XeR

A Web3 Enthusiast

[The Block @TheBlockCo]

THE BLOCK: Franklin Templeton has partnered with Hong Kong's HashKey Exchange to distribute its tokenized money market fund (Franklin OnChain U.S. Government Liquidity Fund) in Asia.

The product offers Asian investors access to a tokenized fund that mainly invests in US government money market instruments and cash.

[HashKey Group @HashKeyGroup]

🤝 HashKey Group has partnered with South Korea's Kbank and BPMG Group to jointly develop digital asset business models.

As a key milestone for HashKey's Asia Connect strategy, the collaboration will explore stablecoin applications for cross-border payments and trade settlement, advancing next-generation financial infrastructure across Asia.

Read more: https://t.co/WQ3A8Uw814

[HashKey Group @HashKeyGroup]

📢 HashKey Weekly Digest

This week across the HashKey ecosystem: celebrating industry recognition while expanding the $HSK ecosystem and bringing digital assets closer to everyday finance.

🏆 Industry Recognition
🔹 HashKey Group received the Best Practice Award in the FinTech sector at the 2026 Sina Finance Global Capital Summit & Golden Radiance Awards.

💳 Product Launch
🔹 Shanghai Commercial Bank, @HashKeyExchange and @Visa officially launched one of Asia’s first co-branded credit cards between a bank and a licensed digital asset exchange.

🌱 Ecosystem Growth
🔹 HashKey Chain is now HSK Chain @HSKChain, reinforcing its focus on supporting the $HSK token and on-chain finance.
🔹 The $HSK Staking Program Season 3 is now live. Stake $HSK on HSK Chain and earn 5% APY.
🔹 The @HSKChain Horizon Hackathon · Japan concluded successfully. Six winning teams will receive official incubation support and access to resources across the HSK Chain ecosystem.
🔹 @eulerfinance has officially deployed on @HSKChain, expanding the ecosystem with institutional-grade DeFi infrastructure.

🎯 Events & Campaigns
🔹 @HSKChain, @HashKeyCloud and @HashKey_Japan hosted the On-Chain Finance Forum Tokyo 2026 during @WebX_Asia.
🔹 Join the @HashKeyMENA World Cup Final Challenge for a chance to receive 10 $USDT.
🔹 The former @HashKey_Global App is now integrated into the @HashKeyExchange App. Trade spot or futures and enjoy 30% trading fee rewards.

[LoL Esports @lolesports]

TIAN IS BACK.

📺 @LPL_english

[哈世链闻 @HashNewsHK]

📌《从聆讯文件推导Hashkey估值： $HSK 成为 IPO 的关键定价锚点》

随着 HashKey 集团递表港交所，其上市估值正在成为市场关注焦点。但与其他拟上市企业不同，HashKey 存在一个独特的估值参照物：平台代币 $HSK 。

在最新公开的聆讯后资料中，公司首次明确写入了关键承诺：

集团年度利润的 20% 将用于回购并销毁 HSK。
这一条款意味着，HSK 不再只是“平台激励型代币”，而是被公司正式绑定至未来现金流。换言之，HSK 的市值已��开始映射 HashKey 集团自身的部分商业价值。

这一结构为外界提供了一个罕见的估值路径：

如果 20% 利润用于回购代币，那么 HSK 的价值大约可视作公司 20% 利润权的市场化定价。

🔥一、HSK 的现值正在为 HashKey 提供隐含估值

根据CMC数据，按照当前市场价格计算，HSK 的现流通市值约为：
约 1 亿美元

如果将其视为“对应集团 20% 利润回购权”的市场价格，那么逻辑上可反推出：

HashKey合合理估值 approx HSK市值 × 5

换算后大约为：

👉 约 5 亿美元

这一估值并非理论推演，而是来自目前市场对“利润回购机制”的直接定价。

换句话说，HSK 的市值正在成为 HashKey 的现实估值锚点。

🔥二、如果 HashKey IPO 估值显著高于 5 亿美元，意味着什么？

如果公司上市估值远高于这一数字，例如达到 10 亿、20 亿美元，那么市场势必会提出疑问：

若公司未来利润能够支撑更高估值，为何 HSK 的市值没有体现？

既然利润的 20% 将用于回购代币，为何这一回购权目前仅被市场定价为 1 亿美元？

若 HSK 没有被市场认可，反向推导的公司估值是否也应受到折价？
这意味着，当 HSK 被写入公司利润模型，它不再是“营销工具”，而成为估值体系的一部分。

因此：
📌 如果 IPO 定价显著高于 HSK 所隐含的估值倍数，市场大概率会将其视为高估。

🔥三、提升估值的关键不再是叙事，而是经营数据

对于 HashKey 而言，提升估值的方法不再是扩大宣传，而是改善三项核心指标：

1. 盈利能力必须有实质性改善(目前年亏损10亿港币）

公司目前仍处于高亏损阶段，而“20% 利润回购”要产生价值，必须首先具备“利润”。

2. 回购机制需要落地执行，而非仅停留在白皮书层面

���有真实发生的回购与销毁，才能支撑代币价值，并调整隐含估值锚点。

3. 交易量与业务规模需显著扩大

据公开数据，集团要接近盈亏平衡，日均交易量需达到现状的 4–6 倍。

如果交易量停滞，IPO 估值提升空间有限。

🔥四、一个更透明的估值体系正在形成

随着港交所与监管机构逐步接纳虚拟资产相关企业上市，HashKey 的上市过程提供了一个值得观察的样本：

当企业发行的平台代币被绑定至真实现金流
当代币经济模型被写入上市文件

当“利润回购权”具备法律含义

当代币市值可以反向映射公司价值

一个新的估值工具便出现了：
代币市值成为上市公司估值的“实时市场指标”。

在 HashKey 的案例中，这一指标目前指向：
👉 约 5 亿美元的合理上市估值区间。
任何高出这一水平太多的定价，都可能需要更多经营数据来支撑。

当 HashKey 将“20% 利润回购 HSK”写入聆讯文件时，公司估值体系已经不再由故事主导，而由市场直接定价。
HSK≈1 亿美元 → HashKey≈5 亿美元。

高于此区间，这个年亏损10亿港币的web3巨头可能需要给市场一个更好的理由。

#HASHKEY $HSK

[XeR @XerZY_21]

@HSKChain 👷‍♂️

[TechFlow 深潮｜APP 已上线 @TechFlowPost]

解读 HashKey 招股书：香港加密资产第一股的真实账本

https://t.co/ydaGTgQIo0

[HashKey Group @HashKeyGroup]

Our hearts are with all those affected by the tragic Tai Po fire in Hong Kong, a city that is home to the core of the HashKey community.

We are committed to supporting our community and are donating HK$10 million to aid emergency relief efforts and assist impacted residents.

More details 👉 https://t.co/pWattZtwZN

[AliceHsu @AliceHsu_kou]

Even Super Cats need tuna!!🥫🥫
Bastet provides an open-source public vulnerability dataset and vulnerability detection workflows.
Any support boosts Bastet’s meow meow-power. 💕💕
🐟🐟 Donation Info 🐟🐟
https://t.co/8EEJzPmoUz

[HashKey OTC @HashKeyOTC]

📢 HASHOO SPOTTED!

Hashoo from @HSKChain is here with some Halloween treats! 👻🍬

[Skylar S. @SkylarrrHash]

I read @AntissMk’s open letter multiple times. Frankly, the audience who most needed to see it was us — the HashKey team. I held my response until we could turn his voice into a clear internal plan of action.

We took these ideas to the HSK Committee, sparking an important conversation about how to stay connected to builders who are genuinely invested in what we’re building. His insights have since been translated into actionable plans and shared with senior leadership as part of their KPI framework. At this point, I’m pretty sure everyone in our core team knows @AntissMk and his tweets 😂.

We’ve been following @AntissMk’s contributions for some time, and last month, I met him in person at KBW in Seoul. He is truely an insightful, respectful and loyal buidler. Gave me a series of constructive suggestions on how to re-build our ecosystem, and restore community confidence. We’re now inviting him to become our Community Ambassador in Korea — not to soften his voice, but to amplify it. This role is designed to break down language and cultural barriers, ensuring we hear authentic community perspectives directly. We need someone who can bridge our team with the community, channel honest feedback, and make sure important conversations reach key decision-makers.

Moving forward, we'll introduce similar ambassador roles across major regions — including Chinese-speaking markets, Vietnam, and beyond — for everyone who builds, questions, and cares. We're also launching the "HashKey Chiefs program" soon — stay tuned. Let’s grow this together. 🌱

[LazyOtter Finance 🦦 @lazyotter_fi]

🧐 Breaking Down USDAI: A 19% yield sounds too good to be true—but what's the cost?

Want to know the risks?

Keep reading the thread below 🧵👇

[XeR @XerZY_21]

@SkylarrrHash @AntissMk This is a very positive move!

[Bloomberg @business]

HashKey Group, the operator of Hong Kong’s biggest licensed crypto exchange, has confidentially filed for an IPO in the Asian financial hub, sources say https://t.co/Cr7FjHy6PJ

[华尔街没有名字 @WallStreet0Name]

HashKey Group 于 2024 年初完成近 1 亿美元 A 轮融资，估值超过 12 亿美元
如果ipo上市港股，估值还会提升
平台币目前确实被低估了
hsk现在流通市值1.4亿，全流通4.3亿
如果按流通市值对应 12 亿估值的倍数，还有8倍
全流通市值对应12 亿估值的倍数，还有2.8倍
@SkylarrrHash

[Weiho.eth @we1h0]

BlockBeats 消息，10 月 10 日，香港最大的加密货币交易平台 HashKey 据悉考虑 IPO

[Skylar S. @SkylarrrHash]

吃 HashKey 月饼，享 HashKey 人生

[XeR @XerZY_21]

@HSKChain Cute!

[加密无畏 @cryptobraveHQ]

HashKey Exchange 资产托管突破200亿港币（约25.6亿美元），全球加密交易所排名第15

很多人对这个数字没概念。DeFiLama 查了下，HashKey Exchange 的资产规模，目前排名全球加密交易所第16。由于数据更新问题，实际排名应该是第15，仅次于https://t.co/6I7HcgunIC，略多于后一名Bitstamp 。

这说明什么：

HashKey Exchange @HashKeyExchange 仅营业2年左右时间，资产就超过营业超过14年的Bitstamp，排在营业9年多的https://t.co/6I7HcgunIC 后面。也是Bitget、kucoin 等我们熟知的老牌二线交易所的资产一半左右。

交易-托管-理财，这是交易所常见的三大核心业务板块。

合规所由于自身限制，目前在交易（交易量、杠杠和衍生品、交易品种、交易体验）和理财（存币活动、新币奖励等）有关方面，数据不如全球离岸所。

但在资产托管方面，合规所已经爆发出来了他的巨大优势，��在市场份额方面，能够占据一席之地。

随着合规所安全可信的优势逐步���大，未来一方面在资产规模方面会继续增长，一方面在交易和理财功能方面，也会慢慢跟上。 $HSK

[HashKey Exchange @HashKeyExchange]

📢 BREAKING: HashKey Exchange's AUM Surpasses HKD 20 Billion Milestone

✅ HKD 1.2 Trillion Cumulative Trading Volume
✅ HKD 20 Billion AUM
✅ 80× YoY Growth in Omnibus Service

🛡️ Zero major security incidents since 2023
⭐ 9/10 CoinGecko Trust Score (full marks in security)

🌐 Our mission: making finance safer, more inclusive, and more sustainable

👉 Learn more: https://t.co/rw5ylunXsE
🔗 Join now: https://t.co/Jg04OYlAve