Source: Prospectus

Editor: Arti

This article is for informational purposes only and does not constitute any trading advice.

According to the Hong Kong Stock Exchange's disclosure on December 1, HashKey Holdings Limited has passed the hearing by the Hong Kong Stock Exchange, with JPMorgan, Cathay Securities, and Guotai Junan International as joint sponsors.

HashKey provides a licensed digital asset platform to offer trading facilitation services, on-chain services, and asset management services. The company's platform has the capability to issue and circulate tokenized real-world assets and has launched the HashKey Chain—a scalable and interoperable Layer 2 infrastructure to support on-chain migration.

Today, HashKey has become a mature and comprehensive digital asset company in Asia, with operations worldwide, building a digital asset ecosystem by providing end-to-end financial infrastructure, technology, and investment management. Specifically, according to Frost & Sullivan, the company is the largest regional onshore platform in Asia by trading volume as of 2024. Beyond trading operations, 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, fully demonstrating the company's leadership position across various business segments.

HashKey is a comprehensive digital asset company in Asia with a solid foundation and global operations. The company has created a digital asset ecosystem, offering a comprehensive and continuously expanding product and service portfolio designed to meet the unique and evolving needs of retail investors, institutional clients, and other stakeholders in the blockchain value chain.

The company's products cover all aspects of digital asset-related offerings, including digital asset trading facilitation services, on-chain services, and asset management services. As of September 30, 2025, the company's platform supports trading of 80 types of digital asset tokens across multiple categories, including major Layer-1 assets, decentralized finance (DeFi) tokens, stablecoins, and emerging ecosystem projects.

During the track record period, the company's revenue primarily came from trading facilitation services, on-chain services, and asset management services.

As of September 30, 2025, HashKey's Hong Kong platform supports trading of USDT, BTC, ETH, USDC, SOL, LINK, AVAX, DOGE, UNI, XRP, among others, while the company's Bermuda platform supports trading of various digital assets, covering a total of 72 categories. As of June 30, 2025, the company's platform does not offer trading of other digital assets besides cryptocurrencies.

The company's exchange services provide clients with licensed market access, institutional-grade security, and seamless integration with custody, OTC, and tokenization services. The company is one of the few exchanges that offer fully compliant deposit/withdrawal services around the clock.

In August 2023, HashKey became one of the first approved VATPs to provide services to both professional and retail investors, marking a regulatory milestone for the virtual asset market in Hong Kong. As of September 30, 2025, the company's digital asset exchange has facilitated a cumulative spot trading volume of HKD 13 trillion, making the company a licensed digital asset trading service provider with a solid foundation in Asia.

The company offers over-the-counter (OTC) trading services as a licensed supplementary service to its exchange. This service is designed for large-scale or customized digital asset trading, providing clients with a compliant trading venue that offers greater flexibility, confidentiality, and less market impact compared to order book trading. Directly integrated with the company's custody services, it also ensures efficient settlement and lower counterparty risk, making the company's OTC services an institutional-grade channel within a one-stop digital asset ecosystem. The company conducts OTC trading on a commission basis and primarily generates revenue from the spreads applied to quoted prices, which is recorded as commission income on a net basis in the financial statements.

HashKey provides a comprehensive suite of on-chain services, integrating blockchain staking infrastructure, tokenization capabilities, and blockchain-native development. The company's institutional-grade staking services allow clients to participate directly in network staking, with assets secured through isolated custody and robust slashing protection. As of September 30, 2025, the company has HKD 29 billion in staked assets, and the total value of real-world assets on the HashKey Chain has reached HKD 1.7 billion, making the company the largest staking service provider in Asia and the eighth largest globally.

The HashKey Chain is a next-generation Ethereum Layer 2 scaling network developed by the company, designed to provide efficient, secure, and compliant infrastructure for the global digital asset economy. Built on leading Layer 2 technology, the HashKey Chain serves as an integrated platform connecting real-world assets, stablecoins, and a wide range of decentralized applications and services.

The company offers digital asset investment opportunities to institutional clients, covering venture capital and secondary fund investments. As of September 30, 2025, the company's assets under management since inception amount to HKD 7.8 billion, and as of December 31, 2024, the company is the largest asset management service provider headquartered in Hong Kong by assets under management in Asia.

The HashKey Blockchain Investment Fund demonstrates the company's strong investment performance record, with a return on investment exceeding 10 times, according to Frost & Sullivan, with returns more than double the industry average. By integrating asset management into a broader ecosystem, the company deepens client engagement and enhances its overall value proposition.

Through its venture capital business, the company provides institutional investors with opportunities in blockchain and digital asset innovation. As of September 30, 2025, the company has managed HKD 7.8 billion in client assets since its inception and has completed over 400 investments through two flagship funds. This positions the company as one of the earliest and most mature institutional investors in the blockchain industry in Asia.

HashKey's secondary market fund solutions combine passive and active digital asset investment products, providing institutional investors with compliant, diversified, and efficient industry exposure. Through passive index-tracking portfolios, the company offers long-term and cost-effective investment channels for the digital asset market; while the company's active management strategy seeks to achieve excess returns under strict compliance and risk control, utilizing institutional-grade infrastructure. As one of the earliest licensed fund management companies to directly launch cryptocurrency investment funds approved by the Hong Kong Securities and Futures Commission, the company is at the forefront of providing licensed and transparent digital asset investment channels for global clients.

In terms of finances, HashKey's revenue for 2022, 2023, and 2024 was HKD 1.29 billion, HKD 2.08 billion, and HKD 7.21 billion, respectively, reflecting the rapid expansion of trading facilitation services, which has become the main source of revenue during the track record period. For the six months ending June 30, 2024, revenue decreased from HKD 384 million to HKD 284 million in the same period of 2025, primarily due to a reduction in trading facilitation service revenue.

The company recorded gross profits of HKD 1.26 billion, HKD 1.95 billion, HKD 5.33 billion, HKD 2.78 billion, and HKD 1.85 billion for 2022, 2023, and 2024, and for the six months ending June 30, 2024, and 2025, respectively. The company's gross profit margins reached 97.2%, 94.0%, 73.9%, 72.5%, and 65.0% for 2022, 2023, and 2024, and for the six months ending June 30, 2024, and 2025, respectively.

During the track record period, the company recorded annual losses of HKD 585 million, HKD 580 million, HKD 1.19 billion, HKD 773 million, and HKD 507 million for 2022, 2023, and 2024, and for the six months ending June 30, 2024, and 2025, respectively.

As of August 31, 2025, HashKey had HKD 1.657 billion in cash and cash equivalents and digital assets valued at HKD 592 million, of which mainstream tokens accounted for 84%, including ETH, BTC, USDC, USDT, and SOL.

HashKey's trading volume surged from HKD 4.2 billion in 2022 to HKD 328 billion in 2023, and then to HKD 638.4 billion in 2024, primarily due to the launch of the company's Hong Kong digital asset trading platform in the second half of 2023, followed by the launch of the Bermuda digital asset trading platform in 2024. The company's trading volume decreased from HKD 347.6 billion for the six months ending June 30, 2024, to HKD 214 billion for the six months ending June 30, 2025, mainly due to strategic adjustments made by the company in response to a sluggish market, leading to reduced trading activity among retail clients, as evidenced by the decrease in monthly trading volume among retail clients during the same period.

Post-IPO, Mr. Lu, GDZ International Limited, HashKey Fintech III, and Puxing Energy Limited (stock code: 00090) will constitute the company's controlling shareholders. The company's shareholders also include Gao Rong Venture Capital, Fidelity Funds, Meitu, and others.

According to the company's strategy, the funds raised from this HashKey Hong Kong IPO are intended to be allocated as follows: for technology and infrastructure iteration, for market expansion and ecosystem collaboration, for operations and risk management, and for working capital and general corporate purposes.

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