$HASHKEY HLDGS(03887.HK) On its first day of listing, it opened at HK$6.70, up 0.30%, reflecting cautious market recognition of this digital asset platform. The stock price surged and then fell back, rebounding after hitting a low of HK$6.12, fluctuating slightly around this level.

HASHKEY HLDGS is one of Hong Kong's first licensed virtual asset trading platforms. Based on 2024 trading volume, it is the largest regional onshore digital asset platform in Asia. The company's business covers transaction facilitation, on-chain services, and asset management, expanding from Hong Kong and Singapore to markets such as Bermuda and Japan.

This listing makes HASHKEY HLDGS the first virtual asset stock in Hong Kong, with a market capitalization surpassing that of another licensed virtual asset exchange, OSL Group (00863.HK), at HK$14.08 billion (as of December 16), marking an important step in Hong Kong's push to build a digital asset hub.

Let's look at the grey market performance of HASHKEY HLDGS(03887.HK).

HASHKEY HLDGS(03887.HK) opened at HK$6.72 in the Phillip grey market, surged to a high of HK$7.30, then falling back to a low of HK$6.10 before stabilizing and rebounding, closing at HK$6.68, unchanged, with an amplitude of 17.96% and turnover of HK$56.5 million.

Buy orders for HASHKEY HLDGS(03887.HK) were placed at seats 9990, 9609, 9583, 9611, 2061, etc., with the first sell order seat at 9697, and 0085 at the seventh sell order seat.

UBS, which is 9697, was selling aggressively in every large lot, 9697 is UBS, dumping heavily.

Futu's grey market placements couldn't be sold at all.

Let's check the placement situation of HASHKEY HLDGS(03887.HK)!

HASHKEY HLDGS(03887.HK) priced its IPO at HK$6.68, slightly below the upper limit of the price range of HK$5.95-HK$6.95, raising HK$1.607 billion, with a total market cap of HK$18.471 billion, a free float market cap of HK$1.023 billion at listing, and an issuance ratio of 8.70%.

Placement details: 88,592 subscribers, public placement was 393.71 times oversubscribed, with no clawback due to the execution of allocation mechanism B, international placement was 5.46 times oversubscribed, one-lot winning rate was 10.00%, subscribing for 250 lots guaranteed 1 lot, while 3,608 applied in the B group, including 89 top bids, with an allocation rate of 0.10%-0.25%.

The official list of successful applicants in the B group for HASHKEY HLDGS(03887.HK):

3,608 applicants were successful in the B group, with a total of approximately 12.0284 million shares allocated, worth approximately HK$80.35 million, with top bids worth approximately HK$80,160, and losses on grey market closing sales after transaction fees.

Now let's look at the international placement situation:

HASHKEY HLDGS(03887.HK) had a total of 86 international placement subscribers, with subscription amount 5.46 times oversubscribed.

HASHKEY HLDGS(03887.HK)'s international placement shares are relatively concentrated, with the top 25 placees holding 13.39% of the total issued shares post-listing. HASHKEY HLDGS(03887.HK)'s stabilizer is JPMorgan, with a greenshoe of HK$241 million.