HashKey passes the Hong Kong Stock Exchange hearing, but the $99 million loss raises questions about its profit model.

RektRecovery

2025-12-01 06:00:18

[Coin World] HashKey has passed the listing hearing through the Hong Kong Stock Exchange, with institutions like JPMorgan standing behind it. This exchange claims to be the first fully licensed encryption exchange in Hong Kong and is expected to reach a volume of 638.4 billion HKD this year, which sounds like it aims to secure its position as the largest onshore platform in Asia.

However, the data also revealed another aspect - the loss of 99 million dollars is right there. The market begins to ponder: how long can burning money to seize market share last? Is the cost of regulatory compliance underestimated? After all, operating with a license and reckless growth are two different things; whether this approach can work may still depend on the performance of the financial reports in the following few quarters.

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MoonRocketman

· 12-01 06:30

A loss of 99 million dollars... The RSI indicator has already entered the Overbought zone, and the upper band of the Bollinger Bands is almost being pushed down. How long can this logic of burning money to grab market share hold up? We really need to calculate the escape velocity.

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StrawberryIce

· 12-01 06:07

Losing so much and still going public, aren't you afraid of suckers doing a rug pull? --- It doesn't matter if JPMorgan stands by you, how do you fill the $99 million hole? --- Burning money to grab market share has been played out in the crypto world, let's see if it can last a few years. --- With a license, you have to make money honestly, unlike before when there was no restraint. --- Just looking at the volume is useless; losses are the real problem. --- Is the compliance cost underestimated? I think it's estimated too optimistically. --- How can we trust the financial report? Nowadays, anyone can brag.

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