根据弗若斯特沙利文的资料，按2024年交易量计，公司是亚洲最大的区域性在岸平台。以在管资产计， 公司也是亚洲最大的数字资产管理机构。公司在营收上增长迅猛，2022年至2024年，公司营收分别为 1.29亿港元、2.08亿港元和7.21亿港元。 公开资料显示，HashKey Exchange是中国香港最大的持牌虚拟资产交易所。公司招股书显示，截至2025 年9月30日，HashKey平台共支持80种数字资产代币，涵盖多个类别，包括主要Layer-1资产、去中心化 金融(DeFi)代币、稳定币及新兴生态系统项目。 HASHKEY HLDGS(03887)午后飙升逾18%，高见7.8港元，创上市新高。截至发稿，涨12.21%，报7.35 港元，成交额6176.04万港元。 ...

公开资料显示，HashKey Exchange 是中国香港最大的持牌虚拟资产交易所。公司招股书显示，截至 2025年9月30日，HashKey平台共支持80种数字资产代币，涵盖多个类别，包括主要Layer-1资产、去中 心化金融（DeFi）代币、稳定币及新兴生态系统项目。 智通财经APP获悉，HASHKEY HLDGS(03887)午后飙升逾18%，高见7.8港元，创上市新高。截至发 稿，涨12.21%，报7.35港元，成交额6176.04万港元。 根据弗若斯特沙利文的资料，按2024年交易量计，公司是亚洲最大的区域性在岸平台。以在管资产计， 公司也是亚洲最大的数字资产管理机构。公司在营收上增长迅猛，2022年至2024年，公司营收分别为 1.29亿港元、2.08亿港元和7.21亿港元。 ...

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]

HashKey源自这样一个路线从18年走到今天。目前，HashKey在6个不同的司法区域，一共获取了13张牌 照。 配发结果显示，公司香港公开发售获8.86万份申请，受理为2.98万份，超购392.71倍，一手中签率为 10%，国际发售部份则获超购4.46倍。 香港持牌虚拟资产交易所HashKey Exchange母企HashKey Holdings（3887.HK）今日挂牌，股价开报6.7 港币，较定价6.68元高0.3%，最高升超5%，其后随即掉头向下，低见6.12元跌8.4%，每手400股，一手 帐面蚀44元。 责任编辑：郝欣煜 多位香港政商代表到场参与HashKey IPO仪式，包括财政司司长陈茂波、港交所主席唐家成及行政总裁 陈翊庭、证监会主席黄天祐、立法会（科技创新界）议员邱达根等。 香港持牌虚拟资产交易所HashKey Exchange母企HashKey Holdings（3887.HK）今日挂牌，股价开报6.7 港币，较定价6.68元高0.3%，最高升超5%，其后随即掉头向下，低见6.12元跌8.4%，每手400股，一手 帐面蚀44元。 HashKey董事长肖风致辞时表示，公司自2018年在香 ...

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]