#虚拟资产监管 The first crypto-native IPO under Hong Kong's virtual asset regulatory framework is coming, and this signal is indeed worth paying attention to. HashKey's listing logic is very clear—using compliance to gain institutional recognition, and leveraging scale to enhance international influence.

From a follow-trade perspective, this reflects an important market change: regulatory-friendly exchanges and service providers are beginning to receive formal recognition from the capital markets. What does this mean? It indicates that top traders operating within licensed exchanges are experiencing an evolution toward a more institutionalized and transparent trading environment.

Data worth analyzing: revenue increased from HKD 129 million in 2022 to 7.21 times that amount in 2024, but losses grew from HKD 585 million to HKD 1.19 billion. This is not a warning sign but a typical investment pattern during infrastructure development phases. The real opportunity lies in—once this framework stabilizes, trading liquidity and trader stability will significantly improve.

For my follow-trade strategy, a short-term focus is whether the stock price performance after HashKey's listing can reflect the market's true expectations of compliant trading infrastructure. If the stock price stabilizes, it indicates that institutions are confident in this direction, and top traders on such platforms will receive more stable ecosystem support. This could mean their strategies will be more stable and risk management more standardized.

International licensing expansion (Singapore, Dubai, Japan) is also a key area. Exchanges operating across jurisdictions tend to gather higher-quality trader resources, making them worth long-term attention. However, current risks are also evident—the policy boundaries in Hong Kong are still being explored, and Mainland China's attitude remains conservative. The success or failure of the IPO largely depends on how long this policy window can be maintained.