#十二月行情展望 Several months ago, news emerged that HashKey was planning to go public on the Hong Kong Stock Exchange. In October this year, as more and more encryption exchanges prepare for IPOs, Bloomberg cited insiders reporting that HashKey has confidentially submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise as much as $500 million (approximately 3.9 billion yuan) and seeking to complete the listing within this year.

Currently, HashKey has announced that it has passed the listing hearing on the Main Board of the Hong Kong Stock Exchange and is in the preparation stage for listing. According to the IPO process for Hong Kong stocks, the company first submits a listing application (filing), and the Hong Kong Stock Exchange will then inquire and review the information. Among them, the hearing is one of the key steps, meaning that the Hong Kong Stock Exchange has reviewed the information submitted by the company and its compliance, granting "principle approval."

Generally speaking, it takes about 3 weeks to 1 month to complete the subsequent processes such as roadshows, pricing, and public offerings from the hearing to the official listing. If all goes well, HashKey is expected to officially list at the earliest in January 2026.

According to the prospectus draft, this IPO will adopt a combination of international placement and public offering in Hong Kong. However, the issue price range, number of shares to be issued, and the ratio of public offering to placement are still under discussion. The par value per share is $0.00001, and the final issue price will be determined through negotiations between the overall coordinators (J.P. Morgan and Guotai Junan International) and the company, expected to be finalized by the end of 2025, and will not exceed the upper limit stated in the draft document.