IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Hashkey HLDGS |
|---|---|
| Stock Code | 03887 |
| Company Full Name | HashKey Holdings Limited |
| Industry | New Energy |
| Principal Activities | We 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 Date | 2025-12-17 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | To 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 Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | group.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 Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 6.68 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 400 shares |
| Entry Threshold | HK$ 2,672 |
| Par Value | RMB 1e-05 / shares |
| Offer Period | 2025-12-09 to 2025-12-12 |
| Global Offering Shares | 240,570,000 shares |
| HK Public Offer Shares (Initial) | 24,057,200 shares (10.0%) |
| Public Offer Lots (Initial) | 60,143lots (Pool A30,071lots，Pool B30,072lots) |
| International Placing Shares (Initial) | 216,512,800 shares (90.0%) |
| Offer Ratio | ~8.7% |
| Total Shares Post-IPO | 2,765,176,002 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | J.P. Morgan Securities (Far East) Limited CE AAB026 |
| Cornerstone Share | 37.6% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,607,007,600 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 400 | HK$ 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 Subscribed | Shares Subscribed | Subscription 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 Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 9.5B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap met, expected inclusion ~2027-03-08 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 17,800,000,000 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net profit HKD 720.7 million |
| Period-End Cash Balance | RMB 306.8 million |
| Listing Expenses | ~HK$ 125,300,000 |
| Listing Expenses / Funds Raised | ~8.1% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 6.67 |
|---|---|
| First Day Open | HK$ 6.7 |
| First Day Change | -0.15% |
| First Day Volume | 98920800.0 |
| First Day Turnover | 665577000.0 |
| Use of Proceeds | 1、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
Sponsor cum Overall Coordinator (2)
Overall Coordinators (2)
Joint Global Coordinators (3)
Joint Bookrunners (6)
Joint Lead Managers (9)
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
国泰君安证券（香港）有限公司 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
国泰君安证券（香港）有限公司 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
| Role | Institution |
|---|---|
| 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 | 国泰君安融资有限公司 CE AGS488 |
| Receiving Banks | Standard Chartered Bank (Hong Kong) Limited |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. 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
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | Dr. Xiao Feng | Dr. Xiao Feng |
| Company Secretary | 鄧景賢 | — |
| Executive Director | 肖风 | Xiao Feng |
| Non-Executive Director | 鲁伟鼎 | Lu Weiding |
| Independent Non-Executive Director | 陈汀 | Chan Jessey Ting |
| Independent Non-Executive Director | 林志红 | Lin Lynn Zhihong |
| Independent Non-Executive Director | 黄宣德 | Huang Sidney Xuande |
Major Shareholders
| Major Shareholders & Holdings | The 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 Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
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。）
Tier Analysis
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。）
Demographics
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。）
