HashKey Holdings (Stock Code 03887) reported resilient first-half 2026 results, highlighting double-digit revenue expansion and a sharp recovery in profitability metrics despite continued digital-asset market volatility.
Financial Performance • Revenue rose 20.6 % year-on-year to HK$342.52 million, driven chiefly by a 38.6 % increase in transaction-facilitation income to HK$267.86 million. • Gross profit advanced 12.5 % to HK$207.53 million. Gross margin reached 60.6 %, narrowing 4.4 percentage points from 1H 2025 but rebounding 9.6 points versus 2H 2025. • IFRS loss widened to HK$695.15 million (1H 2025: HK$506.75 million) due to higher non-cash share-based expenses. • On a non-IFRS basis—excluding share-based payments, preferred-share interest and digital-asset fair-value changes—adjusted loss contracted 21.0 % to HK$314.78 million.
Segment Trends • Transaction Facilitation Services supplied 78.2 % of total revenue; trading volume climbed 31.8 % to HK$282.20 billion, with institutional clients contributing 82 % of flow. Segment gross margin improved to 50.1 % from 35.7 % in 2H 2025. • On-Chain Services revenue fell 32.4 % to HK$35.83 million amid lower staking rewards; nevertheless, margin strengthened to 96.5 % after portfolio optimisation. • Asset Management revenue was stable at HK$38.84 million; AUM stood at HK$5.94 billion.
Regional Expansion • Hong Kong platform volume increased 38.3 % to HK$251.70 billion. • The Middle East platform, operational since early 2026, achieved HK$5.20 billion in volume—more than fivefold the level in 2H 2025.
Cash & Investments • Cash and cash equivalents were HK$2.05 billion at 30 June 2026 (31 December 2025: HK$2.81 billion), reflecting outlays for a HK$156.82 million investment in SignalPlus and other treasury allocations. • Financial assets at fair value through profit or loss totalled HK$653.90 million, including HK$390.75 million in Prometheum Inc. shares. • Net gearing (total liabilities/total assets) was 35.1 % (31 December 2025: 31.9 %).
Capital Management • No interim dividend was declared. • A HK$100 million on-market share-repurchase mandate was approved; execution will depend on market conditions. • Approximately HK$585.00 million of IPO proceeds had been used by 30 June; HK$895.40 million remains earmarked for technology upgrades, market expansion and working capital.
Strategic Developments • Post-period, HashKey MENA secured Dubai VARA approval to add virtual-asset derivatives services (17 July 2026). • On 22 July 2026 the Group signed a non-binding agreement to acquire Singapore-licensed Asia Pacific Exchange Pte Ltd, aiming to build an “Asian Digital Asset Clearing and Settlement Network.” • Management reiterated its “Asia Connect” strategy, the dual-engine model of trading liquidity hubs and compliant on-chain infrastructure, and plans to deepen “RWA + AI” initiatives via HSK Chain.
Governance and Compliance • Throughout the Reporting Period the Company stated full compliance with the Corporate Governance Code, aside from the combined roles of Chairman and CEO held by Dr. Xiao Feng. • All directors and relevant employees complied with the Model Code for securities dealings.
Outlook HashKey projects accelerated tokenisation of traditional assets and intends to leverage its multi-jurisdiction licences in Hong Kong, Dubai, Bermuda, Tokyo and Singapore to expand 24/7 spot, derivatives and structured-product trading while reinforcing institutional clearing capabilities through the proposed APEX acquisition.