Company Overview - HashKey Holdings operates Hong Kong's largest licensed cryptocurrency exchange and recently debuted on the stock market under the code 3887, with initial trading at HK$6.70, slightly above the offer price of HK$6.68 [1] - The company raised HK$1.6 billion (US$206 million) in Hong Kong's first crypto-native initial public offering (IPO) [2] - Founded in 2018, HashKey provides services including crypto transaction facilitation, on-chain services, asset management, and tokenization [4] Market Context - The trading debut occurred amid a downturn in both equity and digital asset markets, with Bitcoin experiencing a deeper bear market due to uncertain interest-rate trajectories and profit-taking after record highs [4] - The broader Hong Kong stock market fell to its lowest level in three weeks, driven by concerns over China's economic growth and the US Federal Reserve's interest-rate policies [5] Industry Outlook - Despite short-term volatility in cryptocurrencies, there is optimism regarding the digital asset industry's future, bolstered by new legislation and clearer compliance standards [6] - The chairman and CEO of HashKey expressed confidence that a compliant approach will lead to greater longevity and sustainable growth for companies in the industry [4]