[HashKey Exchange Parent Company Passes HKEX Listing Hearing, IPO Launch in Hong Kong Imminent] According to a report by Caixin, the parent company of Hong Kong-licensed virtual asset trading platform HashKey Exchange, HashKey Holdings Limited (hereinafter referred to as 'HashKey'), passed the listing hearing of the Hong Kong Stock Exchange (hereinafter referred to as 'HKEX') on December 1, 2025, and is set to launch its IPO in Hong Kong. Reliable sources told Caixin that HashKey has not yet finalized a target listing date, but the management hopes to expedite the subsequent listing process and aims to go public within 2025. Industry insiders also revealed that discussions have taken place about initiating the IPO within the next two weeks. The joint sponsors for HashKey's Hong Kong listing are JPMorgan and Guotai Junan International under Guotai Haitong. According to the prospectus, HashKey's annual revenues for 2022, 2023, and 2024 were HK$129 million, HK$208 million, and HK$720 million, respectively. However, the attributable losses to equity shareholders for the three years were HK$585 million, HK$581 million, and HK$1.189 billion, respectively. In the first half of 2025, the company recorded revenue of HK$283 million, a year-on-year decrease of 26.1%, while the attributable loss to equity shareholders for the period was HK$506 million, narrowing the loss by 34.8% year-on-year. Over the past three and a half years, HashKey has accumulated losses of HK$2.86 billion. On June 1, 2023, Hong Kong officially introduced a mandatory licensing regime for virtual asset trading platforms. HashKey Exchange, however, obtained a compliance license as early as November 2022 under the Hong Kong Securities and Futures Commission's opt-in regime, prior to the mandatory licensing system. The prospectus cites data from Frost & Sullivan, stating that based on 2024 trading volume, HashKey Exchange is the largest regional onshore digital asset platform in Asia and the largest platform in Hong Kong, with a market share exceeding 75%.