HASHKEY discloses IPO details: It plans to raise up to HK$1.67 billion and is expected to be listed for trading on December 17

PANews news on December 9, according to the Hong Kong Economic Daily, HASHKEY HLDGS (new listing number: 03887) will be offering shares from December 9 to 12, Hong Kong’s licensed virtual asset exchange Hashkey HASHKEY, the parent company of Exchange, plans to issue 240 million shares, 10% of which will be sold to the public in Hong Kong. The offering price ranges from HK$5.95 to HK$6.95, raising a maximum of HK$1.67 billion. Each lot is 400 shares, and the entry fee for one lot is HK$2,808. HASHKEY is expected to be listed for trading on December 17. JPMorgan, Cathay Haitong and Cathay Junan International are joint sponsors.

As of October 31, the company had cash and cash equivalents of HK$1.48 billion and digital assets totaling HK$570 million. Among the digital assets, mainstream tokens accounted for 89%, including ETH, BTC, USDC, USDT and SOL. As of the end of September, the platform's assets exceeded HK$19.9 billion, of which 3.1% were stored in hot wallets and 96.9% were stored in cold wallets. The exchange’s spot trading volume has accumulated to HK$1.3 trillion. The main business is transaction facilitation services, accounting for nearly 70% of revenue. HASHKEY has lost HK$590 million, HK$580 million and HK$1.19 billion respectively in the past three years. In the first six months of this year, the loss attributable to equity shareholders of HASHKEY Company was HK$510 million, narrowed by 34.8% year-on-year, while revenue fell by 26.1% to HK$280 million.

In terms of equity, HASHKEY investor and Wanxiang Group Chairman Lu Weiding is one of the controlling shareholders, holding 43.2% of the shares, and has the right to exercise 22.9% of the voting rights of the employee stock ownership plan platform; Hashkey founder Xiao Feng holds 16.3% of the shares; other investors hold 17.6% of the shares. HASHKEY has introduced a total of nine cornerstone investors including UBS AM Singapore, Fidelity Fund, CDH, Xinting Fund, Infini, Zhiyuan Holdings (00990), Litong, Space Z PTE. LTD., and Shining Light Grace Limited, with an investment amount of US$75 million (approximately HK$590 million).

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