Core Viewpoint - HashKey Holdings (03887) experienced a significant stock price increase, rising over 18% to reach a new high of 7.8 HKD, with a current trading price of 7.35 HKD and a trading volume of 61.76 million HKD [1] Group 1: Company Overview - HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong [1] - The company’s prospectus indicates that by September 30, 2025, the HashKey platform will support 80 types of digital asset tokens across various categories, including major Layer-1 assets, decentralized finance (DeFi) tokens, stablecoins, and emerging ecosystem projects [1] Group 2: Market Position - 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 digital asset management institution in Asia based on assets under management [1] Group 3: Financial Performance - HashKey's revenue has shown rapid growth, with figures of 129 million HKD in 2022, 208 million HKD in 2023, and a projected 721 million HKD in 2024 [1]

Core Viewpoint - HashKey Holdings (03887) experienced a significant stock price increase, rising over 18% to reach a new high of 7.8 HKD, with a current price of 7.35 HKD and a trading volume of 61.76 million HKD [1] Company Overview - HashKey Exchange is the largest licensed virtual asset exchange in Hong Kong [1] - As of September 30, 2025, the HashKey platform will support 80 types of digital asset tokens, including major Layer-1 assets, DeFi tokens, stablecoins, and emerging ecosystem projects [1] Market Position - According to Frost & Sullivan, HashKey is the largest regional onshore platform in Asia by trading volume for 2024 [1] - The company is also the largest digital asset management institution in Asia by assets under management [1] Revenue Growth - HashKey's revenue is projected to grow significantly from 129 million HKD in 2022 to 721 million HKD in 2024 [1]

Core Viewpoint - HashKey Holdings (03887) has seen a significant decline in its stock price, dropping over 20% from its IPO price, reflecting investor concerns amid a weak cryptocurrency market [1] 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, while incurring 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 recorded a loss of HKD 507 million, indicating that the company has yet to reach profitability [1] Market Position - HashKey Exchange is recognized as Hong Kong's first licensed virtual asset trading platform aimed at retail users, holding licenses for securities trading and automated trading services from the Hong Kong Securities and Futures Commission [1] - According to Frost & Sullivan, HashKey is projected to be the largest regional onshore platform in Asia by trading volume in 2024 [1] Investor Sentiment - Recent reports from Daiwa suggest that due to the ongoing downturn in the cryptocurrency market and declining trading volumes across global exchanges, investor confidence in HashKey may remain low in the short term [1]

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 first day of trading, opening high but closing down over 7%, indicating market skepticism about its valuation and future profitability [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, the company is projected to be the largest regional onshore platform in Asia by trading volume in 2024 [1] - It 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 - The company reported revenues of HKD 129 million, HKD 208 million, and HKD 721 million for the years 2022, 2023, and 2024 respectively, while incurring 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 recorded a loss of HKD 507 million, indicating it has not yet reached profitability [1] Market Reception - During the public offering phase, HashKey received a subscription rate of 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]

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]

Core Viewpoint - HashKey Holdings, the parent company of the licensed virtual asset exchange HashKey Exchange, has officially listed on the Hong Kong Stock Exchange, with its stock price opening at HKD 6.7, slightly above the offering price of HKD 6.68, but later experiencing a decline [1][2]. Group 1: IPO Performance - The stock price initially rose over 5% before dropping to a low of HKD 6.12, representing an 8.4% decrease [1][2]. - The public offering in Hong Kong received 88,600 applications, with 29,800 accepted, resulting in an oversubscription of 392.71 times, and a 10% chance of winning a lot [1][2]. - The international offering was oversubscribed by 4.46 times [1][2]. Group 2: Company Background - HashKey was established in Hong Kong in 2018 and has been preparing for its IPO for five years [1][2]. - The company currently holds 13 licenses across six different jurisdictions [1][2]. - The chairman of HashKey, Xiao Feng, emphasized the importance of adhering to the "One Country, Two Systems" principle during his speech at the IPO ceremony [1][2].

Core Viewpoint - HashKey Holdings, the parent company of HashKey Exchange, is launching an IPO from today until December 12, with a share price range of HKD 5.95 to 6.95, aiming to raise up to approximately HKD 1.672 billion [1] Fund Allocation - Approximately 40% of the net proceeds will be used for upgrading technology and infrastructure over the next 3 to 5 years [1] - About 40% will be allocated to expanding the operational team, increasing brand awareness, and establishing ecosystem partnerships [1] - Around 10% will be used to further enhance operations and risk management [1] - The remaining 10% will be for working capital and general corporate purposes [1]

Group 1 - HashKey Holdings, the parent company of the licensed virtual asset trading platform HashKey Exchange, is undergoing a listing hearing on the Hong Kong Stock Exchange [1] - The company plans to raise $500 million and aims to go public this month [1] - HashKey reported a loss of HKD 1.19 billion last year, with an adjusted loss of HKD 545 million [1] Group 2 - For the first half of the year ending June, HashKey incurred a loss of HKD 507 million, with an adjusted loss of HKD 452 million [1]