HASHKEY HLDGS (03887) will sell 241 million shares globally from December 9 to December 12 to introduce cornerstone investors such as UBS AM Singapore

According to the Zhitong Finance App, HASHKEY HLDGS (03887) will raise shares from December 9, 2025 to December 12, 2025. The company plans to sell 241 million shares globally, of which Hong Kong public sales account for about 10%, international sales account for about 90%, and 15% over-allotment rights. The offering price is HK$5.95-6.95 per share. Each lot is 400 shares. It is expected that trading of shares on the Stock Exchange will begin at 9:00 a.m. (Hong Kong time) on December 17, 2025 (Wednesday).

The Group provides a licensed digital asset platform to provide (i) transaction facilitation services, (ii) on-chain services, and (iii) asset management services. The Group's platform has the ability to issue and circulate tokenized real-world assets, and has launched HashKey Chain - a scalable and interoperable Layer 2 infrastructure designed to support on-chain migration.

Today, the Group is 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. Specifically, according to Frost & Sullivan, the Group is the largest regional onshore platform in Asia in terms of trading volume in 2024. In addition to the trading business, according to the same source of information, the Group is also the largest on-chain service provider in Asia and the largest digital asset management agency based on assets under management, fully demonstrating the Group's leading position in various business segments.

The Group has partnered with UBS AM Singapore, Fidelity Funds, CDH, Xinting Fund, Infini, Xieyuan, Letcom, and Space Z PTE. Ltd. and Shining Light Grace Limited entered into a cornerstone investment agreement (each is a cornerstone investment agreement, collectively referred to as a cornerstone investment agreement), according to which Cornerstone investors have agreed to subscribe at the international offering price or induce their designated entities to subscribe for a total of $75 million of purchasable shares (rounded down to the nearest complete trading unit of 400 shares per lot) (cornerstone placement), subject to certain conditions. Assuming an offer price of HK$6.45 (that is the median of the offer price range set out in this prospectus), the total number of shares to be subscribed by Cornerstone Investors is 905.36 million shares to be offered.

The Group estimates that, after deducting the underwriting commissions and other estimated expenses already paid and payable by the Group in connection with the global offering, and taking into account any additional discretionary incentive costs, the total net proceeds from the global offering would be approximately HK$1,426 million, assuming that the right to adjust the volume and over-allotment rights are not exercised and that the offer price is HK$6.45 per share (i.e. the median of HK$5.95 to HK$6.95 per share within the indicative offer price range).

According to the Group's strategy, the Group plans to use the net proceeds for the following purposes: 1. The Group will use approximately 40.0% of the net proceeds to upgrade technology and infrastructure over the next three to five years. Of this, approximately 22.0% will be used to enhance the Group's product development capabilities. Approximately 10.0% will be used over the next three years to procure cloud services from high-quality external cloud vendors and upgrade the Group's systems. Approximately 6.0% will be used to retain and attract top talent in the fields of digital assets, blockchain, and Web3 infrastructure. Approximately 2.0% will be used to enhance the Group's IT security and infrastructure resilience over the next three to five years; 2. Approximately 40.0% of the net proceeds will be used to expand the operating team, raise awareness and establish ecosystem partnerships over the next three to five years. Of this amount: Approximately 16.0% will be used to maintain the Group's business development and operation team in Hong Kong and around the world. Approximately 12.0% will be through targeted education and marketing activities during this period. Approximately 12.0% will be used to strengthen strategic partnerships across the value chain during this period. 3. Approximately 10.0% of the net proceeds will be used to further strengthen the Group's operations and risk management over the next three to five years. Of this amount: Approximately 4.0% will be used to retain and expand the Group's legal, risk control and compliance teams. Approximately 4.0% will be used to hire professional suppliers. Approximately 2.0% will be used to upgrade key middle and back office functions; 4. The remaining 10.0% of the net proceeds will be used for working capital and general corporate purposes.

The Group's trading volume increased dramatically from HK$4.2 billion in 2022 to HK$328 billion in 2023, then to HK$638.4 billion in 2024, mainly due to the Group's Hong Kong digital asset trading platform commencing operation in the second half of 2023, while the Group's Bermuda digital asset trading platform commenced operation in 2024. The Group's trading volume declined from HK$347.6 billion for the six months ended June 30, 2024 to HK$214.1 billion for the six months ended June 30, 2025. This was mainly due to the Group's strategic adjustments under the market downturn, leading to a decrease in retail customer trading activity. This is evident from the decrease in the monthly trading volume of retail customers during the same period. During the track record period, the Group's registered customers increased sharply from 18 as of December 31, 2022 to 158,600 as of December 31, 2023, and further soared to 1,337,200 as of December 31, 2024, mainly driven by the Group's launch and continued expansion of the exchange platform. The number of registered customers then increased from 352,100 as of June 30, 2024 to 1,446,900 as of June 30, 2025, indicating the rapid expansion of the Group's exchange platform and the increase in the Group's market influence. The Group's asset customers increased from 0 as of December 31, 2022 to 3,753 as of December 31, 2023, and further increased to 120,700 as of December 31, 2024, and then increased from 16,400 as of June 30, 2024 to 138,500 as of June 30, 2025, mainly for the same reasons described above.