#虚拟资产监管 Seeing HashKey's application for Hong Kong's first cryptocurrency IPO, I am pondering a deeper question—when virtual assets begin to enter traditional public markets, how should we view this development?

From the data, HashKey's managed staking assets have reached HKD 29 billion, and platform trading volume has increased from HKD 4.2 billion to HKD 638.4 billion. These figures are indeed impressive. However, there is a detail worth noting: while revenue has grown 4.5 times, net losses have also doubled, from HKD 585 million to HKD 1.19 billion. The company attributes this to early-stage investments, but this precisely highlights a reality—there can sometimes be a significant gap between growth and profitability.

If HashKey's IPO is a "long-term bet on the regulated digital asset market," then for retail investors, the key is not how innovative the exchange itself is, but how we assess the risks of this long-term bet. The volatility of the virtual asset industry is well-known; the success or failure of an exchange often depends on policy changes, market cycles, and user confidence—all of which are beyond the control of individual investors.

My straightforward advice: if you consider participating, first clarify that this is a gamble on the stability of Hong Kong's virtual asset policies. Second, strictly control your positions and avoid letting any single sector dominate your asset allocation. Regulatory friendliness does not mean risk disappears; it simply shifts the risk from technical issues to policy risks. In the long run, whether this IPO succeeds depends on the firmness of Hong Kong's policies and the alignment with market cycles—both beyond our control. Be cautiously optimistic, but also cautious in your allocation.