IPO Timeline
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 Name | HASHKEY HLDGS |
|---|---|
| Stock Code | 03887 |
| Company Full Name | HASHKEY HLDGS |
| Industry | New Energy |
| Principal Activities | 我們提供一個持牌數字資產平台以提供(i)交易促成服務、(ii)鏈上服務及(iii)資產管理服務。我們的平台具備發行和流通代幣化現實世界資產的能力，並已推出HashKey鏈－一個可擴展且具互操作性的Layer 2基礎架構，專為支持鏈上遷移而設計。 |
| 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 | Large IPO Exempt |
|---|---|
| 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 (30,071lots, 30,072lots) |
| 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 |
| Cornerstone Share | 37.6% |
| Clawback Tiers | 机制B-无回补 |
| 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
| HK Market Cap | 139亿港元 |
|---|
| 26Q2常规检讨 | |
| Inclusion Pathway | 小型股常规路径 |
|---|---|
| Est. Threshold | 105亿港元 |
| 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) | To be extracted |
| P/E Ratio | 不適用（公司處於虧損狀態） |
| Profit/Loss Status | 盈利約720.7百萬港元 |
| Period-End Cash Balance | 人民币306,800,000元 |
| Listing Expenses | ~HK$ 125,300,000 |
| Listing Expenses / Funds Raised | ~8.1% |
| Total Pre-IPO Investment | To be extracted |
First Day Performance
| 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
| 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
Joint Sponsors (2)
J.P. Morgan Securities (Far East) Limited
国泰君安融资有限公司 CE AGS488
Sponsor cum Overall Coordinator (2)
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
国泰君安证券（香港）有限公司 CE ABY236
Overall Coordinators (2)
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
国泰君安证券（香港）有限公司 CE ABY236
Joint Global Coordinators (3)
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
国泰君安证券（香港）有限公司 CE ABY236
富途证券国际（香港）有限公司 CE AZT137
Joint Bookrunners (6)
J.P. Morgan Securities (Asia Pacific) Limited CE AAJ321
国泰君安证券（香港）有限公司 CE ABY236
富途证券国际（香港）有限公司 CE AZT137
招银国际融资有限公司 CE AVM940
老虎证券（香港）环球有限公司 CE BMU940
胜利证券有限公司 CE ABN091
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
富途证券国际（香港）有限公司 CE AZT137
招银国际融资有限公司 CE AVM940
老虎证券（香港）环球有限公司 CE BMU940
胜利证券有限公司 CE ABN091
艾德证券期货有限公司 CE BHT550
第一上海证券有限公司 CE ABV488
华泰金融控股（香港）有限公司 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
招银国际融资有限公司 CE AVM940
艾德证券期货有限公司 CE BHT550
第一上海证券有限公司 CE ABV488
富途证券国际（香港）有限公司 CE AZT137
华泰金融控股（香港）有限公司 CE AOK809
老虎证券（香港）环球有限公司 CE BMU940
胜利证券有限公司 CE ABN091
Stabilizing Manager (1)
J.P. Morgan Securities (Far East) Limited
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 | 弗若斯特沙利文有限公司 |
| Compliance Advisor | 国泰君安融资有限公司 CE AGS488 |
| Receiving Banks | 渣打银行（香港）有限公司 |
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 | 富達基金 | 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
| Chairman | Dr. Xiao Feng |
|---|---|
| Company Secretary | 鄧景賢 |
執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 肖风 | — | 執行董事 |
非執行董事 (1)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 鲁伟鼎 | — | 非執行董事 |
獨立非執行董事 (3)
| # | Name | English Name | Type |
|---|---|---|---|
| 1 | 陈汀 | — | 獨立非執行董事 |
| 2 | 林志红 | — | 獨立非執行董事 |
| 3 | 黄宣德 | — | 獨立非執行董事 |
Major Shareholders
| Major Shareholders & Holdings | SUBSTANTIAL SHAREHOLDERS SUBSTANTIAL SHAREHOLDERS So far as our Directors are aware, immediately following completion of the Global Offering, assuming the Offer Size Adjustment Option and the Over-allotment Option are not exercised, the following persons will have interests |
|---|
AI
AI Analysis
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。）
Offering Structure
Subscription Tiers
IPO Timeline
