HashKey's Hong Kong Stock IPO: Riding the Industry Tailwind with Strong Growth Potential as a Digital Asset Leader

HashKey's Hong Kong IPO: Riding the Industry Tailwind with Ample Growth Potential as a Digital Asset Leader

Currently, the global digital asset industry is undergoing structural transformation. With the implementation of regulatory frameworks in multiple jurisdictions worldwide, the digital asset industry is evolving from the past "single-cycle model" reliant on offshore markets to a "dual-cycle pattern" where onshore and offshore markets coexist, jointly propelling the industry into the next growth cycle.

At this critical juncture, the Hong Kong stock market is about to welcome a heavyweight digital asset player. On December 9, Asia's leading integrated digital asset company, HashKey Holdings Limited ("HashKey", stock code:$HASHKEY HLDGS(3887.HK)), launched its Hong Kong IPO, with expectations to list on the Hong Kong Stock Exchange on December 17. Amid the dual tailwinds of trillion-dollar asset tokenization and accelerating institutional capital inflows, this industry-leading company, strategically positioned to capitalize on sector trends, is becoming a focal point in capital markets through its full-ecosystem layout and innovative service model.

The Era of Dual Cycles Arrives, HashKey Fully Captures Industry Growth Dividends

In recent years, as major jurisdictions such as the U.S., Europe, Hong Kong, and Singapore have introduced more comprehensive and clearer digital asset regulatory frameworks, the digital asset industry is undergoing a historic structural reshuffle. An increasing number of licensed onshore exchanges compliant with legal requirements are emerging, with trading activities gradually shifting from offshore to onshore exchanges. The parallel "onshore-offshore" dual-cycle pattern has taken shape, becoming the core engine driving industry expansion.

On the onshore front, frameworks such as the U.S. FIT21 Act (2025), the EU's MiCA (2023), and Hong Kong's virtual asset trading platform regime (2023) have created a safer and more stable environment for the industry, facilitating the migration of trading activities from offshore to onshore. According to Frost & Sullivan estimates, the global onshore digital asset trading volume will grow at a CAGR of 48.9% from 2024 to 2029. Meanwhile, offshore markets, leveraging relatively relaxed regulatory environments, continue to drive technological innovation, cross-border flows, and exploration of emerging scenarios, forming a complementary synergy with onshore markets to jointly advance industry development.

HashKey's cross-jurisdictional licensing portfolio, mature risk management system, and transparent governance structure provide robust support for capturing market demand under the dual-cycle trend. On one hand, leveraging its licensed advantage in Hong Kong's core financial hub, it deeply serves regional retail and institutional investors, capturing over 75% of Hong Kong's market share in 2024 trading volume, making it the primary gateway for Asia's onshore demand. On the other hand, through expansions in Singapore, Japan, Bermuda, the UAE, and Ireland—as well as jurisdictions where licensing frameworks are still under development—it captures emerging market innovation dividends and cross-border opportunities via localized operations and ecosystem partnerships. Thus, HashKey's comprehensive business layout allows it to benefit from both the certainty of onshore growth and the flexibility of offshore opportunities, positioning it as a critical bridge connecting global compliant capital with the digital asset ecosystem.

Diversified Business Strengthens Foundation; CaaS Drives New Growth

From a business perspective, HashKey has established a full-ecosystem layout encompassing "trading facilitation + on-chain services + asset management." In trading facilitation, HashKey is Asia's largest regional onshore platform by 2024 trading volume, boasting deep liquidity, institutional-grade infrastructure, regulatory licenses, a trusted brand, and compliant fiat on-ramp/off-ramp channels. In on-chain services, HashKey is Asia's largest on-chain service provider by staked assets and has independently developed the Ethereum Layer 2 network HashKey Chain, providing infrastructure support for tokenization, stablecoins, and on-chain financial applications. In asset management, its business spans primary and secondary markets as well as ETF products, forming synergistic complements with trading facilitation and on-chain services. Trading facilitation remains the dominant segment, contributing 71.8% of revenue in 2024.

Notably, the recent launch of its one-stop service platform, HashKey Crypto-as-a-Service (CaaS), is expected to further broaden HashKey's growth trajectory. As real-world asset (RWA) tokenization gains global institutional consensus, traditional financial institutions face challenges such as regulatory complexity, incompatible technical systems, and unfamiliar risk management mechanisms. HashKey's CaaS service directly addresses these pain points, aiming to help traditional institutions efficiently resolve "on-chain challenges."

It is understood that CaaS is built on HashKey Chain as its core technological foundation, integrating HashKey's on-chain services, asset tokenization, liquidity, institutional-grade custody, and security systems. It provides institutions with a one-stop infrastructure spanning asset onboarding, tokenized issuance, and compliant access, lowering the barrier to Web3 adoption, bridging traditional and digital finance, and enabling institutional clients to enter the new era of digital assets quickly, securely, and in a compliance-friendly manner.

Looking ahead, CaaS will bring HashKey three growth drivers: (1) Revenue structure optimization—CaaS features SaaS-like high stickiness and recurring attributes, with service gross margins consistent with traditional on-chain businesses, enabling sustained high-margin contributions; (2) Customer base expansion—by serving diverse corporate clients such as banks, e-commerce platforms, and fintech firms, the company will break through traditional digital asset user boundaries and tap into broader real-economy scenarios; (3) Ecosystem moat strengthening—as more enterprises build businesses on HashKey Chain and CaaS, a virtuous cycle of "corporate clients - infrastructure - ecosystem partners" will form, further solidifying its position as an infrastructure hub in the dual-cycle landscape. Given the trillion-dollar growth potential of global tokenization services, CaaS is poised to become HashKey's core growth engine in the next phase, upgrading its business model from "transaction-driven" to "infrastructure service-driven."

The digital asset industry is forming a more robust and institutionalized growth framework, with the onshore-offshore dual-cycle pattern becoming a sector trend. As Asia's digital asset leader, HashKey stands at the inflection point of industry transformation, equipped with the underlying capabilities to meet institutional demand, participate in cross-border business, and support on-chain applications—undoubtedly positioning it for greater growth potential in the new industry landscape. More importantly, with CaaS directly embedded in traditional financial institutions' infrastructure, HashKey's growth will no longer be limited to market trading volume but will continuously spill over as institutional adoption, on-chain business migration, and asset tokenization scale expand, fully unlocking its long-term growth potential.