IPO News | HASHKEY HLDGS (03887) Closes margin subscription amount of HK$50.6 billion overbought by 301.6 times

The Zhitong Finance App learned that Hashkey HLDGS (03887), the parent company of the Hong Kong licensed virtual asset exchange Hashkey Exchange, will be offering shares from December 9 to 12. HASHKEY HLDGS plans to issue 240 million shares, with offering prices ranging from HK$5.95 to HK$6.95, raising up to HK$1.67 billion. HASHKEY was taken off on December 12. HASHKEY temporarily obtained a margin loan of HK$50.6 billion from the brokerage firm. Based on the amount raised in the public sale of HK$170 million, the purchase was overpurchased by 301.6 times.

HASHKEY has 400 shares per lot, and the entry fee for the first hand is HK$2,808. HASHKEY is expected to be listed for sale on December 17. Motong, Cathay Pacific Haitong, and Cathay Junan International are co-sponsors.

HASHKEY has the right to adjust the sale volume, and can issue an additional 30% of shares. Furthermore, after listing, it can also exercise the over-allotment right to issue an additional 15% of shares. HASHKEY does not have a mandatory callback mechanism. The public sale accounts for 10%, and the overall coordinator can be raised to a maximum of 15%.

HASHKEY introduced UBS, Fidelity Fund, CDH, Xinting Fund, Infini, Zhiyuan Holdings (00990), Letcom, and Space Z PTE. LTD. , Shining Light Grace Limited has a total of 9 cornerstone investors, with an investment amount of US$75 million (approximately HK$590 million).

According to the prospectus, HashKey is a comprehensive digital asset company that provides a licensed digital asset platform to provide transaction facilitation services, on-chain services and asset management services. The company's platform has the ability to issue and distribute tokenized real-world assets, and has launched HashKey Chain, a scalable, interoperable Layer 2 infrastructure to support on-chain migration.

The company has become a mature comprehensive digital asset company in Asia, with operations all over the world, building a digital asset ecosystem by providing end-to-end financial infrastructure, technology and investment management. According to Frost & Sullivan, according to 2024 trading volume, the company is the largest regional onshore platform in Asia and the largest platform in Hong Kong, with a market share of over 75%.

In addition to the trading business, in terms of pledged assets, the company is also the largest on-chain service provider in Asia and the largest digital asset management agency based on assets under management, fully demonstrating the company's leading position in various business segments.

The company's products cover all aspects of digital asset-related products, including digital asset transaction facilitation services, on-chain services and asset management services. As of September 30, 2025, the company's platform supports a total of 80 digital asset tokens, covering multiple categories, including major Layer-1 assets, decentralized finance (DeFi) tokens, stablecoins, and emerging ecosystem projects.

The company's Hong Kong platform supports transactions of USDT, BTC, ETH, USDC, SOL, LINK, AVAX, DOGE, UNI, XRP, etc., and the company's Bermuda platform supports transactions of various digital assets, covering a total of 72 categories.