现在是港股盘中休市时间，万众瞩目，IPO认购近400倍的 #hashkey 还处于破发状态。
不过股票监管更严格，热门股庄家操盘不能太明显。
所以首日浇给其实在港股也是常态。
如果根据 $hsk 代币1亿美元的市值倒推Hashkey的股价，应该是5亿美元，也就是40亿港币左右，对应的股价大概是1.45港币...

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It's currently the Hong Kong stock market's midday break, and all eyes are on #hashkey, whose IPO was nearly 400 times oversubscribed, yet it's still trading below its issue price.

However, stock market regulations are stricter, and manipulation by major shareholders in popular stocks can't be too obvious.

Therefore, a sell-off on the first day of trading is actually quite common in the Hong Kong stock market.

If we work backward from Hashkey's token market capitalization of $100 million (as in $hsk), the price should be around $500 million, or about HK$4 billion, corresponding to a share price of approximately HK$1.45...

Another case of "address poisoning," causing one user to lose $50 million. Photo: Techradar
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Another case of "address poisoning," causing one user to lose $50 million.

Today we saw gold, silver, and palladium all hit new highs! Since the correction at the end of October, gold has been trading above the 25-35 day moving average; silver is rising along the four-hour moving average; and palladium is rising along the three-day moving average.
Synchronization: This "synchronized new highs" usually signifies the start of a major trend. Gold provides "stability," silver provides "elasticity," while the addition of palladium indicates a dual surge in industrial and investment demand.
In this clear upward trend, trading volume has not weakened significantly and no bearish structure has emerged. Don't try to short the short at the top; otherwise, you'll end up with...

Market Analysis | Gold, Silver, and Palladium Hit New Highs! How High Can They Go!?

Chapter 1: Executive Summary and Industry Landscape Analysis
As of December 19, 2025, the global digital asset mining sector is undergoing the most profound structural transformation since the birth of Bitcoin. With Bitcoin's price retreating to the $86,000 range after reaching an all-time high of approximately $125,000 in October 2025, and the total network hashrate surpassing the 1,000 EH/s mark, mining companies face the dual challenges of compressed profit margins and surging capital expenditures in the "post-halving era."

1.1 Industry Differentiation

Figure 1: Analysis of the Relationship between Hashrate and Market Capitalization of Major Mining Companies in 2025

The above figure clearly shows the current...

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代币1亿美元的市值倒推Hashkey的股价，应该是5亿美元，
请教，这个是怎么计算的？

The token's market capitalization of $100 million, calculated by working backwards, would give Hashkey a stock price of $500 million. Could you please explain how this is calculated?