The encryption industry has finally sounded the bell of the Hong Kong Stock Exchange. On December 17th, HashKey @ HashKeyGroup officially landed on the main board of the Hong Kong Stock Exchange, becoming the first cryptocurrency company to be listed in Hong Kong, which also means that Wanxiang Group has made another breakthrough in the blockchain field. After 7 years of entrepreneurship and nearly 5 years of preparation for listing, under the leadership of Xiao Feng, HashKey has successfully embarked on a "licensed and regulated" path for cryptocurrency IPOs, providing the industry with a rare replicable sample. Behind HashKey is the long-term and restrained layout of Wanxiang Group. The largest shareholder, Lu Weiding, holds over 40% of the shares and has absolute control; And Xiao Feng holds 16.3%, both as the company's leader and one of the earliest people in China to deeply participate in the construction of the cryptocurrency industry. From Wanxiang Blockchain Laboratory, distributed capital, to early support for Ethereum, Wanxiang's investment in blockchain is more like a cross cycle bet. HashKey has been committed to compliance since its establishment and has obtained 13 licenses in 6 jurisdictions, which is the core reason why it has passed the strict review of the Hong Kong Stock Exchange. The financial aspect is not easy. According to the prospectus, HashKey has been continuously losing money in recent years, with a cumulative loss of over HKD 2.8 billion. But in the "headwinds", its IPO performance exceeded expectations: the Hong Kong public offering was oversubscribed by nearly 400 times, and the international placement was also covered by multiple times, ultimately raising about HKD 1.48 billion, with cornerstone investors including traditional institutions such as America, Fidelity, and CDH. On the first day of listing, the stock price slightly broke through, but its market value has exceeded that of another compliant platform in Hong Kong, OSL. The listing of HashKey is not only about the capitalization of a company, but also a sign of the gradual maturity of Hong Kong's virtual asset regulatory framework. Against the backdrop of global cryptocurrency companies still generally operating on the regulatory edge, this "slow, heavy, and compliant" path may not be sexy, but it is proving that the cryptocurrency industry can also be accepted by mainstream capital markets. Next, HashKey will answer a question that all listed companies cannot avoid - how to achieve true profitability.