HASHKEY Discloses IPO Details, Aims to Raise Up to 1.67 Billion HKD

In accordance with MarsBit, HASHKEY HLDGS (new listing code: 03887) plans to launch its IPO from today until December 12. The parent company of Hong Kong-licensed virtual asset exchange Hashkey Exchange intends to issue 240 million shares, with 10% offered to the public in Hong Kong at a price range of HKD 5.95 to 6.95 per share, aiming to raise up to HKD 1.67 billion. Each lot consists of 400 shares, with a minimum subscription fee of HKD 2,808. HASHKEY is expected to list on December 17, with Morgan Jumps, Haitong, and Guotai Junan International as joint sponsors. As of October 31, HASHKEY held HKD 1.48 billion in cash and equivalents and HKD 570 million in digital assets, with 89% in major tokens like ETH, BTC, USDC, USDT, and SOL. As of September 30, the platform's total assets exceeded HKD 19.9 billion, with 3.1% in hot wallets and 96.9% in cold storage. Cumulative spot trading volume reached HKD 130 billion. The company's core business is trade facilitation, accounting for nearly 70% of revenue. HASHKEY reported losses of HKD 590 million, HKD 580 million, and HKD 1.19 billion over the past three years. For the first half of this year, the company’s attributable loss to equity shareholders narrowed by 34.8% to HKD 510 million, while revenue dropped 26.1% to HKD 280 million. Net proceeds will be allocated as follows: 40% for technology and infrastructure upgrades, 40% for market expansion and ecosystem partnerships, 10% for operations and risk management, and 10% for working capital and general corporate purposes.