🔥HashKey, dubbed the "Asian version of Coinbase," debuts on the Hong Kong Stock Exchange, surging to a market capitalization of $2.4 billion. Meanwhile, the HSK token has plummeted 87% in a year, leaving crypto enthusiasts heartbroken. HashKey isn't particularly popular in the crypto space, but it's highly sought after by traditional capital. As the first crypto exchage, it attracted 89,000 retail investors and HK$66.8 billion in subscriptions for its initial public offering (IPO), resulting in an oversubscription of 395 times. The final public offering price was HK$6.68. Now it's at HK$6.62; otherwise, you'll lose money if you don't sell at a higher price. Compared to Coinbase's market capitalization of $68.1 billion, HashKey's is less than a fraction of that. How good is this CEX? The prospectus reveals its revenue sources: —68%: CEX business —19%: On-chain businesses such as public chains, staking, and RWA —13%: First and second-tier businesses including hashkey VC. Data shows that the total revenue in the first half of the year was HK$280 million, with a loss of HK$510 million. DeFi Teddy @DeFiTeddy2020 Summary: A typical web3 financial infrastructure company with "high growth + high losses + grand narrative". If you've bet on the HSK token, take note. With a market capitalization of 300 million USDT, it has fallen by over 87% in the past year. Many people remain bullish on it; all I can say is: the price speaks for itself. The popularity of HashKey in the Hong Kong stock market and the performance of HSK may illustrate a problem: how and whether to allow a coin to capture the value of a project is an extremely difficult question. Jack Kong (@punk8185) commented: This is an important milestone in the development of Web3 in Hong Kong. At a time when the mainland is strictly regulating, Hong Kong still supports the listing of Web3 exchanges, which shows that Hong Kong's determination to develop Web3 has not changed. #HashKey #Wanxiang