As global cryptocurrency exchanges are seeking to go public, HashKey is trying to secure the "first cryptocurrency stock in Hong Kong."

On December 1, HashKey @HashKeyGroup passed the main board listing hearing of the Hong Kong Stock Exchange. Its 663-page document systematically disclosed business details, financial situation, and future strategy for the first time, indicating that it is just one step away from officially listing as early as January 2026. JPMorgan, Guotai Junan, and Haitong International have become its joint sponsors, with the IPO scale expected to reach up to 500 million USD.

The approval of the hearing means that the regulatory authorities have in principle recognized its compliance, but HashKey still needs to complete pricing, the prospectus, and roadshows. The current draft indicates that it will adopt an international placement + Hong Kong public offering model, with the funds mainly used for technological upgrades, international expansion, risk control systems, and liquidity reserves. The shareholder lineup includes Hillhouse, Fidelity, Meitu, Dinghui, Venture, etc., showing strong institutional endorsement.

As one of the most compliant barrier crypto groups in Asia, HashKey holds 13 licenses covering regions such as Hong Kong, Singapore, Japan, Bermuda, and the United Arab Emirates, with businesses spanning trading, on-chain services, and asset management.

Among them, @HashKeyExchange's trading business is absolutely core: in 2024, the revenue is 5.17 billion HKD, with a market share of over 75%, making it the largest compliant exchange in Hong Kong. Although there are about 1.44 million registered users, only about 9.6% are truly active, while institutional clients contribute the vast majority of trading volume, with the monthly trading scale being nearly 5 times that of retail.

In terms of on-chain services, HashKey Cloud @HashKeyCloud has become the largest staking service provider in Asia (managing assets of HKD 29 billion) and is also a key infrastructure for ETH ETF staking; approximately HKD 1.7 billion in RWA assets are already on HashKey Chain (compliant L2). The asset management business has cumulatively managed HKD 7.8 billion, with funds having previously achieved a 10x return.

However, HashKey is still in the reinvestment phase: cumulative losses exceeded 2.3 billion HKD from 2022 to 2024, mainly due to licensing compliance, team expansion, infrastructure, and brand building. However, the company's cash + digital assets still reach 2.2 billion HKD, which can support operations for about 40 months. The incentive cost of the platform token HSK also compresses profits, and the buyback and burn mechanism has not yet been triggered.

Overall, this listing document showcases the true profile of HashKey: high market share, scarce licenses, deep institutional penetration, but the profit model is still in progress.

As encryption compliance enters a deep-water zone, HashKey may become the first exchange in Asia to enter the global capital market, and will also become the number one sample to observe the success or failure of the "Hong Kong encryption regulatory laboratory."