[HK IPO] HASHKEY KLDGS Subscription Strategy

I. Basic Information

$HASHKEY HLDGS(03887.HK), founded in 2018, is a leading comprehensive digital asset company in Asia with a global presence, building a digital asset ecosystem by providing end-to-end financial infrastructure, technology, and investment management.

According to Frost & Sullivan data, by 2024 trading volume, the company is the largest regional onshore platform in Asia, with a market share of over 75% in Hong Kong. As of September 30, 2025:

(1) The platform has facilitated cumulative spot trading volume of HKD 1.3 trillion, supporting trading in 80 digital asset tokens.

(2) The company holds HKD 29 billion in staked assets, covering over 80 protocols. The total value of real-world assets on the HashKey Chain reached HKD 1.7 billion, making the company the largest staking service provider in Asia and the eighth globally.

(3) The company's assets under management (AUM) reached HKD 7.8 billion, making it the largest digital asset management institution in Asia. The HashKey Blockchain Investment Fund under its umbrella has achieved a return on investment (ROI) of over 10x, more than double the industry average.

II. IPO Information

Company Name & Code: HASHKEY KLDGS (03887.HK)

Offer Price: 5.95-6.95KD

Minimum Subscription: HKD 2,808.04 (1 lot = 400 shares)

Subscription Period: December 9 to December 12, closing this Friday

Allotment Announcement: December 16

Listing Date: December 17

Shares Offered: 241 million shares, representing 8.48% of total shares

Allocation Mechanism: Mechanism B

Market Cap: HKD 16.453-19.218 billion

Greenshoe: Yes

Cornerstone Investors: 4 cornerstone investors subscribed to 37.65%

Sponsors: Morgan, Cathay

III. Fundamental Performance

The company's revenue for 2022, 2023, and 2024 was HKD 129 million, HKD 208 million, and HKD 721 million, respectively, with a compound annual growth rate (CAGR) of 170%, showing explosive growth.

However, due to digital asset price volatility and high R&D investment, the company remains loss-making, with losses of HKD 585 million, HKD 580 million, and HKD 1.19 billion in 2022, 2023, and 2024, respectively. In the first half of 2025, revenue was HKD 284 million, down 26.1% YoY, with losses narrowing to HKD 507 million.

Notably, the company's customer growth is strong, with registered users surging from 18 at the end of 2022 to 1.4469 million by June 2025, and asset-holding clients increasing from 3,753 at the end of 2023 to 138,500 by June 2025. Platform assets exceeded HKD 19.9 billion, with institutional and omnibus clients growing significantly in 2025...

IV. Subscription Strategy

1. The company's fundamentals are average, with explosive growth but still unprofitable.

2. The concept is strong—"Hong Kong market's first crypto asset stock", the leader in Hong Kong's crypto space with a 75% market share in 2024...

3. Greenshoe and cornerstone investors subscribed to 37%.

4. The company is issued under Mechanism B, with 60,000 lots in Groups A and B—supply isn't too tight, so the subscription rate shouldn't be too low.

5. Brother Er Gou leveraged all three of his accounts—mainly because the concept is too strong, likely to trigger a speculative rally...

Subscription Rating: 8/10 (9-10: go all-in with leverage, 7-8: some leverage, 6: small speculative bet, 5: skip it)

Of course, this is just Brother Er Gou's personal strategy and does not constitute any investment advice....

Follow Brother Er Gou for a smooth ride in Hong Kong IPO subscriptions~~~

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Disclaimer:

1. This article represents only one opinion and does not constitute any investment advice. The stock market is volatile and unpredictable—proceed with caution.

2. Before making any investment decisions or transactions, assess your financial situation carefully or consult professional investment institutions.

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