HASHKEY discloses IPO details: plans to raise up to HK$1.67 billion, and will be listed on December 17.

Odaily Planet Daily reports that HASHKEY HLDGS (new listing number 03887) launched its IPO from December 9th to 12th, planning to issue 240.6 million shares, with 10% offered to the public in Hong Kong. The offer price range is HK$5.95 to HK$6.95, with a maximum fundraising scale of approximately HK$1.67 billion. Each lot consists of 400 shares, with an entry fee of approximately HK$2,808. The company is expected to list on the Hong Kong Stock Exchange on December 17th. JPMorgan, Guotai Haitong, and Guotai Junan International are the joint sponsors.

As of October 31, the company held approximately HK$1.48 billion in cash and cash equivalents, and approximately HK$570 million in digital assets, of which 89% were mainstream tokens (ETH, BTC, USDC, USDT, SOL). As of the end of September, the platform's assets totaled HK$19.9 billion, with 3.1% in hot wallets and 96.9% in cold wallets. The cumulative spot trading volume reached HK$1.3 trillion, and the main source of revenue was transaction facilitation services, accounting for nearly 70%.

In terms of finances, HASHKEY recorded losses of HK$590 million, HK$580 million and HK$1.19 billion in the past three years. In the first half of this year, the loss narrowed to HK$510 million, a year-on-year decrease of 34.8%; revenue was approximately HK$280 million, a year-on-year decrease of 26.1%.

In terms of shareholding structure, Lu Weiding, Chairman of Wanxiang Group, is one of the major controlling shareholders, holding 43.2% of the shares and exercising 22.9% of the voting rights through the employee shareholding platform; founder Xiao Feng holds 16.3%; and other investors hold a total of 17.6%. This listing introduced nine cornerstone investors, including UBS AM Singapore, Fidelity Investments, CDH, Infini, and Zhiyuan Holdings, with a total subscription amount of approximately US$75 million (approximately HK$590 million). (Hong Kong Economic Journal)