HashKey Holdings opened below its IPO price in Hong Kong and slid about 5% to ~HK$6.34 by mid-morning. The company’s prospectus shows it controls roughly three-quarters of Hong Kong’s licensed crypto trading market and processed about $81.8 billion in volume in 2024, but ultra-low fees (mostly under 0.1%) plus licensing, custody, compliance and infrastructure costs produced cumulative net losses of roughly $385 million from 2022 through mid‑2025 and an elevated monthly cash burn. Management has pulled back from offshore retail (closing its Bermuda entity), tying performance more closely to Hong Kong regulation, institutional participation and local capital markets activity, and investors are uncertain whether scale, fee rises or higher‑margin services can restore profitability.

Share price opened below the IPO and fell ~5% on debut; prospectus shows ~75% market share and $81.8B processed in 2024 but cumulative net losses of ~ $385M (2022–mid‑2025) and elevated cash burn; low fees and high operating costs create uncertainty about near‑term profitability and reliance on Hong Kong regulation and institutional/local market activity.