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

According to DeepFlow TechFlow, on December 9, as reported by the Hong Kong Economic Times, HASHKEY HLDGS (new listing code: 03887) will open for subscription from December 9 to 12. The parent company of the Hong Kong licensed virtual asset exchange Hashkey Exchange, HASHKEY, plans to issue 240 million shares, with 10% to be publicly offered in Hong Kong. The offer price ranges from HK$5.95 to HK$6.95, raising up to HK$1.67 billion. Each lot consists of 400 shares, with a minimum investment of HK$2,808 per lot. HASHKEY is expected to be listed and start trading on December 17. JPMorgan, Guotai Haitong, and Guotai Junan International are joint sponsors.

As of October 31, HASHKEY held HK$1.48 billion in cash and cash equivalents and digital assets valued at HK$570 million. Of the digital assets, mainstream tokens account for 89%, including ETH, BTC, USDC, USDT, and SOL.

As of the end of September, platform assets exceeded HK$19.9 billion, with 3.1% stored in hot wallets and 96.9% in cold wallets. The exchange’s cumulative spot trading volume reached HK$1.3 trillion. Its main business is transaction facilitation services, accounting for nearly 70% of its revenue. Over the past three years, HASHKEY recorded losses of HK$590 million, HK$580 million, and HK$1.19 billion, respectively. In the first six months of this year, HASHKEY’s loss attributable to equity shareholders was HK$510 million, narrowing by 34.8% year-over-year, while revenue fell 26.1% to HK$280 million.

The intended use of the net proceeds is as follows:

40%: Technology and infrastructure upgrades

40%: Market expansion and ecosystem partnerships

10%: Operations and risk management

10%: Working capital and general corporate purposes