HashKey's Hong Kong Stock IPO: Riding the Industry Tailwind with Strong Growth Potential as a Digital Asset Leader

Currently, the global digital asset industry is undergoing structural transformation. With the implementation of regulatory frameworks in multiple jurisdictions worldwide, the digital asset industry is evolving from the past "single-cycle model" reliant on offshore markets to a "dual-cycle pattern" where onshore and offshore markets coexist, jointly propelling the industry into the next growth cycle.

At this critical juncture, the Hong Kong stock market is about to welcome a heavyweight digital asset listing. On December 9, Asia's leading integrated digital asset company, HashKey Holdings Limited ("HashKey", stock code:$HASHKEY HLDGS(3887.HK)), initiated its Hong Kong listing process, expected to debut on the Hong Kong Stock Exchange on December 17. Amid the trillion-dollar wave of asset tokenization and accelerating institutional capital inflows, this industry-leading company, strategically positioned at the forefront of industry trends, is becoming a focal point in capital markets through its comprehensive ecosystem layout and innovative service model.

The Era of Dual Cycles Arrives: HashKey Fully Captures Industry Growth Dividends

In recent years, as major jurisdictions such as the U.S., Europe, Hong Kong, and Singapore have introduced more comprehensive and clear regulatory frameworks for digital assets, the industry is undergoing a historic structural transformation. An increasing number of licensed onshore exchanges compliant with legal requirements have emerged, with trading activities gradually shifting from offshore to onshore exchanges. The "onshore" and "offshore" dual-cycle parallel pattern has already formed, becoming the core engine driving industry expansion.

At the onshore market level, frameworks such as the U.S. FIT21 Act (2025), the EU's Markets in Crypto-Assets Regulation (2023), and Hong Kong's Virtual Asset Trading Platform Regime (2023) have created a safer and more stable environment for the industry, facilitating the migration of trading activities from offshore to onshore. According to Frost & Sullivan estimates, the global onshore digital asset trading volume is expected to achieve a compound annual growth rate of 48.9% from 2024 to 2029. Meanwhile, offshore markets, leveraging relatively relaxed regulatory environments, serve as hubs for technological innovation, cross-border flows, and exploration of emerging scenarios, forming a complementary relationship with onshore markets to jointly drive industry development.

HashKey's cross-jurisdictional license portfolio, mature risk control system, and transparent governance structure provide strong support for its ability to fully capture market demand under the dual-cycle trend. On one hand, leveraging its licensed advantage in Hong Kong's core financial center, it deeply serves regional retail and institutional investors, capturing over 75% of Hong Kong's market share in 2024 trading volume, becoming the key gateway for Asia's onshore market demand. On the other hand, through strategic expansions in Singapore, Japan, Bermuda, the UAE, and Ireland, while covering jurisdictions where regulatory frameworks are still under development, it captures emerging market innovation dividends and cross-border business opportunities through localized operations and ecosystem partnerships. Thus, HashKey's comprehensive business layout enables it to benefit from both the certainty of onshore market growth and the flexibility of offshore market opportunities, positioning it as a critical bridge connecting global compliant capital with the digital asset ecosystem.

Diversified Business Strengthens Foundation; CaaS Drives New Growth

From a business perspective, HashKey has established a full ecosystem layout of "trading facilitation + on-chain services + asset management." In trading facilitation, HashKey is Asia's largest regional onshore platform by 2024 trading volume, boasting deep liquidity, institutional-grade infrastructure, regulatory licenses, a trusted brand, and compliant fiat on-ramp/off-ramp channels. In on-chain services, HashKey is Asia's largest on-chain service provider by staked assets and has independently developed the Ethereum Layer 2 network HashKey Chain, providing infrastructure support for tokenization, stablecoins, and on-chain financial applications. In asset management, HashKey's business spans primary and secondary markets and ETF products, forming complementary synergies with trading facilitation and on-chain services. Trading facilitation, as the dominant segment, contributed 71.8% of revenue in 2024.

Notably, the recent launch of its one-stop service platform, HashKey Crypto-as-a-Service (CaaS), is expected to further broaden HashKey's growth path. As real-world asset (RWA) tokenization becomes a global institutional consensus, traditional financial institutions face numerous pain points, including regulatory complexity, incompatible technical systems, and unfamiliar risk control mechanisms. HashKey's CaaS service directly addresses these challenges, aiming to help traditional institutions efficiently solve the "onboarding dilemma."

It is understood that CaaS is built on HashKey Chain, its core technological foundation, integrating HashKey's on-chain services, asset tokenization, liquidity, institutional-grade custody, and security systems to provide institutions with a one-stop infrastructure from asset onboarding to tokenized issuance and compliant access. This aims to lower the barrier to Web3 adoption, bridge traditional and digital finance, and help institutional clients enter the new era of digital assets quickly, securely, and in a compliance-friendly manner.

Looking ahead, CaaS will bring HashKey three growth drivers: (1) Revenue structure enhancement—CaaS features SaaS-like high stickiness and recurring revenue attributes, with service gross margins consistent with traditional on-chain businesses, enabling sustained high-margin contributions; (2) Customer base expansion—by serving diverse corporate clients such as banks, e-commerce platforms, and fintech firms, the company will break through traditional digital asset user boundaries and access broader real-economy scenarios; (3) Ecosystem moat strengthening—as more enterprises build businesses on HashKey Chain and CaaS, a virtuous cycle of "corporate clients - infrastructure - ecosystem partners" will form, further solidifying the company's position as an infrastructure hub in the dual-cycle landscape. Given the trillion-dollar growth potential of the global tokenization services market, CaaS is poised to become HashKey's core growth engine in the next phase, upgrading its business model from "transaction-driven" to "infrastructure service-driven."

The digital asset industry is forming a more robust and institutionalized growth framework, with the onshore-offshore dual cycle becoming an industry trend. As Asia's digital asset leader, HashKey stands at the inflection point of industry transformation, equipped with the underlying capabilities to meet institutional demand, participate in cross-border business, and support on-chain applications, undoubtedly positioning it for greater growth potential in the new industry landscape. More importantly, with CaaS directly embedded in traditional financial institutions' infrastructure, as CaaS fully rolls out, HashKey's growth will no longer be limited to market trading volume but will continuously spill over with increasing institutional adoption, on-chain business migration, and asset tokenization scale, fully unlocking its long-term growth potential.