Core Viewpoint - HashKey Holdings Limited (HASHKEY HLDGS) has been listed on the Hong Kong Stock Exchange, closing at HKD 6.67, with a slight decline of 0.15% on its first trading day [1]. Group 1: IPO Details - The total number of shares offered globally by HashKey was 240,570,000, with 24,057,200 shares available for public offering in Hong Kong and 216,512,800 shares for international offering [2]. - The final offer price was set at HKD 6.68, raising a total of HKD 1,607,007,600, from which HKD 127,766,819 was deducted for estimated listing expenses, resulting in a net amount of HKD 1,479,240,781 [3][4]. Group 2: Use of Proceeds - The company plans to allocate approximately 40% of the proceeds for technology and infrastructure upgrades, another 40% for market expansion and ecosystem partnerships, and 10% each for operational and risk management as well as general corporate purposes [4]. Group 3: Financial Performance - HashKey's revenue for the years 2022, 2023, 2024, and the first half of 2025 were HKD 129.1 million, HKD 207.8 million, HKD 720.7 million, and HKD 284.0 million respectively, while the losses recorded during the same periods were HKD 585.2 million, HKD 580.0 million, HKD 1,189.6 million, and HKD 506.7 million [6][8]. - The total losses from 2022 to the first half of 2025 amounted to HKD 2.861 billion [7]. Group 4: Cash Flow - The net cash used in operating activities for the years 2022, 2023, 2024, and the first half of 2025 were HKD 143.5 million, HKD 273.7 million, HKD 183.3 million, and HKD 266.3 million respectively [9].

Group 1 - The company HASHKEY HLDGS plans to globally offer 241 million shares, with 24.0572 million shares for Hong Kong and 217 million shares for international offering, along with an over-allotment option of 36.0852 million shares [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] - The total expected fundraising amount is HKD 1.552 billion, with a net amount of HKD 1.426 billion, which will be used for expanding the operational team, enhancing brand awareness, establishing ecosystem partnerships, upgrading technology and infrastructure over the next three to five years, and improving operational and risk management [1] Group 2 - HASHKEY HLDGS is expected to be listed on the main board on December 17, 2025, with J.P. Morgan Securities (Far East) Limited and Guotai Junan Financing Limited as joint sponsors [2] - The company provides a licensed digital asset platform offering trading facilitation services, on-chain services, and asset management services [2] - The projected net profits for the company for the fiscal years 2023, 2024, and the first half of 2025 are expected to be HKD -580 million, HKD -1.189 billion, and HKD -506 million, reflecting year-on-year changes of 0.73%, -104.85%, and 34.84% respectively [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]

Group 1 - HashKey Holdings Limited has passed the hearing for its IPO on the Hong Kong Stock Exchange, with sponsors including JPMorgan and Guotai Junan [1] - The company operates a licensed digital asset platform providing trading facilitation, on-chain services, and asset management, with trading facilitation being its core business [1] - HashKey's trading volume reached HKD 638.4 billion in 2024, a year-on-year increase of over 90%, but faced a decline of nearly 40% to HKD 214 billion in the first half of 2025 due to poor digital asset performance and issues with fiat deposit channels in Bermuda [1][2] Group 2 - Institutional clients are the primary drivers of trading volume, with monthly trading volume for institutional clients reaching HKD 24.304 billion in the first half of 2025, nearly five times that of retail clients [2] - HashKey has not yet achieved profitability, reporting a net loss of HKD 1.19 billion in 2024, with total revenue of HKD 721 million and significant investment in hardware and platform development, leading to R&D expenses of HKD 557 million, which accounted for 77.2% of revenue [3] - The company plans to use the funds raised from the IPO for technology and infrastructure upgrades, as well as product innovation [4]

Core Viewpoint - HashKey Holdings Limited has successfully passed the hearing by the Hong Kong Stock Exchange, indicating a significant step towards its public listing and expansion in the digital asset space [3]. Company Summary - HashKey Holdings Limited offers a licensed digital asset platform that provides trading facilitation services, on-chain services, and asset management services [3]. - The platform has the capability to issue and circulate tokenized real-world assets, showcasing its innovative approach in the digital finance sector [3]. - HashKey has launched HashKey Chain, a scalable and interoperable Layer 2 infrastructure designed to support on-chain migration, enhancing its service offerings [3]. Industry Summary - The digital asset industry is witnessing increased interest and regulatory scrutiny, as evidenced by HashKey's engagement with the Hong Kong Stock Exchange [3]. - The development of tokenized assets and Layer 2 solutions is becoming a focal point for companies in the digital finance sector, reflecting a trend towards greater efficiency and interoperability [3].