HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

<ul>
<li>At the top end of the price range (HK$6.95), <a href="https://www.smartkarma.com/entities/hashkey-holdings-limited" target="_blank" data-smartkarma-citation="entities:40847:1" rel="noopener">HashKey (3887 HK)</a>'s IPO equals a FY26F P/S of 14.9x, and this is not a particularly appealing level. </li>
<li>While it is the industry leader in the region and Hong Kong, it is expected to stay in the red for FY25-27, making a PER comparison meaningless. </li>
<li>Tiny public shareholder base, cryptocurrency volatilities, and the increasingly competitive environment heightened risks. Only a low-end IPO price, or 12.7x FY26F P/S, is attractive.</li>
</ul>


At the top end of the price range (HK$6.95), HashKey (3887 HK)'s IPO equals a FY26F P/S of 14.9x, and this is not a particularly appealing level. 
While it is the industry leader in the region and Hong Kong, it is expected to stay in the red for FY25-27, making a PER comparison meaningless. 
Tiny public shareholder base, cryptocurrency volatilities, and the increasingly competitive environment heightened risks. Only a low-end IPO price, or 12.7x FY26F P/S, is attractive.


Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hashkey-holdings-limited" target="_blank" data-smartkarma-citation="entities:40847:1" rel="noopener">HashKey (3887 HK)</a> is looking to raise up to US$215m in its upcoming Hong Kong IPO.</li>
<li>It operates the largest licensed crypto exchange in Hong Kong.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



HashKey (3887 HK) is looking to raise up to US$215m in its upcoming Hong Kong IPO.
It operates the largest licensed crypto exchange in Hong Kong.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hashkey-digital-asset-group-lt" target="_blank" data-smartkarma-citation="entities:40847:1" rel="noopener">HashKey Digital Asset Group Lt (2365361D HK)</a> is looking to raise at least US$200m in its upcoming Hong Kong IPO.</li>
<li>It operates the largest licensed crypto exchange in Hong Kong.</li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



HashKey Digital Asset Group Lt (2365361D HK) is looking to raise at least US$200m in its upcoming Hong Kong IPO.
It operates the largest licensed crypto exchange in Hong Kong.
In this note, we look at the firm's past performance.


HashKey Holdings Pre-IPO: Volatile Crypto Space, and Volatile Financials

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

SBI Shinsei Bank / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, this week will probably see the last of the big listings in Asia this year</li>
<li>On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, this week will probably see the last of the big listings in Asia this year
On the placements front, Swiggy was the main deal in the market. There are still a few lockup expiries left for 2025.


ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Research from e27, e27

Research from e27

e27 is Asia's largest Tech media platform. We cover the latest news on emerging and disruptive businesses across the region.

Private Capital Markets

<ul>
<li>HashKey Group, an end-to-end digital asset financial services group based in Hong Kong, has completed a Series A financing round of nearly US$100 million at a pre-money valuation of over US$1.2 billion.</li>
<li>The round attracted new and existing investors, including prominent institutional investors, leading Web3 institutions, and strategic partners.</li>
<li>The group will use the money to accelerate the product diversification of its licensed business in Hong Kong and drive development globally.</li>
</ul>


HashKey Group, an end-to-end digital asset financial services group based in Hong Kong, has completed a Series A financing round of nearly US$100 million at a pre-money valuation of over US$1.2 billion.
The round attracted new and existing investors, including prominent institutional investors, leading Web3 institutions, and strategic partners.
The group will use the money to accelerate the product diversification of its licensed business in Hong Kong and drive development globally.


HashKey Group secures US$100M in Series A financing, turns unicorn | e27

Hong Kong

HashKey Digital Asset Group Limited provides digital asset financial services. The Company offers asset management, financial investment, and solutions to institutions, family offices, funds, and professional investors through digital asset and blockchain technology ecosystem with consulting services. HashKey Digital Asset Group serves customers in Hong Kong, Tokyo, and Singapore.

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HashKey (3887 HK)

Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively

HashKey's IPO at HK$6.95 equals 14.9x FY26F P/S, unappealing due to a tiny public shareholder base, crypto volatilities, and a competitive...

Osbert Tang, CFA

HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive

HashKey Holdings (3887 HK) plans to raise up to US$215m in its Hong Kong IPO, boasting the largest licensed crypto exchange in the region. This...

Nicholas Tan

HashKey Holdings Pre-IPO: Volatile Crypto Space, and Volatile Financials

HashKey is set to raise over $200m in its Hong Kong IPO, boasting the largest licensed crypto exchange in the region. A closer look at its past...

Nicholas Tan

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HashKey Group secures US$100M in Series A financing, turns unicorn | e27

HashKey Group, an end-to-end digital asset financial services group based in Hong Kong, has completed a Series A financing round of nearly US$100...

e27

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively

​HashKey's IPO at HK$6.95 equals 14.9x FY26F P/S, unappealing due to a tiny public shareholder base, crypto volatilities, and a competitive...

Osbert Tang, CFA

HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive

​HashKey Holdings (3887 HK) plans to raise up to US$215m in its Hong Kong IPO, boasting the largest licensed crypto exchange in the region. This...

Nicholas Tan

HashKey Holdings Pre-IPO: Volatile Crypto Space, and Volatile Financials

​HashKey is set to raise over $200m in its Hong Kong IPO, boasting the largest licensed crypto exchange in the region. A closer look at its past...

Nicholas Tan

ECM Weekly (15 December 2025) - SBI Shinsei, NS Group, Novosense, JD Industrial Meesho, Cidi, Swiggy

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

HashKey Group secures US$100M in Series A financing, turns unicorn | e27

HashKey Group, an end-to-end digital asset financial services group based in Hong Kong, has completed a Series A financing round of nearly US$100...

e27

HashKey's IPO at HK$6.95 equals 14.9x FY26F P/S, unappealing due to a tiny public shareholder base, crypto volatilities, and a competitive...

HashKey Holdings (3887 HK) plans to raise up to US$215m in its Hong Kong IPO, boasting the largest licensed crypto exchange in the region. This...

HashKey is set to raise over $200m in its Hong Kong IPO, boasting the largest licensed crypto exchange in the region. A closer look at its past...