IPO News | HashKey as Asia's largest regional digital asset onshore platform through Hong Kong Stock Exchange hearing

The Zhitong Finance App learned that according to the Hong Kong Stock Exchange's disclosure on December 1, HashKey Holdings Limited (HashKey) passed the Hong Kong Stock Exchange's main board listing hearing, and J.P. Morgan, Cathay Pacific Haitong, and Cathay Junan International were co-sponsors.

According to the prospectus, HashKey is a comprehensive digital asset company that provides a licensed digital asset platform to provide transaction facilitation services, on-chain services and asset management services. The company's platform has the ability to issue and distribute tokenized real-world assets, and has launched HashKey Chain, a scalable, interoperable Layer 2 infrastructure to support on-chain migration.

The company has become a mature comprehensive digital asset company in Asia, with operations all over the world, building a digital asset ecosystem by providing end-to-end financial infrastructure, technology and investment management. According to Frost & Sullivan, according to 2024 trading volume, the company is the largest regional onshore platform in Asia and the largest platform in Hong Kong, with a market share of over 75%.

In addition to the trading business, in terms of pledged assets, the company is also the largest on-chain service provider in Asia and the largest digital asset management agency based on assets under asset management, fully demonstrating the company's leading position in various business segments.

The company's products cover all aspects of digital asset-related products, including digital asset transaction facilitation services, on-chain services, and asset management services. As of September 30, 2025, the company's platform supports a total of 80 digital asset tokens, covering multiple categories, including major Layer-1 assets, decentralized finance (DeFi) tokens, stablecoins, and emerging ecosystem projects.

The company's revenue mainly comes from transaction facilitation services, on-chain services, and asset management services. Among them, transaction facilitation services are the company's core business, and the transaction volume is mainly contributed by institutional clients. Onshore markets are the core gateway for institutional investors to adopt digital assets.

The company's Hong Kong platform supports transactions of USDT, BTC, ETH, USDC, SOL, LINK, AVAX, DOGE, UNI, XRP, etc., and the company's Bermuda platform supports transactions of various digital assets, covering a total of 72 categories.

The table below provides a breakdown of the company's revenue by service type for the period indicated during the track record period.

The company's customer base mainly consists of the following four segments: institutional clients, including banks, asset managers, family offices, hedge funds and Web3 developers; Omnibus customers, such as licensed securities firms; ecosystem partners; and retail users.

In 2022, 2023 and 2024, and for the six months ended June 30, 2025, the company's revenue from the five major customers was HK$103 million, HK$117 million, HK$134 million and HK$64.7 million respectively, accounting for 79.6%, 56.0%, 18.5% and 22.8% of total revenue for the same period, respectively. In the same period, revenue from the single largest customer accounted for 52.8%, 40.1%, 10.6%, and 12.3% of total revenue for the same period, respectively.

On the financial side, in 2022, 2023, 2024 and 2025 for the six months ended June 30, the company recorded revenue of $129 million (HK$, same below), $208 million, $721 million and $284 million respectively.

In the same period, the company recorded annual/period losses of 585 million yuan, 580 million yuan, 1.19 billion yuan, and 507 million yuan.