Hong Kong Compliance exchange HashKey is about to IPO! Data reveals consecutive years of losses, Platform Token big dump 90%.

The Hong Kong Stock Exchange disclosed that Hashkey Exchange has passed the listing hearing of the Hong Kong Stock Exchange Listing Committee ( to review whether the listing is approved ). The announcement states that HashKey provides a licensed digital asset platform offering trading facilitation services, on-chain services, and asset management services. The company's platform has the capability of issuance and circulation of tokenization of real-world assets.

HashKey has been losing money for years, and the Hong Kong compliant exchange seeks to go public.

HashKey's revenue for the years 2022, 2023, and 2024 was 129 million HKD, 208 million HKD, and 721 million HKD, respectively. It holds 1.657 billion HKD in cash equivalents and digital assets valued at 592 million HKD. However, it recorded losses of 585 million HKD, 580 million HKD, 1.19 billion HKD, 773 million HKD, and 507 million HKD for the years 2022, 2023, 2024, and the six months ending June 30, 2024, and 2025, respectively.

According to reports, the Hashkey IPO case has Morgan Stanley, Guotai Junan, and Guotai Haitong acting as joint underwriters. After the IPO, the shareholders include Mr. Lu, GDZ International Limited, HashKey Fintech III, Puxing Energy Limited (stock code: 00090), Gaorong Capital, Fidelity Funds, Meitu, and others.

Platform coin plummets 90%, HashKey on-chain revenue is only 6 dollars

Interestingly, HashKey specifically mentioned its Layer 2 public chain, HashKey Chain, in the prospectus. The announcement claims that HashKey Chain is a next-generation Ethereum Layer 2 scaling network developed by the company, aimed at providing efficient, secure, and compliant infrastructure for the global digital asset economy. HashKey Chain is built on leading Layer 2 technology and serves as an integrated platform that connects real-world assets, stablecoins, and a wide range of decentralized applications and services.

However, in fact, HashKey Chain can be called a “dead public chain”, with only 6 USD in public chain income generated in 24 hours, and a TVL of (. The total locked value, used to assess the on-chain financial scale, is merely 1.21 million USD, ranking 187th on DeFiLlama. It can be said that there is basically no activity on-chain; it's just issuing tokens to attract retail investors.

This point can be reflected in the mentality of HashKey's public chain token HSK holders. It was previously reported that the South Korean HSK community retaliated, demanding that HashKey take care of the investors who believe in them before discussing lofty goals. A community member responded that HashKey's chairman, Xiao Feng, prefers to talk extensively about the future of Ethereum, yet remains silent about their own platform token HSK. In a year where exchange platform tokens like )BNB and OKB are thriving, the “compliant” exchange HashKey's platform token has plummeted over 90% from its highest point.

( The most disappointing platform Token HSK has dropped by 60%! Korean community: Hashkey has abandoned retail investors and will lose all trust )

In addition to issuing coins to exploit retail investors, having no activities on-chain, and releasing platform coins, HashKey has also promoted its international site by claiming compliance under the guise of obtaining a regulatory license in Hong Kong.

( HashKey holds “Hong Kong Compliance” edge-promotion International Station Launchpool new coin issuance ZKJ )

HashKey, in addition to years of losses, faces significant compliance costs, often leaving cash on hand quite tight. They distribute salaries in a form of part cash and part HSK Token. If HashKey goes public, it will become the world's first exchange that is both listed and issues tokens, and it will be worth observing how the platform coin is represented on the balance sheet.

How do compliance costs crush exchanges? HashKey's financial pressure and layoffs expose the gap between ideals and reality

This article Hong Kong compliant exchange HashKey is about to IPO! Data reveals consecutive years of losses, platform Token plummeting 90%, first appeared in on-chain news ABMedia.