IPO Pricing | HASHKEY HLDGS goes public today, receiving 393.71 times subscription, with a per-share price of HKD 6.68. The company is “Hong Kong’s largest licensed digital asset platform.”

Futu News, December 17: $HASHKEY HLDGS (03887.HK)$ Announced the allocation results, with a per-share price of HKD 6.68, issuing a total of 241 million shares. Each lot consists of 400 shares, and it officially went public today.

During the public offering stage, HASHKEY HLDGS received 393.71 times subscription. The final number of shares offered to the public was 24.0572 million, accounting for approximately 10% of the total shares offered. A total of about 88,600 valid applications were received, with 29,791 applications processed. The percentage of shares allocated to one-lot applicants relative to the total number of applied-for shares was approximately 10%.

In addition, the international placing tranche of HASHKEY HLDGS was subscribed 5.46 times, with the final number of international placement shares amounting to 217 million shares, representing 90% of the total offering shares. Futu has compiled the relevant data in the table below:

Company Profile

HASHKEY HLDGS operates a licensed digital asset platform providing trading facilitation services, on-chain services, and asset management services. Its platform supports the issuance and circulation of tokenized real-world assets and has launched HashKey Chain—a scalable and interoperable Layer 2 infrastructure specifically designed to support on-chain migration. Today, the company is a well-established integrated digital asset firm in Asia, with a global presence. It builds a digital asset ecosystem by offering end-to-end financial infrastructure, technology, and investment management. Specifically, according to Frost & Sullivan, the company ranks as the largest regional onshore platform in Asia by trading volume in 2024.

The company is deeply rooted in Asia, with operations covering Hong Kong and Singapore, and has recently expanded into global markets such as Bermuda, Japan, the United Arab Emirates, and Ireland. The company firmly believes that compliance is key to driving responsible and sustainable innovation within the industry. Since its establishment, the company has consistently invested substantial resources to ensure that all business segments maintain the highest standards of compliance, transparency, and trustworthiness. Currently, the company holds licenses from multiple regulatory authorities and actively engages with global regulators to collaboratively shape policy frameworks, advance its long-term objectives, and benefit the broader digital asset industry.

Financial Overview

HASHKEY HLDGS reported revenues of HKD 129.1 million, HKD 207.8 million, and HKD 720.7 million for 2022, 2023, and 2024, respectively; during the same periods, gross profits amounted to HKD 125.5 million, HKD 195.4 million, and HKD 532.5 million, respectively. The company’s research and development expenditures grew by 31.1% from HKD 247.2 million in 2022 to HKD 324.1 million in 2023, and further increased by 71.8% from HKD 324.1 million in 2023 to HKD 556.7 million in 2024.

Use of Proceeds

Regarding the use of proceeds, the net proceeds from the global offering of HASHKEY HLDGS amounted to HKD 1.479 billion (based on the offer price of HKD 6.68). According to the prospectus, HASHKEY HLDGS intends to allocate the proceeds from the global offering for the following purposes:

Approximately 40% will be used to upgrade technology and infrastructure over the next three to five years; approximately 40% will be allocated over the next three to five years to expand the operational team, enhance brand awareness, and establish ecosystem partnerships; about 10% will be dedicated to further strengthening the company’s operations and risk management over the next three to five years; and approximately 10% will be utilized for working capital and general corporate purposes.

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Editor/Afina

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