HashKey, a licensed exchange in Hong Kong, is taking the lead—it will officially launch its IPO on December 9, which is much earlier than the market expected.

This timing has led many investors to start considering: Should I participate in this round of IPO? The core question is just one: How should we value this "first digital currency stock in Hong Kong"?

Using the market capitalization benchmarking method will make things clearer. First, we need to pinpoint HashKey’s industry position—it’s not a pure tech company, nor a traditional brokerage, but a compliant digital asset trading platform holding Hong Kong Type 1 and Type 7 licenses. This identity is quite rare globally, especially in the Asian market.

There are several dimensions for comparison: if you look at trading volume, compare it to small- and medium-sized CEXs; if you focus on compliance, refer to Coinbase’s premium logic; if you consider regional advantages, you have to factor in Asian liquidity. The valuation results will vary greatly depending on the benchmark, so it’s best to be clear on which logic you agree with before participating.