HashKey Group

Date of Prospectus: December 9, 2025

HashKey Group IPO: Asia’s Regulated Digital Asset Powerhouse Debuts on HKEX

HashKey Group is launching its highly anticipated initial public offering (IPO) on the Main Board of the Hong Kong Stock Exchange (HKEX), representing a landmark event for the regulated digital asset sector in Asia. This article delivers a comprehensive, investor-focused review of the IPO—covering offer details, placement structure, cornerstone participation, financials, risks, growth plans, management, and listing outlook, with all data sourced directly from the company’s prospectus.

IPO Snapshot: Offer Size, Pricing, and Structure

HashKey Group is set to list under the symbol 3887 on the HKEX. The IPO is structured as a global offering, targeting both public and institutional investors, and marks a significant milestone for the regulated digital asset trading market in Asia.

Use of Proceeds: The net proceeds of approximately HK\$1,426.4 million (at mid-point offer price of HK\$6.45 per share) are earmarked as follows:

• 40.0% (HK\$570.5 million): Technology and infrastructure iteration
• 40.0% (HK\$570.5 million): Market expansion and ecosystem partnerships
• 10.0% (HK\$142.6 million): Operational and risk management
• 10.0% (HK\$142.6 million): Working capital and general corporate purposes

This capital allocation underscores a growth-driven strategy focused on technological innovation, international expansion, and operational resilience.

Placement Structure and Allotment

Global Offering Breakdown:

• Hong Kong Public Offering: 24,057,200 shares (initially)
• International Offering: 216,512,800 shares (initially)
• Over-allotment (“Greenshoe”) Option: Available to the underwriters

Cornerstone Investors: Up to 40.80% of the offer shares (up to 98,144,000 shares at the low end of the price range) are allocated to cornerstone investors, reflecting robust institutional demand and confidence in the company’s prospects.

Cornerstone and Institutional Investor Participation

Named Cornerstone Investors:

• CDH
• FIL
• Space Z PTE. LTD.
• Shining Light Grace Limited

Cornerstone investors are subscribing for up to HK\$75.0 million in aggregate at the low-end of the offer price (HK\$5.95), with their allocations representing between 34.93% and 40.80% of the offer shares, depending on final pricing and exercise of options. Cornerstone shares are subject to a lock-up period of six months from listing.

No pre-listing disposals or insider sales by early shareholders are disclosed. The presence of major, reputable institutional cornerstone allocations signals strong book quality and is likely to support robust first-day performance.

Deal Parties, Underwriters, and Stabilization

Joint Sponsors: J.P. Morgan Securities (Far East) Limited, Guotai Junan Capital Limited

Global Coordinators/Bookrunners: J.P. Morgan, Guotai Junan, and other underwriters (full list in prospectus)

Stabilization/Over-allotment Option: The offering includes a greenshoe (over-allotment) option, which may be exercised post-listing to support trading liquidity and price stability. The stabilization period is expected to expire on January 11, 2026.

The involvement of internationally renowned investment banks and the presence of stabilization mechanisms suggest the listing-day performance could be well supported.

Business Model and Industry Position

HashKey Group operates a regulated digital asset ecosystem, providing a full suite of services including:

• Digital asset trading and exchange (HashKey Exchange)
• Transaction facilitation (OTC, block trades, marketplace functions)
• Custody solutions
• Web3 infrastructure and related technology services

Monetization occurs via transaction fees, institutional service agreements, and ecosystem partnerships. The company’s main customer segments are institutional and professional investors, with a growing retail presence. Core geographies include Hong Kong, Singapore, and other major Asian markets.

Industry Overview: HashKey operates in the rapidly growing digital asset economy, which is emerging as a disruptive force in global financial services. The sector is characterized by high innovation, regulatory evolution, and increasing institutional adoption.

Financial Performance and Key Metrics

Recent Financials (HK\$ million):

Financial Health Highlights:

• Revenue for the year ended December 31, 2024: HK\$720.7 million
• Gross profit margin remains strong despite recent margin compression
• Net proceeds from IPO and robust cash position expected to provide 84.9 months of operational runway (including digital assets), or 36.2 months based on cash/cash equivalents only
• Directors and sponsors confirm the company has sufficient working capital for at least 12 months post-listing
• Net loss expected in 2025, driven by continued investment in technology, compliance, and international expansion

Market Position and Competitive Edge

HashKey Group is a first-mover among regulated digital asset platforms in Asia, holding key licenses in Hong Kong and Singapore. Competitive advantages include:

• Licensed and compliant platform targeting institutional flows
• Scalable technology infrastructure
• Strong operating leverage and improving cash burn profile
• Flagship transaction facilitation business with high trading volumes (HK\$638.4 billion in 2024)
• Prudent risk management and robust compliance framework

Management and Governance

HashKey Group is led by a seasoned board and executive team. Key management figures include:

• Mr. Lu: Co-founder, instrumental in company strategy and Pre-IPO Equity Incentive Plan
• Dr. Xiao: Co-founder, driving vision and operational execution
• Other directors and senior management with deep digital asset, technology, and regulatory experience

Trends, Timing, and Market Environment

Sector Tailwinds: The digital asset sector is experiencing rapid institutionalization, rising regulatory clarity, and technological innovation. HashKey’s regulated status positions it well in a sector where compliance is a barrier to entry.

IPO Timing: The offer period runs up to December 15, 2025, with trading expected to commence on December 17, 2025. The company’s IPO coincides with heightened investor attention on digital asset infrastructure and Asia’s growing role in global Web3 markets.

Macro Conditions: The prospectus highlights a dynamic global economic environment, with digital finance outpacing legacy systems in speed, cost, and efficiency.

Recent Developments: In September 2025, HashKey launched a Marketplace function for OTC block trading, enhancing institutional product offerings and automation.

Market conditions, as described, appear favorable for a sector leader like HashKey to capitalize on listing momentum.

Risk Factors

Investors should note the following key risks as disclosed:

• Revenue Volatility: Results fluctuate with digital asset market conditions
• Customer Concentration: Operating results depend heavily on transaction volumes
• Regulatory Risks: Subject to evolving laws in multiple jurisdictions (Hong Kong SFC, Singapore MAS, etc.)
• Cash Flow: Cash burn rate is being managed but remains material
• Competition: Fast-growing, intensely competitive sector
• Potential adverse changes in economic, political or business conditions
• Dependence on key personnel and third-party performance

The company provides a comprehensive risk section for prospective investors.

Growth Strategy and Expansion Plans

HashKey Group’s growth blueprint is anchored on:

• Continued technology and infrastructure upgrades (40% of IPO proceeds)
• Product innovation, including new offerings and Web3 integration
• International market expansion and ecosystem partnerships (40% of proceeds)
• Enhancing operational and risk management capabilities (10% of proceeds)
• Working capital support for scaling operations (10% of proceeds)

Capital will be deployed over the next three to five years, positioning HashKey for long-term leadership in regulated digital assets.

Ownership, Lock-Ups, and Employee Participation

• Post-IPO, public float will be at least 24.8% of total shares
• Controlling shareholders and company insiders are subject to six-month lock-up periods
• Pre-IPO Equity Incentive Plan covers 578,571,420 shares (approx. 17.06% of post-IPO share count), with no further options to be granted post-listing
• Cornerstone investors’ shares are locked up for six months post-listing

Valuation and Peer Comparison

Issuer’s valuation metrics (as disclosed):

• Implied market capitalization: HK\$16.45–19.22 billion
• Pro forma net tangible assets per share: HK\$0.55–0.68
• No peer P/E, P/B, or sector performance tables are disclosed in the prospectus

The offer values HashKey as a top-tier, regulated digital asset platform in Asia, but direct peer financials are not provided for a numerical comparison.

Analyst Coverage and Opinions

No explicit analyst price targets or research opinions are included in the prospectus. The presence of cornerstone allocations from leading financial institutions, however, suggests positive institutional sentiment.

IPO Allotment Results

Final subscription outcomes by tranche are not disclosed in the prospectus.

Listing Outlook and Trading Expectations

Based strictly on the prospectus, HashKey Group’s IPO is characterized by:

• High cornerstone and institutional investor participation
• Strong sector growth and regulatory tailwinds
• Robust cash position and prudent use of proceeds
• Comprehensive risk disclosures and conservative financial planning

Inferred Outlook: The IPO appears attractive for investors seeking exposure to Asia’s regulated digital asset infrastructure. The book quality, cornerstone lock-ups, and sector dynamics suggest a strong first-day performance, with trading expected to open at or above the offer price range, contingent on broader market sentiment.

How to Access the Prospectus

The prospectus is available at the following websites:

• www.hkexnews.hk (HKEX “New Listings” section)
• https://group.hashkey.com

How to Apply

Applications for the Hong Kong Public Offering can be made through:

• HK eIPO White Form service (www.hkeipo.hk)
• HKSCC EIPO channel via brokers or custodians who are HKSCC Participants (via the FINI system)

No physical application channels are provided. Applicants must meet eligibility requirements (18 years or older, Hong Kong address for eIPO, and regulatory compliance). The application period closes by 12:00 noon on December 15, 2025.