Hashkey HLDGS 03887Prospectus Information

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Broker Deadline
2025-12-12
Morning deadline
HKEX Deadline
2025-12-12
Noon deadline
Broker Results (T-2)
2025-12-15
Some brokers release in afternoon
Grey Market (T-1)
2025-12-16
Afternoon
HKEX Allotment (T-1)
2025-12-16
Evening
Registrar Allotment (T-1)
2025-12-16
Evening
Listing Day (T)
2025-12-17
First day of trading
Company Overview
Stock NameHashkey HLDGS
Stock Code03887
Company Full NameHashKey Holdings Limited
IndustryNew Energy
Principal ActivitiesWe provide a licensed digital asset platform to provide (i) trade facilitation services, (ii) on-chain services and (iii) asset management services. Our platform has the capability to issue and circulate tokenized real-world assets, and has launched HashKey Chain – a scalable and interoperable Layer 2 infrastructure, specifically designed to support on-chain migration.
Listing Date2025-12-17
Listing Rules EraNew Rules (after Aug 2025)
Listing Rules ChapterTo be extracted
Weighted Voting Rights (WVR)No
Registered Address (Mainland China)香港中環康樂廣場8號交易廣場3座14樓
Business Address (Hong Kong)香港 中環 康樂廣場8號 交易廣場3座14樓
Place of IncorporationTo be extracted
Listing MethodTo be extracted
Listing BoardMain Board
Websitegroup.hashkey.com
Share Registrar卓佳证券登记有限公司 (Tricor Investor Services Limited)
Registrar Contact(852)2980 1333
A-Share/US Dual ListingNo
Offering Information
Offering Mechanism Mechanism B
Offer PriceHK$ 6.68 / shares
Offer Price RangeFinal offer price only, no range
Lot Size400 shares
Entry ThresholdHK$ 2,672
Par ValueRMB 1e-05 / shares
Offer Period2025-12-09 to 2025-12-12
Global Offering Shares240,570,000 shares
HK Public Offer Shares (Initial)24,057,200 shares (10.0%)
Public Offer Lots (Initial)60,143lots (30,071lots, 30,072lots)
International Placing Shares (Initial)216,512,800 shares (90.0%)
Offer Ratio~8.7%
Total Shares Post-IPO2,765,176,002 shares
Greenshoe (Over-allotment Option)Yes
Stabilizing Manager (Greenshoe)J.P. Morgan Securities (Far East) Limited CE AAB026
Cornerstone Share37.6%
Clawback TiersMechanism B: no clawback
Reallocation OptionNo
Total Global Offering SizeHK$ 1,607,007,600
Subscription Tiers

Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.

Pool A
Lots SubscribedShares SubscribedSubscription Amount (HKD)
1 lots 400 HK$ 2,672
2 lots 800 HK$ 5,344
3 lots 1,200 HK$ 8,016
4 lots 1,600 HK$ 10,688
5 lots 2,000 HK$ 13,360
6 lots 2,400 HK$ 16,032
7 lots 2,800 HK$ 18,704
8 lots 3,200 HK$ 21,376
9 lots 3,600 HK$ 24,048
10 lots 4,000 HK$ 26,720
15 lots 6,000 HK$ 40,080
20 lots 8,000 HK$ 53,440
25 lots 10,000 HK$ 66,800
30 lots 12,000 HK$ 80,160
35 lots 14,000 HK$ 93,520
40 lots 16,000 HK$ 106,880
45 lots 18,000 HK$ 120,240
50 lots 20,000 HK$ 133,600
75 lots 30,000 HK$ 200,400
100 lots 40,000 HK$ 267,200
125 lots 50,000 HK$ 334,000
150 lots 60,000 HK$ 400,800
175 lots 70,000 HK$ 467,600
200 lots 80,000 HK$ 534,400
225 lots 90,000 HK$ 601,200
250 lots 100,000 HK$ 668,000
500 lots 200,000 HK$ 1,336,000
750 lots 300,000 HK$ 2,004,000
1,000 lots 400,000 HK$ 2,672,000
1,250 lots 500,000 HK$ 3,340,000
1,500 lots 600,000 HK$ 4,008,000
1,750 lots 700,000 HK$ 4,676,000
Pool B
Lots SubscribedShares SubscribedSubscription Amount (HKD)
2,000 lots 800,000 HK$ 5,344,000
2,250 lots 900,000 HK$ 6,012,000
2,500 lots 1,000,000 HK$ 6,680,000
5,000 lots 2,000,000 HK$ 13,360,000
7,500 lots 3,000,000 HK$ 20,040,000
10,000 lots 4,000,000 HK$ 26,720,000
12,500 lots 5,000,000 HK$ 33,400,000
15,000 lots 6,000,000 HK$ 40,080,000
17,500 lots 7,000,000 HK$ 46,760,000
20,000 lots 8,000,000 HK$ 53,440,000
22,500 lots 9,000,000 HK$ 60,120,000
25,000 lots 10,000,000 HK$ 66,800,000
30,071 lots 12,028,400 HK$ 80,349,712
Stock Connect Inclusion
HK Market Cap HK$ 13.85B
26Q2 Regular Review
Inclusion Pathway Small Cap Regular Path
Est. Threshold HK$ 10.47B Met
Analysis Result 预计2026年9月7日入通
Valuation & Financials
Market Cap (at Offer Price)HK$ 17,800,000,000
Pre-IPO Valuation (Last Round)Not disclosed
P/E RatioNot applicable (loss-making)
Profit/Loss StatusNet profit HKD 720.7 million
Period-End Cash BalanceRMB 306.8 million
Listing Expenses~HK$ 125,300,000
Listing Expenses / Funds Raised~8.1%
Total Pre-IPO InvestmentTo be extracted
First Day Performance
First Day CloseHK$ 6.67
First Day OpenHK$ 6.7
First Day Change-0.15%
First Day Volume98920800.0
First Day Turnover665577000.0
Use of Proceeds
Use of Proceeds1、約40.0%或570.5百萬港元用于在未來三到五年內升級技術及基礎設施； 2、約40.0%或570.5百萬港元將在未來三到五年用于擴大營運團隊、提高知名度及建立生態系統合作伙伴關系； 3、約10.0%或142.6百萬港元將在未來三到五年用于進一步加強營運及風險管理； 4、約10.0%或142.6百萬港元將用于營運資金及一般企業用途。
Underwriting Syndicate
Joint Sponsors (2)
J.P. Morgan Securities (Far East) Limited CE AAB026 GUOTAI JUNAN CAPITAL LIMITED CE AGS488
Sponsor cum Overall Coordinator (2)
J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED CE AAJ321 GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236
Overall Coordinators (2)
J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED CE AAJ321 GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236
Joint Global Coordinators (3)
J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED CE AAJ321 GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236 Futu Securities International (Hong Kong) Limited CE AZT137
Joint Bookrunners (6)
J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED CE AAJ321 GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236 Futu Securities International (Hong Kong) Limited CE AZT137 CMB International Capital Limited CE AVM940 Tiger Brokers (HK) Global Limited CE BMU940 VICTORY SECURITIES COMPANY LIMITED CE ABN091
Joint Lead Managers (9)
J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED CE AAJ321 GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236 Futu Securities International (Hong Kong) Limited CE AZT137 CMB International Capital Limited CE AVM940 Tiger Brokers (HK) Global Limited CE BMU940 VICTORY SECURITIES COMPANY LIMITED CE ABN091 Eddid Securities and Futures Limited CE BHT550 First Shanghai Securities Limited CE ABV488 Huatai Financial Holdings (Hong Kong) Limited CE AOK809
Capital Market Intermediaries (9)
J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED CE AAJ321 GUOTAI JUNAN SECURITIES (HONG KONG) LIMITED CE ABY236 CMB International Capital Limited CE AVM940 Eddid Securities and Futures Limited CE BHT550 First Shanghai Securities Limited CE ABV488 Futu Securities International (Hong Kong) Limited CE AZT137 Huatai Financial Holdings (Hong Kong) Limited CE AOK809 Tiger Brokers (HK) Global Limited CE BMU940 VICTORY SECURITIES COMPANY LIMITED CE ABN091
Stabilizing Manager (1)
J.P. Morgan Securities (Far East) Limited CE AAB026
Service Providers
RoleInstitution
Legal Advisor to Company Davis Polk & Wardwell
Ogier
Legal Advisor to Sponsors/Underwriters 盛信律师事务所
Auditor and Reporting Accountant 毕马威会计师事务所
Industry Advisor Frost & Sullivan Limited
Compliance Advisor GUOTAI JUNAN CAPITAL LIMITED CE AGS488
Receiving Banks 渣打银行（香港）有限公司
Cornerstone Investors
#Investor NameInvestment AmountShares Subscribed% of Offer Shares% of Total SharesLock-up PeriodEst. Unlock Date
1 UBS AM Singapore 10,000,000 USD 12,071,600 5.02% 0.44% 6 months 2026-06-17
2 富达基金 5,000,000 USD 6,035,600 2.51% 0.22% 6 months 2026-06-17
3 CDH 5,000,000 USD 6,035,600 2.51% 0.22% 6 months 2026-06-17
4 信庭基金 15,000,000 USD 18,107,200 7.53% 0.65% 6 months 2026-06-17
5 Infini 10,000,000 USD 12,071,600 5.02% 0.44% 6 months 2026-06-17
6 至源 10,000,000 USD 12,071,600 5.02% 0.44% 6 months 2026-06-17
7 利通 10,000,000 USD 12,071,600 5.02% 0.44% 6 months 2026-06-17
8 Space Z PTE. LTD. 5,000,000 USD 6,035,600 2.51% 0.22% 6 months 2026-06-17
9 Shining Light Grace Limited 5,000,000 USD 6,035,600 2.51% 0.22% 6 months 2026-06-17
Directors & Management
ChairmanDr. Xiao Feng
Company Secretary鄧景賢
Executive Director (1)
#NameEnglish NameType
1 肖风 — Executive Director
Non-Executive Director (1)
#NameEnglish NameType
1 鲁伟鼎 — Non-Executive Director
Independent Non-Executive Director (3)
#NameEnglish NameType
1 陈汀 — Independent Non-Executive Director
2 林志红 — Independent Non-Executive Director
3 黄宣德 — Independent Non-Executive Director
Major Shareholders
Major Shareholders & HoldingsThe controlling shareholders are Mr. Lu, GDZ International Limited, HashKey Fintech III and Puxing Energy Limited. Mr. Lu holds approximately 22.29% of the equity of the Company through GDZ International Limited and HashKey Fintech III (assuming that the offering size adjustment option and the over-allotment option are not exercised).
AI AI 市场洞察 AI interpretation deepseek-v4-pro · AI-generated
!
以下内容由AI模型基于历史IPO数据自动生成。不构成任何投资建议、招揽或推荐。过往申购模式和上市后表现不保证未来结果。数据可能存在不准确之处——在任何投资决策前，请务必查阅港交所官方文件和招股说明书。

市场情绪

该IPO市场情绪极为高涨，超额认购达393.71倍，但受机制B无回补影响，公开份额维持10%，一手中签率得以维持在33.63%，明显高于同热度新股的个位数常态。最终发售价定为6.68港元，未披露区间上限，但高倍数仍反映出强劲需求。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）

申购档位分析

甲尾（700,000股）与乙头（800,000股）均仅可期望获配1手，但乙头申购金额高出甲尾约14%，资金效率出现倒挂，甲尾更具成本优势。其他档位普遍中签率极低，大额申购的边际获配增量近乎为零，凸显分配机制的非线性特征。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。券商手续费结构各异，实际成本可能不同。数据可能存在来源错误，请以港交所官方文件为准。）

申购人群画像

中国内地参与者占比高达75.1%，充分体现南向资金对港金融服务板块的强烈青睐。男性占比64.5%，平均年龄42.2岁，申购主力为内地中年男性投资者，地域高度集中于广东等邻近省份。（以上为AI基于历史数据生成的评论。过往模式不保证未来结果。不构成投资建议。）

AI生成内容，仅供信息参考，不构成投资建议。请以官方文件为准。
// About this page //

This page shows Hashkey HLDGS (03887) prospectus details: offer price range, fundraise size, cornerstone investors, greenshoe, Pool A/B allocation and syndicate. For eligible IPOs it also provides a Stock Connect inclusion analysis, indicating the pathway and estimated timing for Southbound Connect admission; for A-share / US secondary listings, it additionally compares the other market's price, exchange rate and the H-share premium/discount. Data is parsed from the HKEX prospectus and related announcements.

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