#虚拟资产监管 HashKey's IPO pricing range is HKD 5.95-6.95 per share, with a total fundraising scale of up to HKD 1.67 billion. What I focus on is not the valuation itself, but the on-chain signals behind it—management pledged assets of HKD 29 billion and on-chain RWA exceeding HKD 1 billion, indicating that institutional funds have already accumulated significant positions under Hong Kong's regulatory framework.

More interesting are the financial data: revenue in 2024 is projected at HKD 721 million, a 4.5x increase year-over-year, but net loss is HKD 1.19 billion. At first glance, a loss, but the loss in the first half of 2025 has narrowed to HKD 506.7 million, with a clear quarter-over-quarter improvement. This is not a business problem but a typical compliance premium—40% of IPO proceeds invested in infrastructure upgrades, 40% for international expansion, indicating the team is betting long-term.

Key observation points: trading volume increased from HKD 4.2 billion to HKD 638.4 billion, yet this did not translate into profit, reflecting a low fee rate strategy and the costs of operating multiple licenses. If this company can turn profitable after listing, it would mean that Hong Kong's compliance route is indeed feasible—this could set a demonstration effect for subsequent project financing and operational models. Conversely, failure to do so would expose the system's ceiling. The trading volume and whether the stock breaks the IPO price on the first day of trading on December 17 will be important signals to gauge market acceptance of the "compliance-first" model.