#加密货币监管 Recently, the news that HashKey's listing hearing has passed really caused quite a stir! This is the first listed company in Hong Kong with a virtual asset regulatory framework focusing on exchange as its core business, which is highly significant. However, I think that looking solely at trading volume may not be comprehensive enough. Their "trading-on-chain-asset management" triangular closed-loop model is quite interesting, especially in terms of their layout in RWA( real-world asset tokenization). It is reported that by the end of September last year, the total on-chain RWA value had already reached HKD 1.7 billion, and the growth rate is indeed impressive.

That said, although revenue is increasing, losses are also widening, which is worth paying attention to. With strong market cyclicality and intensified competition, whether they can turn a profit in the future remains a question. If you are also paying attention to this area, I suggest keeping an eye on their progress in RWA infrastructure, as this could be the key to breaking through growth bottlenecks. Overall, this listing is both an opportunity and a challenge. Let’s wait and see!