Core Insights - HashKey Holdings Limited (HASHKEY HLDGS) has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 1.607 billion through the issuance of 241 million new shares, marking it as the "first cryptocurrency stock in Hong Kong" [1][4] Group 1: Company Overview - HASHKEY HLDGS is a comprehensive digital asset company with a solid foundation in Asia, offering a range of services including digital asset trading facilitation, on-chain services, and asset management [5] - As of September 30, 2025, HASHKEY HLDGS supports 80 types of digital asset tokens across various categories, including major Layer-1 assets, decentralized finance (DeFi) tokens, stablecoins, and emerging ecosystem projects [5] - According to Frost & Sullivan, HASHKEY HLDGS is the largest regional onshore platform in Asia by trading volume projected for 2024, and it is also the largest on-chain service provider and digital asset management institution in Asia by staked assets and assets under management, respectively [5] Group 2: Market Position and Financials - During the IPO, HASHKEY HLDGS received significant investor interest, with the public offering portion being oversubscribed by 393.71 times, and the final offer price set at HKD 6.68 per share [4] - The funds raised from the IPO will be allocated as follows: approximately 40% for technology and infrastructure upgrades, 40% for market expansion and ecosystem partnerships, 10% for operations and risk management, and 10% for working capital and general corporate purposes [4] Group 3: Financial Services Context - Adept Financial, a seasoned financial services institution in the Hong Kong and US markets, played a crucial role in facilitating HASHKEY HLDGS's listing, emphasizing the integration of traditional and digital finance [3] - The company aims to provide a standardized path for global digital financial enterprises to capitalize, leveraging its extensive experience in underwriting and listing coordination [3]

Core Viewpoint - HashKey HLDGS successfully listed on the Hong Kong Stock Exchange, establishing itself as a leading licensed digital asset platform in Asia, providing trading facilitation, on-chain services, and asset management services [1][17]. Group 1: Company Overview - HashKey operates a comprehensive digital asset ecosystem, offering end-to-end financial infrastructure, technology, and investment management globally [4][19]. - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume projected for 2024, and also the largest on-chain service provider and digital asset management institution by staked assets [1][4][19]. Group 2: Financial Performance - HashKey's revenue for 2022, 2023, and 2024 was HKD 129 million, HKD 208 million, and HKD 721 million respectively, indicating rapid growth in trading facilitation services [11][26]. - The company recorded a gross profit of HKD 126 million, HKD 195 million, and HKD 533 million for the same years, with gross margins of 97.2%, 94.0%, and 73.9% respectively [27]. - As of August 31, 2025, HashKey had HKD 1.657 billion in cash and cash equivalents, and HKD 592 million in digital assets, with 84% of the digital assets being mainstream tokens [12][27]. Group 3: Trading and Services - HashKey's trading volume surged from HKD 4.2 billion in 2022 to HKD 328 billion in 2023, and further to HKD 638.4 billion in 2024, primarily due to the launch of its Hong Kong digital asset trading platform [28]. - The company supports trading for 80 types of digital asset tokens, including major Layer-1 assets and DeFi tokens, and provides licensed market access with institutional-grade security [5][22]. Group 4: Strategic Initiatives - The company plans to allocate approximately 40% of the IPO proceeds for technology and infrastructure upgrades, another 40% for market expansion and ecosystem partnerships, and 10% for operations and risk management [13][28]. - HashKey has become one of the first approved VATPs to serve both professional and retail investors in Hong Kong, marking a regulatory milestone in the virtual asset market [6][22].

Core Viewpoint - HashKey Holdings is launching an IPO for its virtual asset exchange, aiming to raise up to HKD 1.67 billion with a share price range of HKD 5.95 to HKD 6.95, reflecting strong investor interest with a subscription rate of 301.6 times [1] Group 1: Company Overview - HashKey is a comprehensive digital asset company providing a licensed platform for trading facilitation, on-chain services, and asset management [2] - The company has launched HashKey Chain, a scalable Layer 2 infrastructure supporting on-chain migration, and is recognized as the largest regional onshore platform in Asia with a market share exceeding 75% [2] - HashKey is also the largest on-chain service provider in Asia and the largest digital asset management institution by assets under management [2] Group 2: Product and Service Offerings - The company's platform supports trading of 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [2] - The Hong Kong platform facilitates trading of various cryptocurrencies such as USDT, BTC, ETH, and others, while the Bermuda platform supports a total of 72 categories of digital assets [3] Group 3: IPO Details - HashKey plans to issue 240 million shares with a public offering accounting for 10% of the total, and has the option to increase the offering by 30% and an additional 15% post-listing [1] - The company has secured cornerstone investors, raising approximately HKD 590 million from nine investors, including UBS and Fidelity [1]

Group 1 - HashKey Holdings plans to issue 240 million shares with an offering price between HKD 5.95 and HKD 6.95, aiming to raise up to HKD 1.67 billion [1] - The company has received margin financing of HKD 50.6 billion from brokers, with the public offering being oversubscribed by 301.6 times [1] - The expected listing date for HashKey is December 17, with a minimum entry fee of HKD 2,808 for 400 shares [1] Group 2 - HashKey is a comprehensive digital asset company providing a licensed platform for trading facilitation, on-chain services, and asset management [2] - The company has launched HashKey Chain, a scalable Layer 2 infrastructure to support on-chain migration, and is recognized as the largest regional onshore platform in Asia with a market share exceeding 75% [2] - HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [2] Group 3 - The Hong Kong platform supports trading of various digital assets including USDT, BTC, ETH, USDC, SOL, LINK, AVAX, DOGE, UNI, and XRP, while the Bermuda platform covers 72 categories of digital assets [3]

Core Viewpoint - HashKey Holdings is planning a global offering of approximately 241 million shares, with a price range of HKD 5.95 to 6.95 per share, aiming to raise around HKD 14.264 billion if the midpoint price is applied [2][13]. Group 1: Offering Details - The company intends to offer about 24.057 million shares in Hong Kong and approximately 217 million shares internationally, with the offering period set from December 9 to December 12, 2025, and the expected pricing date on December 15, 2025 [2]. - The shares will be traded in lots of 400 shares, with J.P. Morgan and Guotai Junan International acting as joint sponsors [2]. - A cornerstone investment agreement has been established, with cornerstone investors agreeing to subscribe for shares totaling USD 75 million (approximately HKD 584 million) under certain conditions [2]. Group 2: Company Overview - HashKey provides a licensed digital asset platform offering trading facilitation, on-chain services, and asset management, and has launched HashKey Chain, a scalable Layer 2 infrastructure [4]. - The company is recognized as the largest regional onshore platform in Asia by trading volume as of 2024, and it is also the largest on-chain service provider and digital asset management institution in Asia by staked assets [4][5]. - As of September 30, 2025, HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets and DeFi tokens [5]. Group 3: Financial Performance - HashKey's revenue sources include trading facilitation, on-chain services, and asset management, with significant growth in trading volumes from HKD 4.2 billion in 2022 to HKD 328 billion in 2023 [11][13]. - The company recorded revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024, respectively, indicating rapid expansion in trading facilitation services [11]. - As of August 31, 2025, HashKey held HKD 1.657 billion in cash and cash equivalents, along with HKD 592 million in digital assets, with 84% of the digital assets being mainstream tokens [12]. Group 4: Use of Proceeds - The company plans to allocate approximately 40% of the global offering proceeds for technology and infrastructure upgrades, another 40% for market expansion and ecosystem partnerships, and the remaining 20% for operational and risk management as well as general corporate purposes [14].

Core Viewpoint - HASHKEY HLDGS has officially launched its global offering in Hong Kong, aiming to raise approximately HKD 14.264 billion through the issuance of around 241 million shares, with a price range of HKD 5.95 to HKD 6.95 per share [2] Group 1: Offering Details - The global offering consists of approximately 241 million shares, with around 217 million shares allocated for international offering and 24.06 million shares for public offering in Hong Kong [2] - The offering period for the public sale is from December 9 to December 12, with the final offer price and allocation results expected to be announced on December 16 [2] - Trading of the shares on the Hong Kong Stock Exchange is set to commence on December 17, with a stock code of 3887 and an entry fee of approximately HKD 2,808.04 [2] Group 2: Investor Support - The offering has secured support from nine cornerstone investors, including UBS AM Singapore, Fidelity, CDH, and others, who have committed to subscribe for shares totaling USD 75 million (approximately HKD 584 million) at the offer price [3] Group 3: Company Overview - HASHKEY HLDGS is a licensed digital asset company providing trading facilitation, on-chain services, and asset management, holding 13 licenses across various jurisdictions including Hong Kong, Singapore, and Japan [3] - The company is a leading player in the virtual asset exchange sector in Hong Kong, with a trading volume of HKD 638.4 billion in 2024, capturing over 75% market share [3] Group 4: Financial Performance - The company has experienced rapid revenue growth, with a cumulative increase of nearly 460% from 2022 to 2024, projecting revenue of HKD 721 million in 2024 [4] - Despite significant investments in technology and compliance, the company has not yet achieved profitability, forecasting a net loss of HKD 1.19 billion in 2024 and over HKD 500 million in the first half of 2025 [4] - User growth has been explosive, increasing from 18 registered users at the end of 2022 to 1.4469 million by June 2025, with a customer retention rate of 99.9% during the historical record period [4]

Core Viewpoint - HashKey Group is set to launch its IPO, aiming to raise approximately $200 million, with a focus on expanding its digital asset services and infrastructure in Asia [2][3]. Group 1: Company Overview - HashKey provides a licensed digital asset platform offering trading facilitation, on-chain services, and asset management [3]. - The company has established itself as a leading integrated digital asset company in Asia, with a comprehensive ecosystem catering to retail investors, institutional clients, and other stakeholders in the blockchain value chain [3][4]. - As of September 30, 2025, HashKey's platform supports 80 types of digital asset tokens, including major Layer-1 assets and DeFi tokens [4]. Group 2: Financial Performance - HashKey's revenue sources include trading facilitation, on-chain services, and asset management, with significant growth in trading volumes from HKD 4.2 billion in 2022 to HKD 328 billion in 2023 [11][13]. - The company recorded revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024, respectively, indicating rapid expansion in trading facilitation services [11]. - As of August 31, 2025, HashKey held HKD 1.657 billion in cash and cash equivalents, along with HKD 592 million in digital assets, with 84% of the digital assets being mainstream tokens [12]. Group 3: Market Position and Services - HashKey is recognized as the largest onshore platform in Asia by trading volume and the largest on-chain service provider by staked assets [3][4]. - The company offers OTC services designed for large-scale or customized digital asset transactions, ensuring compliance and reduced market impact [8]. - HashKey's blockchain investment fund has achieved a return rate exceeding 10 times, significantly outperforming the industry average [10]. Group 4: Future Plans and Use of IPO Proceeds - The proceeds from the IPO will be allocated towards technology and infrastructure upgrades, market expansion, ecosystem partnerships, and general corporate purposes [13].

Group 1: IPO Developments - Moer Thread officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, under the stock code "688795," becoming the first full-function GPU company to enter the capital market in China [3][7] - Guangzhou Yujian Xiaomian Restaurant Co., Ltd. listed on the Hong Kong Stock Exchange on December 5, 2025, under the stock code "2408," marking it as the first stock of a Chinese noodle restaurant [8][10] - HashKey Holdings Limited passed the hearing for listing on the Hong Kong Stock Exchange, aiming to become a comprehensive digital asset company [11][13] Group 2: Company Highlights - Moer Thread focuses on the independent research and design of full-function GPUs, integrating AI computing acceleration, graphics rendering, physical simulation, and scientific computing into a single chip, which enhances market adaptability and technological extensibility [4][5] - Yujian Xiaomian plans to open approximately 520 to 610 new restaurants over the next three years, aiming to exceed 500 total locations by the end of the current year [8][9] - HashKey is recognized as the largest regional onshore platform in Asia by trading volume and the largest on-chain service provider by staked assets [11][12] Group 3: Financial Performance - Moer Thread achieved a revenue of 702 million yuan in the first half of the year, nearly 1.6 times the projected full-year revenue for 2024, with a compound annual growth rate exceeding 200% from 2022 to 2024 [6] - Yujian Xiaomian's total revenue from 2022 to 2024 was 418 million yuan, 800 million yuan, and 1.154 billion yuan, with a compound annual growth rate of 66.2% [9] - 51WORLD's revenue from 2022 to 2024 was 170 million yuan, 256 million yuan, and 287 million yuan, with a 63.6% increase in the first half of 2024 compared to the same period in 2023 [22][23]

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 Holdings Limited is a comprehensive digital asset company with a global presence, aiming to create a digital asset ecosystem that meets the evolving needs of retail investors, institutional clients, and other stakeholders in the blockchain value chain [2]. Group 1: Company Overview - HashKey was established in 2018 and has developed a wide range of products and services related to digital assets, including trading facilitation, on-chain services, and asset management [2]. - As of September 30, 2025, HashKey's platform supports 80 types of digital asset tokens across various categories, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [2]. Group 2: Financial Performance - As of September 23, 2025, HashKey's trading platform safeguards over HKD 19.9 billion in customer assets, with a cumulative spot trading volume of HKD 1.3 trillion [4]. - 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 [4]. - Since its inception, HashKey has achieved an asset management scale of HKD 7.8 billion in the venture capital and liquidity strategy sectors [4]. Group 3: Market Position - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume as of 2024 [5]. - HashKey is also the largest on-chain service provider in Asia by staked assets and the largest digital asset management institution by assets under management [5]. Group 4: Financial Resources - As of August 31, 2025, HashKey holds HKD 1.657 billion in cash and cash equivalents, along with digital assets valued at HKD 591 million, of which 84% are mainstream tokens including ETH, BTC, USDC, USDT, and SOL [5]. - HashKey has received investments from various institutions, including Gao Rong Capital, Fidelity International, and others [5]. Group 5: IPO Plans - The net proceeds from HashKey's IPO will primarily be used for technology and infrastructure upgrades, market expansion, ecosystem collaboration, operational and risk management, and general corporate purposes [5].