In December 2025, HashKey, a Hong Kong-based digital asset financial services group, officially passed the listing hearing of the Hong Kong Stock Exchange. Among the many companies that have recently applied for listing, HashKey continues to attract concentrated attention from the capital market due to its unique industry attributes and market positioning. As the "first crypto stock in Hong Kong," it is itself a signal of great significance for observation. How will a digital asset service provider that has grown under strict compliance engage with the mainstream capital market, and how will it reflect the development stage and future possibilities of the virtual asset industry in Hong Kong and even Asia? The market is full of expectations. This article aims to trace HashKey's development trajectory based on publicly available information and market observations, analyze its strategic considerations for choosing to go public at this time, and explore the opportunities and major challenges it will face after listing. A unique path to growth Looking back at HashKey's growth trajectory, its development path differs significantly from the aggressive expansion narratives common in the crypto industry. Founded in 2018, during the previous industry boom, it did not choose a rapid expansion path focused on transaction volume and market presence. Instead, in the following years, while many platforms focused on listing new cryptocurrencies and expanding their retail user base, HashKey quietly invested resources in building an infrastructure that complied with financial regulatory requirements. This seemingly "slow" period of accumulation laid a foundation for its subsequent development that is difficult to replicate. 2022 marked a crucial turning point. Hong Kong's licensing system for virtual asset service providers was officially implemented, and HashKey's exchange became one of the first institutions to receive licenses from the Securities and Futures Commission (SFC), obtaining both Type 1 and Type 7 licenses. This qualification was not merely a simple permit; it signified that its operating system, risk control framework, and customer asset protection mechanisms had passed rigorous scrutiny. After obtaining the license, HashKey did not rush into large-scale retail promotion but instead first opened its services to professional and institutional investors. This choice reveals its clear strategic positioning: first establish institutional-level trust, then expand its market boundaries. Building a three-tiered business moat With a solid business foundation, HashKey's ecosystem is gradually expanding. Trading services have broadened from professional investors to retail investors, and its product line has extended from spot trading to over-the-counter trading, asset custody, and staking services. More forward-lookingly, through its subsidiary HashKey Capital, the platform has deeply participated in early-stage investment in the Asian blockchain ecosystem, managing nearly HK$10 billion in assets. Furthermore, its self-developed HashKey Chain, a dedicated network positioned to facilitate the on-chaining of financial assets, demonstrates its long-term ambition to evolve from a "service provider" to an "infrastructure builder." This deepened business structure has enabled HashKey to carve out a unique niche in Hong Kong and even Asia. Its core competitiveness lies not in a simple comparison of trading volume or the number of cryptocurrencies, but in building a complete and compliant service loop that can meet the diverse needs of both traditional financial institutions and emerging projects. For private banks, family offices, or hedge funds seeking to enter the digital asset space, HashKey offers not only trading channels, but also institutional-grade solutions including compliant custody, asset appreciation, and customized reporting. This deep service capability makes it a key node connecting traditional financial capital with the digital asset ecosystem. Of particular note is its strategic bet on the trend of "real-world asset tokenization." Against the backdrop of global financial institutions exploring how to compliantly put traditional assets such as bonds, funds, and real estate onto the blockchain, HashKey Chain's R&D direction directly addresses this industry pain point. This blockchain network, specifically designed for financial assets, has the potential to become a key infrastructure for the development of a tokenized securities market in Hong Kong, should it mature. This approach, extending from the transaction layer to the underlying architecture, gives it long-term value potential that transcends cyclical fluctuations. The Logic and Future of Going Public HashKey's decision to launch its IPO at this time is driven by a complex interplay of factors. From a business lifecycle perspective, its compliance efforts and business model have passed the validation phase, entering a new stage requiring public market capital support for large-scale development. From an industry perspective, the current relatively rational valuation window helps attract investors focused on long-term value. From a macro perspective, as a benchmark company under Hong Kong's virtual asset policy framework, its listing itself demonstrates regulatory achievements and will have a demonstrative effect on global capital, talent, and technology. If successfully listed, the symbolic significance of "Hong Kong's first crypto stock" will extend far beyond the individual company. It marks a new stage in Hong Kong's virtual asset development, moving from policy design to market validation, proving that its regulatory framework can not only attract international institutions but also nurture leading local companies. For the industry, HashKey's growth trajectory provides a valuable example: how digital asset platforms can achieve sustainable development under strict regulation by building systemic capabilities, rather than relying on short-term market sentiment fluctuations. Looking ahead, HashKey faces both challenges and opportunities. How to balance compliance costs with innovation efficiency, how to find the optimal balance between institutional services and the retail market, and how to make HashKey Chain stand out in the highly competitive public blockchain ecosystem are all key questions it needs to answer after its IPO. Regardless, HashKey's emergence and growth have altered the narrative of Asia's digital asset ecosystem. It demonstrates a development path distinct from Western markets: by deeply integrating local regulatory wisdom, institutional service experience, and technological innovation, it is equally possible to cultivate a globally-minded digital financial infrastructure. As this Eastern financial center completes its transformation from rule-making to ecosystem nurturing, HashKey's IPO perhaps serves as the most tangible illustration of this profound change.In December 2025, HashKey, a Hong Kong-based digital asset financial services group, officially passed the listing hearing of the Hong Kong Stock Exchange. Among the many companies that have recently applied for listing, HashKey continues to attract concentrated attention from the capital market due to its unique industry attributes and market positioning. As the "first crypto stock in Hong Kong," it is itself a signal of great significance for observation. How will a digital asset service provider that has grown under strict compliance engage with the mainstream capital market, and how will it reflect the development stage and future possibilities of the virtual asset industry in Hong Kong and even Asia? The market is full of expectations. This article aims to trace HashKey's development trajectory based on publicly available information and market observations, analyze its strategic considerations for choosing to go public at this time, and explore the opportunities and major challenges it will face after listing. A unique path to growth Looking back at HashKey's growth trajectory, its development path differs significantly from the aggressive expansion narratives common in the crypto industry. Founded in 2018, during the previous industry boom, it did not choose a rapid expansion path focused on transaction volume and market presence. Instead, in the following years, while many platforms focused on listing new cryptocurrencies and expanding their retail user base, HashKey quietly invested resources in building an infrastructure that complied with financial regulatory requirements. This seemingly "slow" period of accumulation laid a foundation for its subsequent development that is difficult to replicate. 2022 marked a crucial turning point. Hong Kong's licensing system for virtual asset service providers was officially implemented, and HashKey's exchange became one of the first institutions to receive licenses from the Securities and Futures Commission (SFC), obtaining both Type 1 and Type 7 licenses. This qualification was not merely a simple permit; it signified that its operating system, risk control framework, and customer asset protection mechanisms had passed rigorous scrutiny. After obtaining the license, HashKey did not rush into large-scale retail promotion but instead first opened its services to professional and institutional investors. This choice reveals its clear strategic positioning: first establish institutional-level trust, then expand its market boundaries. Building a three-tiered business moat With a solid business foundation, HashKey's ecosystem is gradually expanding. Trading services have broadened from professional investors to retail investors, and its product line has extended from spot trading to over-the-counter trading, asset custody, and staking services. More forward-lookingly, through its subsidiary HashKey Capital, the platform has deeply participated in early-stage investment in the Asian blockchain ecosystem, managing nearly HK$10 billion in assets. Furthermore, its self-developed HashKey Chain, a dedicated network positioned to facilitate the on-chaining of financial assets, demonstrates its long-term ambition to evolve from a "service provider" to an "infrastructure builder." This deepened business structure has enabled HashKey to carve out a unique niche in Hong Kong and even Asia. Its core competitiveness lies not in a simple comparison of trading volume or the number of cryptocurrencies, but in building a complete and compliant service loop that can meet the diverse needs of both traditional financial institutions and emerging projects. For private banks, family offices, or hedge funds seeking to enter the digital asset space, HashKey offers not only trading channels, but also institutional-grade solutions including compliant custody, asset appreciation, and customized reporting. This deep service capability makes it a key node connecting traditional financial capital with the digital asset ecosystem. Of particular note is its strategic bet on the trend of "real-world asset tokenization." Against the backdrop of global financial institutions exploring how to compliantly put traditional assets such as bonds, funds, and real estate onto the blockchain, HashKey Chain's R&D direction directly addresses this industry pain point. This blockchain network, specifically designed for financial assets, has the potential to become a key infrastructure for the development of a tokenized securities market in Hong Kong, should it mature. This approach, extending from the transaction layer to the underlying architecture, gives it long-term value potential that transcends cyclical fluctuations. The Logic and Future of Going Public HashKey's decision to launch its IPO at this time is driven by a complex interplay of factors. From a business lifecycle perspective, its compliance efforts and business model have passed the validation phase, entering a new stage requiring public market capital support for large-scale development. From an industry perspective, the current relatively rational valuation window helps attract investors focused on long-term value. From a macro perspective, as a benchmark company under Hong Kong's virtual asset policy framework, its listing itself demonstrates regulatory achievements and will have a demonstrative effect on global capital, talent, and technology. If successfully listed, the symbolic significance of "Hong Kong's first crypto stock" will extend far beyond the individual company. It marks a new stage in Hong Kong's virtual asset development, moving from policy design to market validation, proving that its regulatory framework can not only attract international institutions but also nurture leading local companies. For the industry, HashKey's growth trajectory provides a valuable example: how digital asset platforms can achieve sustainable development under strict regulation by building systemic capabilities, rather than relying on short-term market sentiment fluctuations. Looking ahead, HashKey faces both challenges and opportunities. How to balance compliance costs with innovation efficiency, how to find the optimal balance between institutional services and the retail market, and how to make HashKey Chain stand out in the highly competitive public blockchain ecosystem are all key questions it needs to answer after its IPO. Regardless, HashKey's emergence and growth have altered the narrative of Asia's digital asset ecosystem. It demonstrates a development path distinct from Western markets: by deeply integrating local regulatory wisdom, institutional service experience, and technological innovation, it is equally possible to cultivate a globally-minded digital financial infrastructure. As this Eastern financial center completes its transformation from rule-making to ecosystem nurturing, HashKey's IPO perhaps serves as the most tangible illustration of this profound change.