HASHKEY Discloses IPO Details: Plans to Raise Up to 1.67 Billion Yuan, Expected to Debut on December 17

According to reports, HASHKEY HLDGS (new listing number: 03887) plans to conduct a public offering from today until the 12th. The licensed virtual asset exchange in Hong Kong, Hashkey Exchange's parent company HASHKEY, plans to issue 240 million shares, with 10% available for public offering in Hong Kong. The offering price ranges from 5.95 yuan to 6.95 yuan, aiming to raise up to 1.67 billion yuan, with 400 shares per lot and an entry fee of 2808 yuan per lot. HASHKEY is expected to debut on December 17. Morgan Stanley, Haitong International, and Guotai Junan International are the joint sponsors. As of October 31, HASHKEY holds 1.48 billion yuan in cash and cash equivalents, as well as digital assets worth 570 million yuan, with mainstream tokens accounting for 89%, including ETH, BTC, USDC, USDT, and SOL. The platform's assets exceeded 19.9 billion yuan by the end of September, with 3.1% in hot wallets and 96.9% in cold wallets. The cumulative spot trading volume on the exchange is 13 trillion yuan. The main business is transaction facilitation services, accounting for nearly 70% of revenue. Over the past 3 years, HASHKEY has incurred losses of 590 million yuan, 580 million yuan, and 1.19 billion yuan respectively. In the first 6 months of this year, HASHKEY's equity shareholders' losses amounted to 510 million yuan, narrowing by 34.8% annually, while revenue dropped by 26.1% to 280 million yuan. Regarding the use of net proceeds: 40% for technology and infrastructure iteration, 40% for market expansion and ecosystem partnership, 10% for operations and risk management, and 10% for working capital and general corporate purposes.

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