HASHKEY disclosed details of its IPO, planning to raise up to 1.67 billion yuan, and is expected to be listed and traded.

According to Mars Finance, HASHKEY HLDGS (new listing number: 03887) plans to launch its IPO from today until December 12th. HASHKEY, the parent company of the Hong Kong-licensed virtual asset exchange Hashkey Exchange, plans to issue 240 million shares, with 10% offered publicly in Hong Kong. The offer price is between HK$5.95 and HK$6.95, raising up to HK$1.67 billion. Each lot consists of 400 shares, with an entry fee of HK$2,808. HASHKEY is expected to list on December 17th. JPMorgan, Guotai Haitong, and Guotai Junan International are the joint sponsors. As of October 31st, HASHKEY had RMB 1.48 billion in cash and cash equivalents and RMB 570 million in digital assets. Of these digital assets, mainstream tokens account for 89%, including ETH, BTC, USDC, USDT, and SOL. As of the end of September, the platform's assets exceeded RMB 19.9 billion, of which 3.1% was stored in hot wallets and 96.9% in cold wallets. The exchange's cumulative spot trading volume reached RMB 1.3 trillion. Its main business is transaction facilitation services, accounting for nearly 70% of revenue. In the past three years, HASHKEY incurred losses of RMB 590 million, RMB 580 million, and RMB 1.19 billion respectively. In the first six months of this year, HASHKEY's loss attributable to equity shareholders was RMB 510 million, narrowing by 34.8% year-on-year, while revenue fell 26.1% to RMB 280 million. Regarding the use of net proceeds: 40% will be used for technology and infrastructure upgrades, 40% for market expansion and ecosystem partnerships, 10% for operations and risk management, and 10% for working capital and general corporate purposes.