HashKey Holdings Limited reported unaudited first-half revenue of HK$342.5 million ($43.7 million) for the six months ended June 30, 2026, up 20.6% year on year—the first interim figures since its December 17, 2025 Hong Kong listing. Adjusted loss narrowed 21.0% to HK$314.8 million ($40.2 million), or about 92% of revenue, but the statutory IFRS loss widened 37.2% to HK$695.2 million ($88.7 million), driven largely by equity-settled share-based payment expenses of HK$290.6 million that rose more than 113-fold. Gross margin improved sequentially to 60.6% from 51.0% in the second half of 2025 yet fell year on year from 65.0% as lower-margin transaction facilitation grew to 78.2% of revenue. That segment’s revenue rose 38.6% to HK$267.9 million on platform volume of HK$282.2 billion, with institutional volume up 58.8% to HK$231.5 billion, or 82.0% of the total; commission income declined while digital-asset trading and interest income surged. On-chain RWA value locked rose 167.8% to about $341.6 million after Hong Kong’s first real-estate and regulated silver RWA tokens, though on-chain services revenue fell 32.4%. Assets under management reached about $757.8 million, generating roughly $4.95 million in segment revenue, and the group advanced RWA issuance, HKDAP distribution and a Franklin Templeton tokenized fund listing alongside earlier expansion moves including a framework deal for Singapore’s Asia Pacific Exchange.