I think that #HashKey this time going public, what’s interesting is not whether the stock price rises or not on the first day, but who is buying and why they are buying.

The public offering was oversubscribed nearly 400 times, with UBS, Fidelity, and Donghui standing as cornerstone investors. It seems that traditional capital is not suddenly bullish on the crypto market, but is instead making regulatory bets in advance.

Now, the stock price fluctuating or even falling on the first day is actually not surprising at all. Currently, the overall crypto market is relatively weak; no one would give high valuation premiums to crypto exchanges at this juncture. But even so, funds are still willing to subscribe to HashKey, essentially looking at:

First, whether the path of "compliant crypto finance" in Hong Kong will continue;

Second, the platforms that can truly remain in the future must be those that can be regulated, accepted by institutions, and supported by listed company systems.

In other words, HashKey is more like a ticket to compliant crypto rather than a stock with market elasticity.