HASHKEY discloses IPO details: plans to raise up to 1.67 billion yuan, expected to be listed for trading on December 17

HASHKEY HLDGS (New Listing Number: 03887) plans to conduct its IPO from today until the 12th. The parent company of the Hong Kong licensed virtual asset exchange Hashkey Exchange, HASHKEY, plans to issue 240 million shares, with 10% available for public offering in Hong Kong. The offer price ranges from HKD 5.95 to HKD 6.95, aiming to raise up to HKD 1.67 billion, with a minimum lot size of 400 shares, resulting in an entry fee of HKD 2,808.

HASHKEY is expected to be listed for trading on December 17. JPMorgan, Cathay Securities, and Guotai Junan International are the joint sponsors.

As of October 31, HASHKEY had HKD 1.48 billion in cash and cash equivalents and digital assets valued at HKD 570 million, with mainstream tokens accounting for 89% of the digital assets, including ETH, BTC, USDC, USDT, and SOL.

As of the end of September, the platform's assets exceeded HKD 19.9 billion, with 3.1% stored in hot wallets and 96.9% in cold wallets. The exchange's spot trading volume totaled HKD 13 trillion. The main business is trading facilitation services, which account for nearly 70% of revenue.

In the past three years, HASHKEY reported losses of HKD 590 million, HKD 580 million, and HKD 1.19 billion, respectively.

In the first six months of this year, HASHKEY's loss attributable to equity shareholders was HKD 510 million, narrowing by 34.8% year-on-year, while revenue fell by 26.1% to HKD 280 million.

Regarding the use of net proceeds: 40% will be used for technology and infrastructure iteration, 40% for market expansion and ecosystem partnerships, 10% for operations and risk management, and 10% for working capital and general corporate purposes.