Core Viewpoint - The contrasting regulatory environment in China and Hong Kong creates confusion regarding the digital asset sector, but HashKey's upcoming IPO represents a significant opportunity in the Real World Asset (RWA) space, which is expected to grow into a trillion-dollar market [1]. Group 1: HashKey Overview - HashKey is a licensed virtual asset exchange in Hong Kong, holding multiple financial licenses and expanding from professional investors to retail markets, aligning with Hong Kong's regulatory framework [3]. - The platform aims to bridge traditional finance and Web3, with RWA as its core focus [3]. Group 2: RWA Significance - RWA involves tokenizing traditional assets like stocks and real estate on the blockchain, enhancing liquidity and reducing transaction costs, with a global market potential in the trillions [4]. - HashKey has already launched tokenized securities products in collaboration with Guangfa Securities, exemplifying the feasibility of traditional asset tokenization [4]. Group 3: Hong Kong's Strategic Position - Hong Kong's ambition to become an international virtual asset hub is supported by its unique position to connect mainland China with global markets, contrasting with the more open approaches of Singapore and Dubai [6]. - Licensed platforms like HashKey are expected to facilitate the tokenization of mainland assets and the entry of global RWA assets into China, balancing innovation with regulatory oversight [7]. Group 4: Regulatory Dynamics - The regulatory differences between mainland China and Hong Kong serve a complementary purpose, with mainland regulations focused on risk prevention and Hong Kong fostering innovation as an international financial center [8]. - HashKey's IPO signifies a shift in the digital asset industry towards compliance, securitization, and integration with the real economy, with RWA emerging as a key competitive area [8].

Core Viewpoint - Hashkey Holdings Limited is launching an IPO in Hong Kong, aiming to raise approximately 1.426 billion HKD, with a focus on expanding its technology and ecosystem [1][6]. Group 1: Company Overview - Hashkey Holdings Limited, established in 2018 and headquartered in Hong Kong, is one of the early players in the digital asset service sector in Asia [3]. - The company has obtained 13 regulatory licenses across regions, including the VATP license in Hong Kong, positioning it as a leader in the market with over 75% market share by trading volume [3]. Group 2: Business Structure and Revenue - Hashkey's revenue is derived from three main segments: transaction facilitation services (68%), on-chain services (18.7%), and asset management services (13.3%) [4]. - The company has developed its own Layer-2 blockchain, HashKey Chain, focusing on the tokenization of real-world assets (RWA), with a staking asset scale of 29 billion HKD and RWA valued at 1.7 billion HKD [4]. Group 3: IPO and Fund Utilization - The IPO has attracted nine cornerstone investors, including UBS Asset Management and Fidelity, who collectively subscribed for approximately 530 million HKD, representing nearly 30% of the offering [5]. - The net proceeds from the IPO are expected to be allocated as follows: 40% for technology and infrastructure upgrades, 40% for global market expansion and ecosystem partnerships, 10% for compliance and risk management, and 10% for working capital [6]. Group 4: Market Position and Future Outlook - The IPO marks a significant milestone for Hong Kong in establishing itself as a global virtual asset hub, with Hashkey being the first licensed crypto exchange to go public [7]. - Despite not yet being profitable, the company has shown a reduction in losses compared to the previous year, indicating effective cost control measures [4][7].