Unveiling the "Luxury Cornerstone Group": Led by Fidelity and Dinghui, why does HashKey attract the favor of top long-term capital?

In the Hong Kong stock market, the participation of cornerstone investors is not uncommon, and their significance often lies in providing foundational subscription support and market confidence endorsement for issuances. However, observing the list of cornerstone investors disclosed by HashKey in its recent listing application, one can notice some details worth analyzing—this list includes globally influential traditional asset management giants from Europe and the U.S., such as UBS AM Singapore and Fidelity, as well as top private equity investment institutions like CDH that have been deeply rooted in the Asian market for many years. The convergence of different capital contexts choosing to become cornerstone investors in HashKey at this moment constitutes a market signal worth interpreting.

So, what are the backgrounds of these institutions? Why did they choose to invest in HashKey at this time?

Investment Lineup Analysis: A Common Choice of Three Types of Capital

From the background of the investment institutions, these three cornerstone investors represent different types of capital logic.

UBS AM Singapore, as a representative of traditional financial institutions, typically follows strict compliance reviews and risk control processes in its investment behavior. This institution has limited public investment records in the digital asset field; its participation as a cornerstone investor in HashKey can be interpreted as a cautious recognition by traditional financial institutions of a specific digital asset business model. This recognition is more based on trust in the Hong Kong regulatory framework and an assessment of the platform's compliance operational capabilities.

Fidelity International's situation is somewhat different. As an early investor in HashKey, its continued investment as a cornerstone investor shows sustained optimism about the company's development path. Fidelity has a relatively systematic research and layout in the digital asset field, and its investment decisions are often based on judgments about long-term industry trends. This dual identity of "old shareholder + cornerstone investor" indicates a clear expectation regarding HashKey's positioning in the industry.

CDH, as an alternative asset management institution with a Chinese background, may consider the potential for integration between the digital asset industry and the traditional financial system in its investment logic. In the current market environment, such institutions are usually more cautious in their investments in emerging fields; their participation as cornerstone investors often signifies an affirmation of industry development trends and recognition of the invested company's position in the industry.

Beyond Licensing: The "Certainty Triangle"

The consensus among top capital sources stems from their recognition of a solid "certainty triangle" in HashKey, which constitutes the core pillar of its long-term value.

First Angle: Unmatched Regulatory and Institutional Certainty. Globally, there are very few digital asset platforms that can fully comply with the complete regulatory requirements of mature financial centers like Hong Kong and obtain full licenses. Compliance, which is a cost in traditional industries, serves as a decisive competitive barrier and "entry ticket" in the digital asset industry. As one of the core licensed institutions under the Hong Kong regulatory framework, HashKey's operational legality, asset security, and business sustainability are built on a solid institutional foundation. For long-term capital, this regulatory certainty itself can generate significant "institutional premiums," serving as an absolute prerequisite for resisting policy risks and attracting mainstream institutional funds.

Second Angle: Ecological Synergy Certainty of the Business Matrix. HashKey's value extends far beyond a trading license. It has constructed a well-defined digital financial infrastructure matrix: licensed trading and custody services serve as the entry point for institutional funds; asset management and venture capital businesses penetrate the ecological frontier, gaining insights into and nurturing future trends; while self-developed on-chain facilities like HashKey Chain directly target the core future of "Real World Asset Tokenization (RWA)." These three layers of business flow into each other and empower one another, forming a growth flywheel with network effects. This business structure diversifies its revenue sources and allows it to continuously capture the core value of the industry's evolution from trading to asset on-chain, possessing growth potential that transcends a single business cycle.

Third Angle: Certainty of Positioning in Future Trend Tracks. International top capital is forming a clear judgment: the tokenization of global financial assets is no longer a concept but an inevitable trend that is accelerating its implementation. Whether it is bonds, funds, or various alternative assets, the digital migration of their issuance, trading, and settlement will give rise to a huge new market. HashKey, with its compliant identity, institutional service capabilities, and dedicated on-chain facilities, is precisely positioned at the "intersection" of this super trend—it serves as both a compliant entry point for traditional assets to the blockchain and a bridgehead for global institutions entering the Asian digital financial market. This pivotal position in a structural wave possesses irreplaceable scarcity.

Therefore, the collective bet of UBS, Fidelity, and CDH is essentially a strategic layout based on the global digital financial landscape of the next decade, representing a significant vote of confidence from rational capital in the long-term value of** HashKey. For long-term capital, the early strategic losses and investments of a company are a necessary path to building such an infrastructure moat. They are not investing in HashKey's current profit statement but in its irreplaceable infrastructure position and pricing power in the future digital financial ecosystem.