HashKey Plans to Acquire Full Ownership of the Asia Pacific Exchange in Singapore

HashKey Holdings Limited announced that its wholly-owned subsidiary, HKDAG (Singapore) Pte. Ltd., signed a non-binding framework agreement on July 22 with Zhu Yuchen, the major shareholder of the Asia Pacific Exchange in Singapore, to acquire all shares of the target company. Zhu Yuchen indirectly holds 50.925% of the target company's shares. The target group operates a comprehensive financial market infrastructure and holds licenses as a "recognized exchange" and a "recognized clearing house." This acquisition will provide HashKey with opportunities to establish a regulated presence in Singapore, aligning with its fintech platform strategy. The acquisition is subject to legal, financial, and business due diligence and relies on the results of the due diligence, obtaining approval from the Monetary Authority of Singapore (MAS), and company approval; the transaction may or may not proceed. As of the announcement date, the parties have not yet signed the final documents, and MAS approval has not been obtained, with transaction terms yet to be determined. If the final documents are subsequently signed, the transaction is expected to constitute a transaction that must be announced under Chapter 14 of the Hong Kong Listing Rules.