To be honest, over the past two years, I've seen too much #Web3 项目讲“故事”，但能把故事写进监管框架、写进招股书、写进主流资本体系里的，亚洲基本只有一个独苗—— #HashKey( @HashKeyGroup)

Now it has officially passed the Hong Kong Stock Exchange hearing, will be listed on December 17, and has attracted UBS, Fidelity, and CDH Investments—three top-tier financial cornerstone investors. This lineup is pretty intimidating; it's not just about “showing support,” it's real money voting for them. Foreign investors value its compliance approach, and CDH understands the value of its territory. As a seasoned crypto investor, this is the first time I feel Hong Kong is shifting from “experimenting” to “getting serious.” HashKey’s listing is the starting gun.

1️⃣ HashKey’s Core Value—Systematic Compliance Capability

Most exchanges start by “listing new tokens and boosting trading volume,” but HashKey took the opposite approach, starting with a “regulatory compliance framework and a top-down complete system,” aiming high from the very beginning.

These two development paths lead to completely different outcomes: trading volume can be faked, tokens can be listed, and retail can be targeted with ads. But compliance capability, institutional-grade risk control framework, asset management ability, and on-chain infrastructure can't be copied—they require time to build and accumulate.

This path starts slow but grows increasingly stable:

▸ 2018–2021: While others were chasing trading volume, they were building infrastructure

Doing KYC, risk control, custody, and compliance internal controls—it may not be flashy, but these are the “underlying operating systems” needed to get licensed.

▸ 2022 Licensing: A Watershed Moment and a Moat

Becoming one of the first virtual asset exchanges to obtain Type 1/7 licenses was not just “permission”—it essentially meant being able to serve clients with traditional financial institution standards. This isn’t just a certificate; it’s HashKey securing the ticket to partner with banks, family offices, and funds.

▸ 2023–Present: HashKey Ecosystem Basically Formed
• Exchange: Expanded from professional investors to retail
• Custody, OTC, and staking services: Complete chain
• HashKey Capital: One of Asia’s largest blockchain VCs and secondary fund managers
• HashKey Chain: Building the underlying network for RWA and institutional on-chain assets

Many people think HashKey is just an “exchange.” But if you look closely at its structure, you’ll see it’s actually building the compliant foundation for Hong Kong’s digital asset market, benchmarking against Coinbase in the US.

2️⃣ Not Surviving on “Transaction Fees” but on “Helping Institutions Make Money”

Many think HashKey is just an exchange. Wrong! Its core is actually a “trinity” of Asset Management + Infrastructure + Investment.

Managing HK$7.8 billion (as of September 2025), it’s one of Asia’s largest licensed digital asset management institutions. Its funds have delivered returns over 10x, twice the industry average (data from Frost & Sullivan). It has invested in over 400 projects, covering the entire chain from early VC to secondary markets.

It has even built its own chain—HashKey Chain—not to issue tokens for speculation, but specifically to compliantly tokenize “real-world assets” like bonds, real estate, and fund shares. This is exactly the current hot trend of “RWA tokenization,” the next big thing that global financial giants are racing toward.

So HashKey is not just an “exchange,” but a forward-thinking allocator that “invests in projects, tracks, and the future.” This “ecosystem + asset management” growth model is so far unmatched in Hong Kong’s virtual asset industry.

3️⃣ Financials: High Growth Backed by Reasonable “Transition Period Fluctuations”

Seeing three consecutive years of losses in its financial report (almost HK$1.2 billion lost in 2024), most people might frown. But if you look closely, you’ll see these aren’t operational losses, but strategic investments.

HashKey’s gross margin has been above 70% for years (73.9% in 2024), showing the business model itself is highly profitable; the losses mainly come from: tech R&D (like HashKey Chain), licensing compliance, building a global team, and early-stage investments. Currently, it holds HK$1.657 billion in cash + HK$592 million in digital assets—cash flow is extremely healthy.

It’s like Tesla in 2019—losing money, but no one questioned its technological moat or ecosystem ambitions. HashKey is doing something similar now—trading high investment for a long-term moat.

Finally, on December 17, #HashKey will be listed on the Hong Kong Stock Exchange. Today I saw Futu is also supporting the IPO—definitely have to support “Hong Kong’s first crypto stock.” If Coinbase represents the “US model”—growing users first, then seeking compliance—then HashKey is the “Hong Kong model”—securing compliance first, then serving institutions, and finally driving the ecosystem. In the context of Chinese capital, HashKey’s path will be more stable and sustainable. I believe international institutions eyeing the Asian market will view HashKey as the “compliance gateway.” If it succeeds, similar companies will follow, forming a “digital finance Hong Kong stocks sector” and a clustering effect. Asia’s Coinbase is setting sail—let’s watch and see! 🧐 @siya