Today, when I opened Tiger Brokers, I was struck by the IPO information for HashKey. Listing at this particular time is worth discussing for the signals it sends.

❚ Capital Endorsement and Compliance Premium
The list of cornerstone investors brought in by HashKey essentially reflects the market pricing of compliance costs.

- UBS and Fidelity: The participation of top foreign banks and global asset management giants means that mainstream financial capital, under the current regulatory environment, has started to allocate to crypto infrastructure in the form of equity.
- CDH Investments: Backed by leading state-owned capital, this carries clear signaling significance under the current regulatory red lines—you know what that means.
- Scarcity Logic: Under the regulatory pressure in mainland China, compliant licenses have become the core barrier for capital inflows and outflows; this attribute will be a key consideration in the IPO valuation.

❚ Industry Signals from Bosideng’s Entry
Unlike the financial investments from institutions, the involvement of a real-economy company like Bosideng reveals another type of demand.

- Asset Allocation Tool: Traditional enterprises with large cash flows are starting to consider digital assets as part of their global asset allocation to hedge against macro uncertainties.
- Cross-border Capital Efficiency: For export-oriented companies, compliant crypto platforms provide a new path to optimize cross-border capital flows and payment efficiency.
- Demonstration Effect: This marks the shift of digital assets from being purely speculative targets to becoming financial management tools for real-world enterprises.

❚ Macro-Cycle Timing Logic
HashKey’s choice to go public now positions it at a key inflection point for global liquidity.

- Policy Shift: China has sent positive signals on fiscal and monetary policy, with macro guidance tending towards easing in 2026.
- Balance Sheet Expansion Expectations: The market widely anticipates the US Federal Reserve will start a new round of balance sheet expansion in 2026, leading to abundant global liquidity.
- Absorption Channel: With expectations of global monetary easing, compliant exchanges will be a crucial channel for absorbing excess capital into the crypto market.

Not every IPO bell-ringing is worth remembering, but this time, HashKey is destined to be an unmissable chapter in Hong Kong’s Web3 chronicle.

It proves the special value of compliant channels for both existing and new capital in the context of increasingly differentiated regional regulation.

@HashKeyGroup @siya