments: trading facilitation services, on-chain services, and asset management services, with trading facilitation being the core revenue source [5] - In 2024, the revenue from trading facilitation services was HKD 721 million, and for the first half of 2025, it was HKD 284 million [5] - The concentration of clients has significantly decreased, with the top five clients' revenue contribution dropping from 79.6% in 2022 to 22.8% in the first half of 2025 [5] - As of September 30, 2025, HashKey's staked asset scale reached HKD 29 billion, and its self-developed HashKey Chain has achieved tokenization of real-world assets (RWA) valued at HKD 1.7 billion [5] - The assets under management reached HKD 7.8 billion, with the HashKey Blockchain Investment Fund's historical return rate approximately double the industry average [5] Group 3: Financial Performance and Challenges - HashKey is currently in an expansion phase, recording net losses of HKD 585 million, HKD 580 million, and HKD 1.19 billion for the years 2022 to 2024, with a net loss of HKD 507 million in the first half of 2025 [7] - The gross margin has decreased from 97.2% in 2022 to 65.0% in the first half of 2025, indicating rising operational costs due to business scale expansion [7] - As of August 31, 2025, the company held cash and cash equivalents of HKD 1.657 billion and digital assets worth HKD 592 million, with 84% being mainstream tokens, indicating a solid cash reserve [7] - The regulatory environment poses significant considerations, as the People's Bank of China has reiterated a strict stance against virtual currency trading, potentially limiting HashKey's expansion in mainland markets [7]

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]

Core Viewpoint - The JPEX incident is described as the largest cryptocurrency collapse in Hong Kong's history, revealing systemic risks associated with unlicensed platforms and false advertising, prompting a new phase in virtual asset regulation in Hong Kong [1][2][4] Summary by Sections Background - JPEX, established in 2020 and headquartered in Dubai, claimed to be a global digital asset trading platform, heavily promoting itself through advertisements in Hong Kong [5] - The platform falsely advertised holding financial licenses from jurisdictions like the US, Canada, Australia, and Dubai, which were later revealed to be limited to foreign exchange services [5][10] Incident Development - On September 17, 2023, JPEX froze withdrawals, leading to panic among investors and a surge in reports to the police [2][9] - Within days, the police arrested eight individuals, including KOL Joseph Lam, for allegedly misleading investors about JPEX's legitimacy [2][13] - By November 2025, 16 individuals were formally charged, including key members of JPEX and KOLs, with crimes including conspiracy to commit fraud and money laundering [4][15] Impact and Consequences - The incident has affected over 2,700 victims, with losses exceeding 1.6 billion HKD (approximately 206 million USD) [4][15] - The Hong Kong police have frozen assets worth 228 million HKD, including cash, gold bars, luxury cars, and virtual assets [4][16] - The case has prompted regulatory authorities to strengthen controls over virtual assets, highlighting the dangers of unlicensed platforms [4][6]