Core Viewpoint - HashKey Holdings Limited is preparing for an upcoming listing in Hong Kong, with J.P. Morgan and Guotai Junan International as joint sponsors [1][2]. Company Overview - HashKey is a comprehensive digital asset service platform based in Asia, with global operations. Its core services include trading facilitation, on-chain services, and asset management [2]. - The company offers spot and OTC trading services through a licensed digital asset trading platform, supporting major cryptocurrencies and stablecoins, while providing compliant market access and custody solutions for institutional and retail clients [2]. - In terms of on-chain services, HashKey provides staking, tokenization, and blockchain infrastructure services, and has developed its own Layer 2 network, HashKey Chain, which supports the tokenization and circulation of real-world assets (RWA) [2]. - The asset management services encompass venture capital and secondary market funds, offering digital asset allocation solutions for institutional clients [2]. - HashKey operates in multiple jurisdictions, including Hong Kong, Bermuda, and Singapore, aiming to build a digital asset ecosystem that connects traditional finance with Web3 through compliant technological infrastructure [2]. Fundraising Purpose - The funds raised from the Hong Kong listing will be allocated for: 1. Technology and infrastructure iteration 2. Market expansion and ecosystem collaboration 3. Operations and risk management 4. Working capital and general corporate purposes [4].

Core Viewpoint - Cryptocurrency exchange Gemini has announced its intention to launch an initial public offering (IPO), aiming to raise up to $317 million by offering 16.7 million shares at a price range of $17 to $19 per share [1] Company Overview - Gemini was founded by the Winklevoss brothers and offers a range of services including trading, stablecoin issuance, custody, staking, and credit card services [1] - The company currently manages over $18 billion in assets [1] Financial Performance - In the first half of 2025, Gemini reported a net loss of $283 million, with revenues amounting to $68.6 million, indicating a heavy reliance on trading fees [1] Regulatory Developments - Recently, Gemini reached a settlement with the U.S. Securities and Exchange Commission regarding allegations of selling unregistered securities [1] - The company also paid a $5 million fine to the Commodity Futures Trading Commission concerning compliance issues related to Bitcoin futures [1]

Group 1 - The core viewpoint is that Hongdao Investment has conducted research on a listed company, identifying it as a leader in its sector with a significant market opportunity [1] - The company has a dual revenue model consisting of basic service subscriptions and financial value-added services, with fees ranging from 0.5% to 1% [1] - The market potential for the company's services is described as being in the trillion-level range, with financial connection service fees estimated in the hundred billion range [1] Group 2 - The company has nearly thirty years of technological accumulation and is recognized as a leading provider in network and information security in China [1] - Client feedback is highly positive, indicating that the company's products save time and effort, particularly in remote areas [1] - The company is advancing its pledge and bulk matching platform, with a public experience of the first test version planned [1] Group 3 - Hongdao Investment Management Co., Ltd. was founded in March 2010 by a prominent fund manager and has successfully issued over sixty private fund products [2] - The company has a strong investment research system and a comprehensive investment decision-making committee, ensuring proactive and holistic investment strategies [2] - The investment philosophy of the company is centered around "research creates value," aiming to seize trend investment opportunities for maximum returns [2]