My friend invested in Hashkey, which was listed on the Hong Kong Stock Exchange today. Two months ago, he asked me to invest together in the pre-IPO round with a valuation of $1.5 billion. There were some shares available, but I felt the valuation was a bit risky, plus the lock-up period was as long as one year, and the macro outlook for next year and the crypto market's bull-bear cycle were unclear, so I didn't participate.

Now it's worth HKD 18 billion. Congrats to my friend—hope he makes a huge profit.

The stock code 3887 is also interesting. 388 is the code for the Hong Kong Stock Exchange, and 3887 symbolizes a 24/7 Hong Kong Stock Exchange.

Sharing some insights about the lock-up periods for Hong Kong stock shareholders:

Mainly divided into pre-IPO shareholders and shareholders during the new share issuance.

1. Pre-IPO shareholders:

Controlling and non-controlling shareholders have the same lock-up period (generally 1 year for the Main Board).

2. Related parties during the new share issuance:

2.1 Cornerstone investors (public shareholder identity, lock-up period of 6-12 months, an official HKEX system for medium-to-long-term capital).

2.2 Anchor investors (no need to disclose identity, no mandatory lock-up period, T+0 on the first day or 30 days, a commercial practice, part of the private placement, arbitrage capital).

$HASHKEY HLDGS(03887.HK)$Coinbase(COIN.US)$Bullish(BLSH.US)