--- title: "HashKey, which focuses on institutional clients, \"passes\" the Hong Kong Stock Exchange" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/268021179.md" description: "HashKey Holdings Limited has passed the hearing at the Hong Kong Stock Exchange and plans to raise funds through an IPO for technology and infrastructure iteration, as well as product innovation. The company's main business is facilitating digital asset trading, with a trading volume reaching HKD 638.4 billion in 2024, but a nearly 40% decline in trading volume in the first half of 2025. Institutional clients are the main source of trading volume, with a monthly trading volume of HKD 24.304 billion in the first half of 2025. The company has not yet turned a profit, with a net loss of HKD 1.19 billion in 2024" datetime: "2025-12-01T06:30:50.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/268021179.md) - [en](https://longbridge.com/en/news/268021179.md) - [zh-HK](https://longbridge.com/zh-HK/news/268021179.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/268021179.md) | [English](https://longbridge.com/en/news/268021179.md) # HashKey, which focuses on institutional clients, "passes" the Hong Kong Stock Exchange On December 1st, HashKey Holdings Limited (hereinafter referred to as "HashKey") passed the hearing at the Hong Kong Stock Exchange, with sponsors including JP Morgan and Cathay Securities. As a comprehensive digital asset company, HashKey primarily provides trading facilitation, on-chain, and asset management services through its self-built licensed digital asset platform. Trading facilitation is the core business, as the increase in trading volume is the foundation for HashKey's revenue growth. Certified users can access HashKey's exchange platform for asset trading, after which HashKey charges commission fees based on trading volume and the types of services provided, **with commission rates ranging from 0.03% to 0.29% from 2022 to 2024.** With the launch of operational platforms in Hong Kong and Bermuda, HashKey's trading volume has also risen significantly. The trading volume facilitated in 2024 has reached HKD 638.4 billion, an increase of over 90% year-on-year. However, due to the sluggish performance of digital assets and the obstruction of fiat currency inflow and outflow channels in Bermuda, HashKey's trading volume in the first half of 2025 was only HKD 214 billion, a decrease of nearly 40% year-on-year. Currently, HashKey mainly allocates resources to the Hong Kong market. In terms of customer types, institutional clients are the mainstay of trading volume. In the first half of 2025, the monthly trading volume of institutional clients reached HKD 24.304 billion, nearly five times that of retail clients during the same period. However, HashKey has not yet achieved profitability, with a net loss of HKD 1.19 billion in 2024. This is partly due to the overall limited revenue scale, with revenue during the same period being only HKD 721 million; on the other hand, HashKey is currently focusing its funds on basic hardware and platform construction, with R&D expenditures reaching HKD 557 million in 2024, accounting for 77.2% of revenue. In this IPO, HashKey plans to use the funds raised for technology and infrastructure iteration, product innovation, and more. Risk Warning and Disclaimer The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account the specific investment goals, financial conditions, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investment based on this is at one's own risk ## 相關資訊與研究 - [China Rolls Out Tougher Rules for Mobile Chargers After Safety Scares](https://longbridge.com/zh-HK/news/281627593.md) - [Omeros Turns Corner With Novo Deal, YARTEMLEA Launch](https://longbridge.com/zh-HK/news/281666535.md) - [SpaceX IPO: Will It Be a Buy or a Bust?](https://longbridge.com/zh-HK/news/281674034.md) - [How to interpret the wild swings in the jobs numbers](https://longbridge.com/zh-HK/news/281681321.md) - [Orient Securities Keeps Their Buy Rating on Geely Automobile Holdings (GELYF)](https://longbridge.com/zh-HK/news/281674321.md)