HASHKEY HLDGS (code 03887) opened its IPO in Hong Kong on December 9-12, offering 240 million shares at HKD 5.95-6.95, expected to raise a maximum of HKD 1.67 billion and listed on December 17.
HashKey Exchange's parent company is licensed in Hong Kong; 10% public allocation. Each lot of 400 shares, lot entry fee 2,808 HKD. Joint underwriters: JPMorgan, Guotai Haitong, Guotai Junan International.
- IPO 9–12/12, price 5.95–6.95 HKD, maximum 1.67 billion HKD.
- Platform assets >19.9 billion HKD; Cold Storage 96.9%.
- First 6 months loss of 510 million HKD, down 34.8%; revenue of 280 million HKD.
IPO Details
Date: December 9–12; 240 million shares; 10% public; price: HK$5.95–6.95; lot size: 400 shares; fee: HK$2,808; expected listing date: December 17; co-underwriters: JPMorgan, Guotai Haitong, Guotai Junan International.
The target is to raise up to HKD 1.67 billion. HASHKEY is the parent company of a Hong Kong-licensed virtual asset exchange (HashKey Exchange). New listing code: 03887. The offering structure is aimed at both public and institutional investors, with 10% allocated to the Hong Kong market.
Finance, assets, shareholders
Cash 1.48 billion HKD; digital assets 570 million HKD (89% ETH, BTC, USDC, USDT , SOL); platform assets >19.9 billion HKD; hot wallet 3.1%, Cold Storage 96.9%; cumulative spot volume 1.3 trillion HKD; transaction support services ~70% of revenue.
Losses in the past three years: 590 million, 580 million, 1.19 billion HKD. First half of this year: loss of 510 million HKD (down 34.8% yoy), revenue of 280 million HKD (down 26.1%). Revenue structure mainly from transaction facilitation services.
Shareholders: Lu Weiding holds 43.2% and has 22.9% voting rights from the ESOP platform; Xiao Feng holds 16.3%; other investors 17.6%. 9 cornerstone investors including UBS AM Singapore, Fidelity Investments, CDH, Xinting Fund, Infini, Zhiyuan Holdings (00990), Litong, Space Z PTE. LTD., Shining Light Grace Limited, committed US$75 million (approximately HKD 590 million).
