《Deep Tide: Decoding HashKey's Prospectus, The Real Ledger of a Compliant Hong Kong Exchange》 (Author: David) HashKey has passed the HKEX hearing and is sprinting towards an IPO. Its business covers trading, on-chain services, and asset management, with trading still accounting for nearly 70% of revenue and being significantly affected by market fluctuations. The proportion of on-chain services and asset management has increased but remains insufficient to stabilize performance. The total number of users is growing rapidly, but trading relies more on institutional and partner channels. Revenue in the first half of 2025 dropped by 26% due to market conditions and strategic contraction. Although losses have narrowed, the company is still not profitable. Equity is highly concentrated within the Wanxiang system, and related parties account for a certain proportion of customers and suppliers. The key moving forward lies in valuation, cornerstone investors, and market pricing post-listing. Read more: https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=47&id=52744