On December 17, the 'first Hong Kong crypto asset stock' HashKey Group officially listed on the Hong Kong Stock Exchange, with the stock code 03887.

However, it is understood that the subscription data - for the public offering portion, received approximately 395 times oversubscription, with about HKD 66.8 billion in total funds from 89,000 investors eager to participate.

Additionally, HashKey plans to raise a net amount of approximately HKD 1.48 billion this time. In other words, the market wants to offer it 45 times more than what it aims to raise.

In fact, HashKey has been losing money in recent years, with a loss of nearly HKD 1.2 billion in 2024 and over HKD 500 million in the first half of 2025. Why can a company that is still 'burning money' attract so much real cash?

01 Where is the value?

The understanding is as follows:

First layer (Trading): exchange. This is the old business, and also the largest regional compliant onshore platform in Asia, occupying over 75% of the Hong Kong market.

Second layer (On-chain): blockchain services. The company independently developed the blockchain network HashKey Chain, focusing on mapping and digital transformation of real-world assets (RWA) such as real estate and bonds; currently, the assets it manages are valued at over 1.7 billion HKD.

Third layer (Asset Management): asset management. Managing over 8 billion HKD in digital assets and also making investments.

These three major businesses do not exist in isolation but form a symbiotic ecological closed loop:

  • The exchange sector attracts customers to the ecosystem and gathers funds;

  • The on-chain service sector realizes asset custody, interest generation, and efficient circulation;

  • The asset management sector precisely attracts large institutional investors to enter the market.

Based on this, the company has built a one-stop digital asset ecosystem.

02 Hong Kong's ambitions

Indeed, investors are frantically buying, essentially betting on Hong Kong's determination and future to build a 'global virtual asset center.'

Hong Kong is at a critical strategic intersection:

1. The bridge between East and West: connecting international capital and the Chinese market.

2. The interface between tradition and innovation: The traditional financial system needs to embrace Web3, and HashKey plays the role of the 'connector.'

For international institutions that want to enter the Asian market but fear 'cultural differences,' a compliant platform holding licenses from Hong Kong, Singapore, and other places is almost the only safe and reliable choice.

HashKey is no longer just an exchange; it has become the 'infrastructure' of the Asian digital finance market.


Therefore, its listing is seen as a 'pricing' and 'stress test' for the entire Hong Kong digital asset strategy.

Currently, HashKey is still in the red, the industry competition is fierce, and stock prices will fluctuate.

However, nearly 90,000 people voted for its future with 66.8 billion HKD, and this event itself tells us: the tide of digital finance is already unstoppable.

Technology in the future has limitless possibilities.

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