Changes in Hong Kong stocks | HASHKEY HLDGS (03887) fell more than 8% to a record low and fell more than 20% from the offering price

The Zhitong Finance App learned that HASHKEY HLDGS (03887) fell by more than 8%, as low as HK$5.09, or more than 20% from the offering price of HK$6.68. As of press release, it decreased by 8.35% to HK$5.16, with a turnover of HK$24.1714 million.

According to reports, HashKey Exchange is the first licensed virtual asset trading platform for retail users in Hong Kong. It holds the Hong Kong Securities Regulatory Commission's Class 1 (securities trading) and Class 7 (automated trading service) licenses. According to Frost & Sullivan data, the company is Asia's largest regional onshore platform in terms of trading volume in 2024. Yamato's recent research report pointed out that due to the recent weakness in the cryptocurrency market and the continued decline in global exchange trading volume, Yamato believes that investors' confidence in HashKey may remain sluggish in the short term.

On the financial side, the company achieved revenue of HK$129 million, HK$208 million and HK$721 million in 2022, 2023 and 2024, respectively, and recorded losses of HK$585 million, HK$580 million and HK$1,190 million respectively. Revenue of HK$284 million was achieved in the first six months of 2025, resulting in a loss of HK$507 million. Profit is yet to be realized.