根据弗若斯特沙利文的资料，按2024年交易量计，公司是亚洲最大的区域性在岸平台。以在管资产计， 公司也是亚洲最大的数字资产管理机构。公司在营收上增长迅猛，2022年至2024年，公司营收分别为 1.29亿港元、2.08亿港元和7.21亿港元。 公开资料显示，HashKey Exchange是中国香港最大的持牌虚拟资产交易所。公司招股书显示，截至2025 年9月30日，HashKey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。 HASHKEY HLDGS(03887)午后飙升逾18%，高见7.8港元，创上市新高。截至发稿，涨12.21%，报7.35 港元，成交额6176.04万港元。 ...

公开资料显示，HashKey Exchange 是中国香港最大的持牌虚拟资产交易所。公司招股书显示，截至 2025年9月30日，HashKey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。 智通财经APP获悉，HASHKEY HLDGS(03887)午后飙升逾18%，高见7.8港元，创上市新高。截至发 稿，涨12.21%，报7.35港元，成交额6176.04万港元。 根据弗若斯特沙利文的资料，按2024年交易量计，公司是亚洲最大的区域性在岸平台。以在管资产计， 公司也是亚洲最大的数字资产管理机构。公司在营收上增长迅猛，2022年至2024年，公司营收分别为 1.29亿港元、2.08亿港元和7.21亿港元。 ...

（来源：吴说） 吴说获悉，据 KBS，韩国金融委员会在提交国会的《数字资产基本法案》中提出，将拥有约 1,100 万用 户的交易所定位为虚拟资产流通的"核心基础设施"，该表述被解读为指向 Upbit、Bithumb、Coinone、 Korbit 等韩国四大虚拟资产交易所。金融委员会建议参照资本市场法中替代交易所（ATS）的标准，引 入大股东适格性审查机制，将大股东持股比例限制在 15%–20% 区间。若该方案落地，Upbit 运营方 Dunamu、Bithumb、Coinone 等或需进行大规模股权调整。 ...

hello,各位朋友。 一边是14部委联合发文"划红线"，严打虚拟货币交易炒作；另一边，香港HashKey交易所通过港交所审核，即将成为"亚洲加密资产第一股"，预估市值高达 200亿。 这种"冰火两重天"让很多人困惑：数字资产领域，到底该远离，还是有机会？ 关键在于，HashKey上市的核心并非鼓励炒币，而是为万亿规模的RWA（Real World Asset，真实世界资产）赛道，打开了一扇合规的大门。 01 HashKey是谁？持牌合规的"桥梁" 作为香港持牌合规的虚拟资产交易所，HashKey手握证监会第1、4、7、9类全链条金融牌照及VATP虚拟资产交易平台牌照。从仅对专业投资者开放，到拓 展至零售市场，再到如今冲刺上市，它每一步都踩在香港"强监管+稳开放"的节奏上。 不同于其他保守型平台，HashKey的定位是搭建"传统金融+Web3"的桥梁，而其核心支柱，正是RWA。 02 这一布局精准契合香港打造"国际虚拟资产枢纽"的定位。与新加坡、迪拜的全面开放不同，香港的核心优势在于"连接内地与全球"的区位价值。 通过HashKey这类持牌平台，香港有望成为内地资产出海代币化、全球RWA资产进入中国市场的重要 ...

Core Viewpoint - HashKey Holdings (03887) has seen its stock price drop over 20% from its IPO price, reflecting investor concerns amid a weak cryptocurrency market [1] Group 1: Stock Performance - HashKey Holdings' stock fell over 8%, reaching a low of HKD 5.09, and is currently trading at HKD 5.16 with a trading volume of HKD 24.17 million [1] - The stock has declined more than 20% from its IPO price of HKD 6.68 [1] Group 2: Company Overview - HashKey Exchange is the first licensed virtual asset trading platform in Hong Kong aimed at retail users, holding licenses for Type 1 (Securities Trading) and Type 7 (Automated Trading Services) from the Hong Kong Securities and Futures Commission [1] - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume projected for 2024 [1] Group 3: Market Conditions - Daiwa's recent report indicates that due to the ongoing weakness in the cryptocurrency market and declining global exchange trading volumes, investor confidence in HashKey may remain low in the short term [1] Group 4: Financial Performance - The company reported revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024 respectively, with losses of HKD 585 million, HKD 580 million, and HKD 1.19 billion for the same years [1] - In the first half of 2025, HashKey achieved revenue of HKD 284 million but incurred a loss of HKD 507 million, indicating it has not yet reached profitability [1]

Core Viewpoint - HashKey has officially listed on the Hong Kong Stock Exchange, marking it as the first fully cryptocurrency-based company in the Hong Kong market, despite a lackluster stock performance on its debut day [1][18]. Company Overview - HashKey is recognized as Hong Kong's largest licensed cryptocurrency exchange operator, with a market capitalization of HKD 15.6 billion [1]. - The company was founded by prominent figures in the blockchain space, including "blockchain father" Xiao Feng and Wanxiang Group Chairman Lu Weiding, who is also the largest shareholder [1][4]. Stock Performance - On its first trading day, HashKey's stock price opened with a slight increase of nearly 1% but soon turned negative, closing at HKD 6.67, a decrease of 0.15% [1]. - By the second trading day, the stock price further declined to HKD 5.63 [1]. Business Strategy - HashKey emphasizes a compliance-first approach, having established itself in 2018 when the regulatory framework for virtual assets in Hong Kong began to take shape [7]. - The company has obtained 13 licenses across six different jurisdictions, adhering to principles of licensing, compliance, and regulation [8]. Financial Performance - HashKey's revenue has shown significant growth, with projections indicating revenues of HKD 5.18 billion from transaction facilitation services in 2024, accounting for 71.8% of total revenue [9]. - Despite revenue growth, the company has reported substantial losses, with cumulative losses exceeding HKD 2.3 billion over three years [12]. Market Position - HashKey aims to cover the entire value chain of digital assets, including trading facilitation, on-chain services, and asset management [11]. - The company is positioned as the largest asset management service provider headquartered in Hong Kong, with a cumulative asset management scale of HKD 7.8 billion [11]. Industry Context - The listing of HashKey is seen as a significant milestone for the development of virtual assets in Hong Kong, representing a shift towards more regulated and compliant operations in the cryptocurrency sector [19]. - The company’s founder, Xiao Feng, expressed confidence in the long-term potential of the virtual asset industry, citing the importance of regulatory frameworks [17].

Core Viewpoint - HashKey Holdings (03887) experienced a volatile debut on the Hong Kong Stock Exchange, opening high but closing down over 7% on its first day of trading [1] Company Overview - HashKey Exchange is the first licensed virtual asset trading platform in Hong Kong aimed at retail users, holding licenses for Type 1 (Securities Trading) and Type 7 (Automated Trading Services) from the Hong Kong Securities and Futures Commission [1] - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume projected for 2024 [1] - The company is also the largest on-chain service provider in Asia by staked assets and the largest digital asset management institution by assets under management [1] Financial Performance - HashKey reported revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024 respectively, with losses of HKD 585 million, HKD 580 million, and HKD 1.19 billion for the same years [1] - For the first six months of 2025, the company achieved revenue of HKD 284 million but incurred a loss of HKD 507 million, indicating it has not yet reached profitability [1] Market Activity - During the public offering phase, HashKey was oversubscribed by 393.71 times, with 10% of the offering allocated to Hong Kong and 90% to international placements [1] - Post-listing, the company's market capitalization is approximately HKD 13.4 billion, with the IPO price corresponding to a price-to-sales ratio of about 18.6 times for 2024 revenue, suggesting a high valuation [1]

CAI控股(00080)公布，于2025年12月17日，公司(作为买方)与Longling Capital(作为卖方)订立股权转让 协议，拟向Longling Capital收购Forestheaven全部股权约9.09%及EXIO全部股权约3.15%，代价分别为约 5226万港元及1930万港元，将透过发行合共约1.99亿股代价股份支付代价，每股代价股份为0.36港元。 于本公告日期，Longling Capital为该公司控股股东，持有约10.37亿股股份，占已发行股份总数约 52.38%。 董事认为，建议收购事项将为公司提供投资于持牌财富管理公司以及虚拟资产业务的机会，此举符合公 司目前对发展成熟的创新行业的投资重心。建议收购事项将进一步增强公司的投资组合及未来回报。 此外，鉴于2015年购股权计划的届满，董事会建议根据上市规则第17章采纳2025年股份计划，以为合资 格参与者对公司增长及发展所作出或将会作出的贡献向彼等提供激励或奖赏。 据悉，Forestheaven为一间于2021年在英属处女群岛注册成立的投资控股公司，与其附属公司主要从事 在香港提供资产管理、证券谘询及证券买卖服务，以及在瑞士向主要 ...

董事认为，建议收购事项将为公司提供投资于持牌财富管理公司以及虚拟资产业务的机会，此举符合公 司目前对发展成熟的创新行业的投资重心。建议收购事项将进一步增强公司的投资组合及未来回报。 据悉，Forestheaven为一间于2021年在英属处女群岛注册成立的投资控股公司，与其附属公司主要从事 在香港提供资产管理、证券谘询及证券买卖服务，以及在瑞士向主要居于亚洲之投资者发行加密货币交 易所交易产品。 潘渡有限公司为Forestheaven的主要附属公司，其为一间根据证券及期货条例可从事第 1类(证券交易)、第4类(就证券提供意见)及第9类(提供资产管理)受规管活动的持牌法团。 EXIO为一间于2023年在开曼群岛注册成立的公司，其主要营业地点为香港，而其附属公司EXIO Limited为一间于香港持牌虚拟资产交易平台。EXIO Limited为一间可根据证券及期货条例进行第1类(证 券交易)及第7类(提供自动化交易服务)受规管活动的持牌法团，主要业务为虚拟资产交易所及虚拟资产 託管。 CAI控股(00080)公布，于2025年12月17日，公司(作为买方)与Longling Capital(作为卖方)订立股权转让 ...

吴说获悉，香港证监会可疑虚拟资产交易平台名单列表近两月新增四家，分别为 HKTWeb3、 AmazingTech、9M AI、与香港稳定币交易所，四家平台均涉嫌无照经营。其中 HKTWeb3 在其网站上 声称与一间获证监会发牌的虚拟资产交易平台合作，但被辟谣；香港稳定币交易所虚假宣称其由港交 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。 来源：市场资讯 （来源：吴说） ...