HASHKEY plans an IPO in Hong Kong, aiming for a maximum fundraising of 1.67 billion HKD

According to reports, HASHKEY HLDGS plans to conduct an IPO between December 9 and December 12, aiming to issue 240 million shares, with a target fundraising of up to 1.67 billion HKD. The expected share price is between 5.95 HKD and 6.95 HKD. The company anticipates listing on December 17, with joint sponsors being Morgan, Cathay Securities, and Guotai Junan International. As of October 31, HASHKEY holds 1.48 billion HKD in cash and cash equivalents, as well as digital assets valued at 570 million HKD, primarily consisting of ETH, BTC, USDC, USDT, and SOL. Platform assets exceeded 19.9 billion HKD at the end of September, mostly stored in cold wallets, with a cumulative trading volume of 1.3 trillion HKD, and trading facilitation services accounting for nearly 70% of revenue. Over the past three years, the company reported losses of 590 million HKD, 580 million HKD, and 1.19 billion HKD, respectively. In the first six months of this year, losses reached 510 million HKD, while revenue fell to 280 million HKD. In terms of equity, Lu Weiding and the employee stock ownership platform hold 43.2% and 22.9% of the voting rights, respectively, while other investors hold 17.6%. Nine cornerstone investors have been introduced, with a total investment of 75 million USD.