hk-ipo/data/extracted_text/03887/allotment_results_2025-12-16_2025121601390.txt

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Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited (the “Stock Exchange ”)
and Hong Kong Securities Clearing Company Limited ( “HKSCC ”) take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this
announcement.
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same meanings as those
defined in the prospectus dated December 9, 2025 (the “Prospectus ”) issued by HashKey Holdings Limited (the
“Company ”).
This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase
or subscribe for securities of the Company. This announcement is not a prospectus. Potential investors should read
the Prospectus for detailed information about the Company and the Global Offering described below before deciding
whether or not to invest in the Offer Shares. Any investment decision in relation to the Offer Shares should be taken
solely in reliance on the information provided in the Prospectus.
This announcement is not for release, publication, distribution, directly or indirectly, in or into the United States
(including its territories and possessions, any state of the United States and the District of Columbia). This
announcement does not, and is not intended to, constitute or form a part of any offer to sell or solicitation to purchase
or subscribe for any securities in the United States or in any other jurisdiction. The Offer Shares have not been, and
will not be, registered under the U.S. Securities Act of 1933, as amended from time to time (the “U.S. Securities
Act”) or securities law of any state or other jurisdiction of the United States and may not be offered, sold, pledged
or otherwise transferred within the United States, except pursuant to an available exemption from, or in a transaction
not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable state
securities laws. The Offer Shares are being offered and sold outside the United States in offshore transactions in
reliance on Regulation S under the U.S. Securities Act, or in the United States to qualified institutional buyers in
reliance on Rule 144A or any other available exemption from the registration requirements under the U.S. Securities
Act.
In connection with the Global Offering, J.P. Morgan Securities (Asia Pacific) Limited, as stabilizing manager (the
“Stabilizing Manager ”) (or its affiliates or any person acting for it), on behalf of the Underwriters, to the extent
permitted by the applicable laws and regulatory requirements of Hong Kong or elsewhere, may over-allocate or effect
transactions with a view to stabilizing or supporting the market price of the Shares at such price, in such amounts
and in such manners as the Stabilizing Manager, its affiliates or any person acting for it may determine and at a
level higher than that which might otherwise prevail for a limited period after the Listing Date. However, there is
no obligation on the Stabilizing Manager (or its affiliates or any person acting for it) to conduct any such stabilizing
action. Such stabilizing action, if taken, (a) will be conducted at the absolute discretion of the Stabilizing Manager (or
its affiliates or any person acting for it) and in what the Stabilizing Manager reasonably regards as the best interest
of the Company, (b) may be discontinued at any time and (c) is required to be brought to an end within 30 days of
the last day for lodging applications under the Hong Kong Public Offering (which is Sunday, January 11, 2026).
Such stabilizing action, if taken, may be effected in all jurisdictions where it is permissible to do so, in each case in
compliance with all applicable laws, rules and regulatory requirements, including the Securities and Futures (Price
Stabilizing) Rules (Chapter 571W of the Laws of Hong Kong), as amended, made under the Securities and Futures
Ordinance (Chapter 571 of the Laws of Hong Kong).
Potential investors should be aware that no stabilizing action can be taken to support the price of the Shares for longer
than the stabilization period, which will begin on the Listing Date, and is expected to expire on the 30th day after the
last day for lodging applications under the Hong Kong Public Offering (which is Sunday, January 11, 2026). After this
date, when no further stabilizing action may be taken, demand for the Shares, and therefore the price of the Shares,
could fall.
In connection with the Global Offering, J.P. Morgan Securities (Far East) Limited and Guotai Junan Capital Limited
act as the Joint Sponsors; and J.P. Morgan Securities (Asia Pacific) Limited and Guotai Junan Securities (Hong Kong)
Limited act as the Sponsor-Overall Coordinators and Overall Coordinators.
Potential investors of the Offer Shares should note that the Overall Coordinators (for themselves and on behalf of the
Hong Kong Underwriters) shall be entitled to terminate the Hong Kong Underwriting Agreement with immediate effect
upon the occurrence of any of the events set out in the section headed “Underwriting – Underwriting Arrangements
and Expenses – Hong Kong Public Offering – Grounds for Termination ” in the Prospectus at any time prior to 8:00
a.m. (Hong Kong time) on the Listing Date (which is currently expected to be on Wednesday, December 17, 2025).


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HashKey Holdings Limited
(Incorporated in the Cayman Islands with limited liability)
GLOBAL OFFERING
Number of Offer Shares under the
Global Offering
: 240,570,000 Shares (subject to the Over-
allotment Option)
Number of Hong Kong Offer Shares : 24,057,200 Shares
Number of International Offer Shares : 216,512,800 Shares (subject to the Over-
allotment Option)
Offer Price : HK$6.68 per Offer Share, plus brokerage of
1.0%, SFC transaction levy of 0.0027%,
Stock Exchange trading fee of 0.00565%
and AFRC transaction levy of 0.00015%
(payable in full on application in Hong
Kong dollars and subject to refund)
Nominal value : US$0.00001 per Share
Stock code : 3887
Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Joint Bookrunners and
Joint Lead Managers
Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers
Joint Bookrunners and Joint Lead Managers
(in alphabetical order)
Joint Lead Managers
(in alphabetical order)


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HashKey Holdings Limited
ANNOUNCEMENT OF FINAL OFFER PRICE
AND ALLOTMENT RESULTS
Unless otherwise defined herein, capitalized terms used in this announcement shall have the same
meanings as those defined in the prospectus dated December 9, 2025 (the “Prospectus ”) issued by
HashKey Holdings Limited (the “Company ”).
Warning: In view of high concentration of shareholding in a small number of Shareholders,
Shareholders and prospective investors should be aware that the price of the Shares could
move substantially even with a small number of Shares traded and should exercise extreme
caution when dealing in the Shares.
SUMMARY
Company information
Stock code 3887
Stock short name HASHKEY HLDGS
Dealings commencement date December 17, 2025*
*see note at the end of this announcement
Price Information
Final Offer Price HK$6.68
Offer Price Range HK$5.95 – HK$6.95
Offer Shares and Share Capital
Number of Offer Shares 240,570,000 Shares
Number of Offer Shares in Hong Kong Public Offering 24,057,200 Shares
Number of Offer Shares in International Offering 216,512,800 Shares
Number of issued Shares upon Listing (before exercise
of the Over-allotment Option)
2,765,176,002 Shares
Offer Size Adjustment Option
Number of additional shares issued under the option N/A
– Hong Kong Public Offering N/A
– International Offering N/A
The Offer Size Adjustment Option was not exercised.
Over-allocation
No. of Offer Shares over-allocated 36,085,200 Shares
Such over-allocation may be covered by exercising the Over-allotment Option or by making
purchases in the secondary market at prices that do not exceed the Offer Price or through
deferred delivery or a combination of these means. In the event the Over-allotment Option is
exercised, an announcement will be made on the Stock Exchange ’s website.
Proceeds
Gross proceeds (Note) HK$1,607,007,600
 Less: Estimated listing expenses payable based on
 Final Offer Price
HK$127,766,819
Net proceeds HK$1,479,240,781
Note: Gross proceeds refer to the amount to which the issuer is entitled to receive. For details of the use
of proceeds, please refer to the section headed “Future Plans and Use of Proceeds ” of the Prospectus.
The Company will adjust the allocation of the net proceeds from the exercise of the Over-allotment
Option (if any) for the purposes as set out in the section headed “Future Plans and Use of Proceeds ” of
the Prospectus on a pro rata basis.


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ALLOTMENT RESULTS DETAILS
HONG KONG PUBLIC OFFERING
No. of valid applications 88,592
No. of successful applications 29,791
Subscription level 393.71 times
Reallocation No
No. of Offer Shares initially available under the Hong Kong
Public Offering
24,057,200
No. of Offer Shares reallocated from the International
Offering
0
Final no. of Offer Shares under the Hong Kong Public
Offering (after reallocation)
24,057,200
% of final no. of Offer Shares under the Hong Kong Public
Offering to the Global Offering
10%
Note: For details of the final allocation of Shares to the Hong Kong Public Offering, investors
can refer to www.hkeipo.hk/iporesult  to perform a search by identification number or
www.hkeipo.hk/iporesult  for the full list of allottees.
INTERNATIONAL OFFERING
No. of placees 86
Subscription Level 5.46 times
No. of Offer Shares initially available under the
International Offering
216,512,800
No. of Offer Shares reallocated to the Hong Kong Public
Offering
0
Final no. of Offer Shares under the International Offering 216,512,800
% of final no. of Offer Shares under the International
Offering to the Global Offering
90%
The Directors confirm that, to the best of their knowledge, information and belief, save for a
consent under Chapter 4.15 of the Guide for New Listing Applicants to permit the Company to,
among other things, (a) allocate further Shares in the International Offering to certain Cornerstone
Investors and/or their respective close associates and (b) to allocate certain Offer Shares in the
International Offering to certain existing Shareholders and its close associate, (i) none of the
Offer Shares subscribed by the placees and the public have been financed directly or indirectly
by the Company, any of the Directors, chief executive of the Company, Controlling Shareholders,
substantial Shareholders, existing Shareholders of the Company or any of its subsidiaries or
their respective close associates; and (ii) none of the placees and the public who have purchased
the Offer Shares are accustomed to taking instructions from the Company, any of the Directors,
chief executive of the Company, Controlling Shareholders, substantial Shareholders, existing
Shareholders of the Company or any of its subsidiaries or their respective close associates in
relation to the acquisition, disposal, voting or other disposition of Shares registered in his/her/its
name or otherwise held by him/her/it.


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The placees in the International Offering include the following:
Cornerstone Investors
Investor Note 1
No. of Offer
Shares
allocated
% of Offer
Shares
(assuming
the Over-
allotment
Option is not
exercised)
% of total issued
Shares after the
Global Offering
(assuming the
Over-allotment
Option is not
exercised)
Existing
shareholders
or their close
associates
UBS Asset
Management
(Singapore) Ltd.
11,655,600 4.84% 0.42% No
FIL Investment
Management (Hong
Kong) Limited
5,827,600 2.42% 0.21% close associate
of an existing
shareholder
CDH Global Frontier
Ventures Limited
5,827,600 2.42% 0.21% close associate
of an existing
shareholder
Cithara Global Multi-
Strategy SPC –
Bosideng Industry
Investment Fund SP
17,483,600 7.27% 0.63% No
Infini Global Master
Fund
11,655,600 4.84% 0.42% No
Deep Source Holdings
Limited
11,655,600 4.84% 0.42% No
Profit Channel
Development Limited
11,655,600 4.84% 0.42% No
Shining Light Grace
Limited
5,827,600 2.42% 0.21% An existing
shareholder
Space Z PTE. LTD. 5,827,600 2.42% 0.21% An existing
shareholder
Notes:
1. For further details of the Cornerstone Investors, please refer to the section headed “Cornerstone Investors ” in
the Prospectus.
2. In addition to the Offer Shares subscribed for as Cornerstone Investors, Space Z PTE. LTD., Shining Light
Grace Limited, CDH Global Frontier Ventures Limited, Cithara Global Multi-Strategy SPC – Bosideng
Industry Investment Fund SP, Infini Global Master Fund, Deep Source Holdings Limited as well as UBS
Asset Management (Singapore) Ltd. and/or their respective close associates, where applicable, were allocated
further Offer Shares as placees in the International Offering. Please refer to the section headed “Allotment
Results Details – International Offer – Allottees with Consents Obtained ” in this announcement for details.
Only the Offer Shares subscribed for as Cornerstone Investors are subject to lock-up as indicated below.
For details, please refer to the section headed “Lock-up Undertakings – Cornerstone Investors ” in this
announcement.


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Allottees with Consents Obtained
Investor
No. of Offer
Shares
allocated
% of Offer
Shares
(assuming
the Over-
allotment
Option is not
exercised)
% of total
issued Shares
after the
Global Offering
(assuming
the Over-
allotment
Option is not
exercised) Relationship
Allottees with consent under Chapter 4.15 of the Guide for New Listing Applicants in
relation to allocations of further Shares to Cornerstone Investors and/or their respective
close associates Note 1
Space Z PTE. LTD. 11,050,000 4.59% 0.40% Existing
Shareholder
and
cornerstone
investor
Shining Light Grace
Limited
5,500,000 2.29% 0.20% Existing
Shareholder
and
cornerstone
investor
CDH Global Frontier
Ventures Limited
5,450,000 2.27% 0.20% Close associate
of existing
shareholder
and
cornerstone
investor
Cithara Fund 18,270,000 7.59% 0.66% Cornerstone
Investor
Infini 11,050,000 4.59% 0.40% Cornerstone
Investor
Deep Source 10,400,000 4.32% 0.38% Cornerstone
Investor
UBS AM Singapore 11,050,000 4.59% 0.40% Cornerstone
Investor


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Allotees with waiver from strict compliance with Rule 10.04 of the Listing Rules and
consent under paragraph 1C(2) of the Placing Guidelines in relation to subscription for
Shares by existing Shareholders and/or their close associates Note 1
Epoch Vantage Limited 6,900,000 2.87% 0.25% An existing
shareholder
Blacklake Investment
Management Ltd.
2,220,000 0.92% 0.08% An existing
shareholder
DABANC Holding
Limited Note 2
1,100,000 0.46% 0.04% A close
associate of
the existing
shareholder
Notes:
1. The number of Offer Shares allocated to the relevant investors listed in this subsection only represents the
number of Offer Shares allocated to the investors as placees in the International Offering. For allocations of
Offer Shares to the relevant investors as Cornerstone Investors, please refer to the section headed “Allotment
Results Details – International Offering – Cornerstone Investors ” in this announcement. For details of the
consent under Chapter 4.15 of the Guide for New Listing Applicants in relation to allocations of further
Shares to the Cornerstone Investors and/or their respective close associates, please refer to the section headed
“Others/Additional Information – Allocations of Offer Shares to the Cornerstone Investors and/or their
respective close associates with a consent under Chapter 4.15 of the Guide for New Listing Applicants ” in
this announcement.
2. TDR Investment Inc., is the existing shareholder of the Company, and holds 1.02% of total issued share
capital of the Company. Mr. Wang Ruiping is the ultimate controller of TDR Investment Inc. and holds 100%
of its equity. Mr Wang Ruiping hold 45% of DABANC Holding Limited and therefore is a close associate of
TDR Investment Inc.


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LOCK-UP UNDERTAKINGS
Controlling Shareholders
Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of shareholding in
the Company subject to
lock-up undertakings
upon Listing (assuming
the Over-allotment
Option is not exercised)
Last day subject to the
lock-up undertakings
Mr. Lu Weiding 1,072,203,049 38.78% June 16, 2026 Note 2  (First
Six-Month Period)
December 16, 2026 Note 3
(Second Six-Month
Period)
GDZ International
Limited
1,072,203,049 38.78% June 16, 2026 Note 2 (First
Six-Month Period)
December 16, 2026 Note 3
(Second Six-Month
Period)
HashKey FinTech
Investment Fund III
(Cayman Master) LP
17,632,797 0.64% June 16, 2026 Note 2 (First
Six-Month Period)
December 16, 2026 Note 3
(Second Six-Month
Period)
Puxing Energy
Limited
586,329 0.02% June 16, 2026 Note 2  (First
Six-Month Period)
December 16, 2026 Note 3
(Second Six-Month
Period)
Total 1,090,422,175 39.43%
Notes:
1. To the best of our Directors ’ knowledge, GDZ International Limited is wholly-owned by Mr. Lu; partnership
interest in HashKey FinTech III is held as to 43.22% by GDZ International Limited as a limited partner; and
Puxing Energy Limited is ultimately controlled by Mr. Lu as to over one third of its voting rights. Therefore,
Mr. Lu is deemed to be interested in the 1,072,203,049 Shares, 17,632,797 Shares and 586,329 Shares held
by GDZ International Limited, HashKey FinTech III and Puxing Energy Limited, respectively.
2. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the date that is
six months after the Listing Date (the “First Six-Month Period ”) ends on June 16, 2026. A Controlling
Shareholder may dispose of or transfer Shares after the indicated date provided that such Controlling
Shareholder will not cease to be a Controlling Shareholder.
3. In accordance with the relevant Listing Rule/guidance materials, the required lock-up for the period of six
months commencing on the date on which the First Six-Month Period expires (the “Second Six-Month
Period ”) ends on December 16, 2026.


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Existing Shareholders
Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of shareholding in
the Company subject to
lock-up undertakings
upon Listing (assuming
the Over-allotment
Option is not exercised)
Last day subject to the
lock-up undertakings
XChainX Limited 410,289,839 14.84% June 16, 2026 Note 1
Open Horizon
Holdings Limited
46,289,153 1.67% June 16, 2026 Note 1
Fidelity China
Special Situations
PLC
45,000,000 1.63% June 16, 2026 Note 1
Prestige Wealth
Group Limited
30,859,435 1.12% June 16, 2026 Note 1
Black Shadows, L.P. 29,455,081 1.07% June 16, 2026 Note 1
Fidelity Funds 28,637,703 1.04% June 16, 2026 Note 1
TDR Investment Inc 25,691,957 0.93% June 16, 2026 Note 1
Tomars Limited 23,221,725 0.84% June 16, 2026 Note 1
CMBI Private
Equity Series SPC
on behalf of and for
the account of Links
Opportunity Fund SP
23,144,577 0.84% June 16, 2026 Note 1
People’s Capital
Digital I L.P.
22,091,311 0.80% June 16, 2026 Note 1
JF SmartTrade (BVI)
Limited
22,091,311 0.80% June 16, 2026 Note 1
Summer Eternity
Holdings Limited
17,632,797 0.64% June 16, 2026 Note 1
BLACKLAKE
INVESTMENT
MANAGEMENT
LTD
14,727,541 0.53% June 16, 2026 Note 1
Epoch Vantage
Limited
14,727,541 0.53% June 16, 2026 Note 1
SmartDot Limited 11,020,498 0.40% June 16, 2026 Note 1
Shining Light Grace
Limited
10,800,000 0.39% June 16, 2026 Note 1
People’s Capital
Digital II L.P
10,309,278 0.37% June 16, 2026 Note 1
Meitu Investment
Ltd
9,257,831 0.33% June 16, 2026 Note 1
Haili Metal One
Hongkong Co.,
Limited
8,100,147 0.29% June 16, 2026 Note 1


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Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of shareholding in
the Company subject to
lock-up undertakings
upon Listing (assuming
the Over-allotment
Option is not exercised)
Last day subject to the
lock-up undertakings
OKG Ventures
Limited
7,714,859 0.28% June 16, 2026 Note 1
Gortune AlphaGo
Inv. Limited
7,714,286 0.28% June 16, 2026 Note 1
Space Z PTE. LTD. 7,714,286 0.28% June 16, 2026 Note 1
CMSC Partners OFC
– Ignis Fund II
7,363,770 0.27% June 16, 2026 Note 1
HUIDING
TECHNOLOGY
PTE. LTD
7,363,770 0.27% June 16, 2026 Note 1
New Port
International Capital
Limited
6,627,393 0.24% June 16, 2026 Note 1
Ching Hiu Yuen 2,204,100 0.08% June 16, 2026 Note 1
SNZ Holding
Limited
2,204,100 0.08% June 16, 2026 Note 1
Atlascap Metaverse
Limited
1,815,261 0.07% June 16, 2026 Note 1
EOS Network
Ventures Fund I GP
Ltd.
1,542,857 0.06% June 16, 2026 Note 1
Golden Future
Prosperity Ltd.
578,571,420 20.92% June 16, 2026 Note 1
Total 1,434,183,827 51.87%
Note:
1. The expiry date of the lock-up period shown in the table above is pursuant to voluntary undertaking.


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Cornerstone Investors
Name
Number of
Shares held in
the Company
subject to lock-up
undertakings
upon Listing
% of total issued
Shares after the Global
Offering subject to
lock-up undertakings
upon Listing (assuming
the Over-allotment
Option is not exercised)
Last day subject to the
lock-up undertakings
UBS Asset
Management
(Singapore) Ltd.
11,655,600 0.42% June 16, 2026 Note 1
FIL Investment
Management (Hong
Kong) Limited
5,827,600 0.21% June 16, 2026 Note 1
CDH Global Frontier
Ventures Limited
5,827,600 0.21% June 16, 2026 Note 1
Cithara Global
Multi-Strategy SPC
– Bosideng Industry
Investment Fund SP
17,483,600 0.63% June 16, 2026 Note 1
Infini Global Master
Fund
11,655,600 0.42% June 16, 2026 Note 1
Deep Source
Holdings Limited
11,655,600 0.42% June 16, 2026 Note 1
Profit Channel
Development
Limited
11,655,600 0.42% June 16, 2026 Note 1
Shining Light Grace
Limited
5,827,600 0.21% June 16, 2026 Note 1
Space Z PTE. LTD. 5,827,600 0.21% June 16, 2026 Note 1
Total 87,416,400 3.16%
Note:
1. In accordance with the relevant cornerstone investment agreements, the required lock-up ends on June
16, 2026. The Cornerstone Investors will cease to be prohibited from disposing of or transferring Shares
subscribed for pursuant to the relevant cornerstone investment agreements after the indicated date.


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12
PLACEE CONCENTRATION ANALYSIS
Placees*
Number
of Shares
allotted
Allotment as %
of International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment as %
of International
Offering
(assuming the
Over-allotment
Option is fully
exercised and new
Shares are issued)
Allotment as %
of total Offer
Shares (assuming
no exercise of the
Over-allotment
Option)
Allotment as % of
total Offer Shares
(assuming the
Over-allotment
Option is fully
exercised and new
Shares are issued)
Number of
Shares held
upon Listing
% of total issued
Shares upon
Listing (assuming
no exercise of the
Over-allotment
Option)
% of total issued
Shares upon
Listing (assuming
the Over-allotment
Option is fully
exercised and new
Shares are issued)
Top 1 35,753,600 16.51% 14.15% 14.86% 12.92% 35,753,600 1.29% 1.28%
Top 5 120,098,000 55.47% 47.55% 49.92% 43.41% 127,812,286 4.62% 4.56%
Top 10 177,732,800 82.09% 70.36% 73.88% 64.24% 225,702,167 8.16% 8.06%
Top 25 224,145,200 103.53% 88.74% 93.17% 81.02% 375,207,352 13.57% 13.39%
Note
* Ranking of placees is based on the number of Shares allotted to the placees.
SHAREHOLDER CONCENTRATION ANALYSIS
Number
of Shares
allotted
Allotment as %
of International
Offering
(assuming no
exercise of the
Over-allotment
Option)
Allotment as %
of International
Offering
(assuming the
Over-allotment
Option is fully
exercised and new
Shares are issued)
Allotment as %
of total Offer
Shares (assuming
no exercise of the
Over-allot
Allotment as % of
total Offer Shares
(assuming the
Over-allotment
Option is fully
exercised and new
Shares are issued)
Number of
Shares held
upon Listing
% of total issued
Shares upon
Listing (assuming
no exercise of the
Over-allotment
Option)
% of total issued
Shares upon
Listing (assuming
the Over-allotment
Option is fully
exercised and new
Shares are issued)
Top 1 0 0.00% 0.00% 0.00% 0.00% 1,668,993,595 60.36% 59.58%
Top 5 17,105,200 7.90% 6.77% 7.11% 6.18% 2,245,770,571 81.22% 80.17%
Top 10 70,836,400 32.72% 28.04% 29.45% 25.60% 2,396,168,038 86.66% 85.54%
Top 25 193,780,400 89.50% 76.71% 80.55% 70.04% 2,665,615,859 96.40% 95.16%
Note
* Ranking of Shareholders is based on the number of Shares (of all classes) held by the Shareholder upon Listing.


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BASIS OF ALLOCATION UNDER THE HONG KONG PUBLIC OFFERING
Subject to the satisfaction of the conditions set out in the Prospectus, valid applications made by
the public will be conditionally allocated on the basis set out below:
Number
of Shares
applied for
Number
of valid
applications Basis of allocation/ballot
Approximate
percentage
allotted of the
total number
of Shares
applied for
POOL A
400 29,431 2,944 out of 29,431 applicants to receive 400 shares 10.00%
800 5,658 757 out of 5,658 applicants to receive 400 shares 6.69%
1,200 8,296 1,314 out of 8,296 applicants to receive 400 shares 5.28%
1,600 2,555 457 out of 2,555 applicants to receive 400 shares 4.47%
2,000 3,135 615 out of 3,135 applicants to receive 400 shares 3.92%
2,400 1,332 282 out of 1,332 applicants to receive 400 shares 3.53%
2,800 1,338 303 out of 1,338 applicants to receive 400 shares 3.24%
3,200 1,131 270 out of 1,131 applicants to receive 400 shares 2.98%
3,600 708 178 out of 708 applicants to receive 400 shares 2.79%
4,000 5,013 1,314 out of 5,013 applicants to receive 400 shares 2.62%
6,000 3,366 1,046 out of 3,366 applicants to receive 400 shares 2.07%
8,000 1,706 598 out of 1,706 applicants to receive 400 shares 1.75%
10,000 1,340 516 out of 1,340 applicants to receive 400 shares 1.54%
12,000 929 386 out of 929 applicants to receive 400 shares 1.39%
14,000 1,051 466 out of 1,051 applicants to receive 400 shares 1.27%
16,000 865 405 out of 865 applicants to receive 400 shares 1.17%
18,000 509 251 out of 509 applicants to receive 400 shares 1.10%
20,000 2,322 1,193 out of 2,322 applicants to receive 400 shares 1.03%
30,000 1,319 803 out of 1,319 applicants to receive 400 shares 0.81%
40,000 1,268 871 out of 1,268 applicants to receive 400 shares 0.69%
50,000 825 622 out of 825 applicants to receive 400 shares 0.60%
60,000 707 576 out of 707 applicants to receive 400 shares 0.54%
70,000 623 541 out of 623 applicants to receive 400 shares 0.50%
80,000 813 746 out of 813 applicants to receive 400 shares 0.46%
90,000 427 412 out of 427 applicants to receive 400 shares 0.43%
100,000 2,911 400 shares 0.40%
200,000 1,772
400 shares plus 593 out of 1,772 applicants to receive
an additional 400 shares 0.27%
300,000 1,073
400 shares plus 800 out of 1,073 applicants to receive
an additional 400 shares 0.23%
400,000 867
400 shares plus 703 out of 867 applicants to receive
an additional 400 shares 0.18%
500,000 583
400 shares plus 569 out of 583 applicants to receive
an additional 400 shares 0.16%
600,000 450 800 shares 0.13%
700,000 661
800 shares plus 113 out of 661 applicants to receive
an additional 400 shares 0.12%
Total 84,984
Total number of Pool A successful applicants:
26,183


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14
POOL B
800,000 1,300 2,000 shares 0.25%
900,000 247
2,000 shares plus 110 out of 247 applicants to receive
an additional 400 shares 0.24%
1,000,000 1,056
2,000 shares plus 920 out of 1,056 applicants to
receive an additional 400 shares 0.23%
2,000,000 416 4,000 shares 0.20%
3,000,000 191
5,200 shares plus 139 out of 191 applicants to receive
an additional 400 shares 0.18%
4,000,000 102
6,800 shares plus 41 out of 102 applicants to receive
an additional 400 shares 0.17%
5,000,000 59 8,000 shares 0.16%
6,000,000 58
8,800 shares plus 26 out of 58 applicants to receive an
additional 400 shares 0.15%
7,000,000 29 9,600 shares 0.14%
8,000,000 22
10,000 shares plus 5 out of 22 applicants to receive an
additional 400 shares 0.13%
9,000,000 14 10,800 shares 0.12%
10,000,000 25
10,800 shares plus 13 out of 25 applicants to receive
an additional 400 shares 0.11%
12,028,400 89 12,000 shares 0.10%
Total 3,608 Total number of Pool B successful applicants: 3,608
As of the date of this announcement, the relevant subscription monies previously deposited in the
designated nominee accounts have been remitted back to the accounts of all HKSCC participants.
Investors should contact their relevant brokers for any inquiries.
COMPLIANCE WITH LISTING RULES AND GUIDANCE
The Directors confirm that, except for the Listing Rules that have been waived and/or in respect of
which consent has been obtained, the Company has complied with the Listing Rules and guidance
materials in relation to the placing, allotment and listing of the Company ’s Shares.
The Directors confirm that, to the best of their knowledge, the consideration paid by the placees
or the public (as the case may be) directly or indirectly for each Offer Share subscribed for or
purchased by them was the same as the final Offer Price in addition to any brokerage, AFRC
transaction levy, SFC transaction levy and Stock Exchange trading fee payable.


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15
OTHERS/ADDITIONAL INFORMATION
Placing to existing Shareholders with a waiver from the strict compliance with Rule 10.04 of
the Listing Rules and a prior consent under paragraph 1C(2) of the Placing Guidelines
The Company has applied to the Stock Exchange, and the Stock Exchange has granted, the waivers
from the strict compliance with Rule 10.04 of the Listing Rules and consents under paragraph
1C(2) of the Placing Guidelines to permit the Company to allocate such Offer Shares in the
International Offering to Existing Minority Shareholders and their close associates on the following
grounds which are consistent with the conditions as set out in the Chapter 4.15 of the Guide for
New Listing Applicant:
(i) Less than 5%: The Joint Sponsors confirm that each of permit (i) Epoch Vantage Limited;
(ii) Blacklake Investment Management Ltd. and (iii) TDR Investment Inc (the “Existing
Minority Shareholders ”) is interested in less than 5% of the Company ’s voting rights prior
to the completion of the Global Offering;
(ii) Not core connected persons: The Joint Sponsors confirm that the Existing Minority
Shareholders and its close associates are not a core connected person (as defined under the
Listing Rules) of the Company or any close associate (as defined under the Listing Rules) of
such core connected person immediately prior to or following the Global Offering;
(iii) No right to appoint Directors:  The Joint Sponsors confirm that the Existing Minority
Shareholders have no power to appoint directors of the Company (other than as shareholders
of the Company) and do not have other special rights that is exercisable in connected with the
Global Offering prior to its termination;
(iv) No impact on public float: The Joint Sponsors confirm that the allocation to the (i) Epoch
Vantage Limited; (ii) Blacklake Investment Management Ltd. and (iii) DABANC Holding
Limited for which this submission is sought will not affect the Company ’s ability to satisfy
the public float requirement under Rule 8.08 of the Listing Rules; and
(v) Disclosure:  the relevant information in respect of the allocation to Existing Minority
Shareholders will be disclosed in the allotment results announcement;
(vi) the Joint Sponsors confirm to the Stock Exchange in writing that based on (i) their
discussions with the Company; and (ii) the confirmations provided to the Stock Exchange
by the Company (confirmations (viii) mentioned below), and to the best of their knowledge
and belief, they have no reason to believe that the Existing Minority Shareholders or its close
associates received any preferential treatment in the allocation as a placee by virtue of its
relationship with the Company, and details of the allocation will be disclosed in the allotment
results announcement;
(vii) the Overall Coordinators confirm to the Stock Exchange in writing that based on (i) their
discussions with the Company; and (ii) the confirmations provided to the Stock Exchange
by the Company (confirmations (viii) mentioned below), and to the best of their knowledge
and belief, they have no reason to believe that the Existing Minority Shareholders or its close
associates received any preferential treatment in the allocation as a placee by virtue of its
relationship with the Company; and


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16
(viii) the Company confirms to the Stock Exchange in writing that no preferential treatment has
been, nor will be, given to the Existing Minority Shareholders or its close associates by virtue
of its relationship with the Company in any allocation in the placing tranche.
The allocation of Offer Shares to such existing Shareholders and/or close associates of existing
Shareholders is in compliance with all the conditions under the waivers/consents granted by the
Stock Exchange.
For details of the allocations of Offer Shares to existing Shareholders, please refer to the section
headed “Allotment Results Details – International Offering – Allotees with Consents Obtained ” in
this announcement.
Offer Size Adjustment Option
The Offer Size Adjustment Option was not exercised and has lapsed.
Allocations of Offer Shares to Cornerstone Investors and/or their respective close associates
with a consent under Chapter 4.15 of the Guide for New Listing Applicants
The Company has applied to, and the Stock Exchange has granted, a consent under Chapter 4.15
of the Guide for New Listing Applicants to permit the Company to allocate further Offer Shares in
the International Offering to certain Cornerstone Investors and/or their close associates as placees,
subject to the following conditions ( “Allocation to Size-based Exemption Participants ”):
1. the final offering size of the Global Offering (excluding any additional Shares which may
be issued upon exercise of the Over-allotment Option) will be of a total value of at least
HK$1 billion as required by paragraph 18(i) of Chapter 4.15 of the Guide for New Listing
Applicants;
2. the Offer Shares allocated to all existing shareholders and their close associates (whether
as cornerstone investors and/or as placees) as permitted under this exemption do not exceed
30% of the total number of the Shares offered, which is in compliance with paragraph 18(ii)
of Chapter 4.15 of the Guide for New Listing Applicants;
3. each Director, chief executive, Controlling Shareholder of the Company has confirmed
that no securities have been allocated to them or their respective close associates under the
size-based exemption as required by paragraph 18(iii) of Chapter 4.15 of the Guide for New
Listing Applicants;
4. the Company will comply with the public float requirement under Rule 8.08(1) of the Listing
Rules; and
5. details of the Allocation to Size-based Exemption Participants under this exemption will be
disclosed in this announcement.
Such allocations of Offer Shares are in compliance with all the conditions under the consent
granted by the Stock Exchange.
For details of the allocations of Offer Shares to Cornerstone Investors and/or their close associates,
please refer to the section headed “Allotment Results Details – International Offering – Allottees
with Consents Obtained ” in this announcement.


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17
DISCLAIMERS
Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and
Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this
announcement, make no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
This announcement is not for release, publication, distribution, directly or indirectly, in or into
the United States (including its territories and possessions, any state of the United States and the
District of Columbia). This announcement does not, and is not intended to, constitute or form a
part of any offer to sell or solicitation to purchase or subscribe for any securities in the United
States. The Offer Shares have not been, and will not be, registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act ”) or securities law of any state
or other jurisdiction of the United States and may not be offered, sold, pledged or otherwise
transferred within the United States, except pursuant to an available exemption from, or in a
transaction not subject to, the registration requirements of the U.S. Securities Act. There will be
no public offer of the Offer Shares in the United States.
The Offer Shares are being offered and sold outside the United States in offshore transactions
in reliance on Regulation S under the U.S. Securities Act, or in the United States to qualified
institutional buyers in reliance on Rule 144A or any other available exemption from the
registration requirements under the U.S. Securities Act.
This announcement is for information purposes only and does not constitute an invitation or
offer to acquire, purchase or subscribe for securities. This announcement is not a prospectus.
Potential investors should read the Prospectus dated December 9, 2025 issued by HashKey
Holdings Limited for detailed information about the Global Offering described below before
deciding whether or not to invest in the Shares thereby being offered.
* Potential investors of the Offer Shares should note that the Overall Coordinators (for
themselves and on behalf of the Hong Kong Underwriters) shall be entitled to terminate their
obligations under the Hong Kong Underwriting Agreement with immediate effect upon the
occurrence of any of the events set out in the section headed “Underwriting Arrangements and
Expenses – Hong Kong Public Offering – Hong Kong Underwriting Agreement – Grounds for
Termination ” in the Prospectus at any time prior to 8:00 a.m. (Hong Kong time) on the Listing
Date (which is currently expected to be on Wednesday, December 17, 2025).


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18
PUBLIC FLOAT AND FREE FLOAT
Immediately after the completion of the Global Offering (before any exercise of the Over-allotment
Option), the total number of Shares held in public hands represents approximately 24.80% of the
total issued share capital of the Company, which is higher than the prescribed percentage of Shares
required to be held in public hands of 15% under Rule 8.08(1) of the Listing Rules calculated
based on the Offer Price of HK$6.68 per Share, thereby satisfying Rule 8.08(1) of the Listing
Rules. Based on the Offer Price of HK$6.68 per Share, the free float of our Company is 5.54% and
with a market value at the time of the Listing of approximately HK$1,023 million (immediately
after the completion of the Global Offering and before any exercise of the Over-allotment Option)
and therefore the Company satisfies the free float requirement under Rule 8.08A of the Listing
Rules.
The Directors confirm that, immediately following the completion of the Global Offering (before
any exercise of the Over-allotment Option), (i) no placee will, individually, be placed more than
10% of the enlarged issued share capital of the Company immediately after the Global Offering;
(ii) there will not be any new substantial Shareholder immediately after the Global Offering; (iii)
the three largest public shareholders of the Company do not hold more than 50% of the shares in
public hands at the time of the Listing in compliance with Rules 8.08(3) and 8.24 of the Listing
Rules; and (iv) there will be at least 300 Shareholders at the time of the Listing in compliance with
Rule 8.08(2) of the Listing Rules.
COMMENCEMENT OF DEALINGS
The Share certificates will only become valid evidence of title at 8:00 a.m. on Wednesday,
December 17, 2025 (Hong Kong time), provided that the Global Offering has become unconditional
and the right of termination described in the section headed “Underwriting Arrangements and
Expenses – Hong Kong Public Offering – Hong Kong Underwriting Agreement – Grounds for
Termination ” in the Prospectus has not been exercised. Investors who trade the Shares on the basis
of publicly available allocation details prior to the receipt of Share certificates or prior to the Share
certificates becoming valid evidence of title do so entirely at their own risk.
Assuming that the Global Offering becomes unconditional at or before 8:00 a.m. on Wednesday,
December 17, 2025 (Hong Kong time), it is expected that dealings in the Shares on the Stock
Exchange will commence at 9:00 a.m. on Wednesday, December 17, 2025 (Hong Kong time). The
Shares will be traded in board lots of 400 Shares each, and the stock code of the Shares will be
3887.
By order of the Board
HashKey Holdings Limited
Dr. Xiao Feng
Chairman of the Board, Executive Director and
Chief Executive Officer
Hong Kong, December 16, 2025
As at the date of this announcement: (i) Dr. Xiao Feng is an executive Director;
(ii) Mr. Lu Weiding is an non-executive Director; and (iii) Mr. Chan Jessey Ting,
Ms. Lin Lynn Zhihong and Mr. Huang Sidney Xuande are independent non-executive Directors.