HashKey Group, Hong Kong's first licensed digital asset trading platform, debuted on the Hong Kong Stock Exchange on December 17, 2025. Despite the milestone, its stock price has struggled, trading below the initial issue price shortly after listing. The company is navigating the complexities of balancing its stock and native token (HSK) valuations, which are subject to different market regulations. The dual market exposure underscores broader challenges for Web3 firms entering traditional financial markets, such as maintaining governance and disclosure consistency. On-chain analysis highlights the intricate dynamics involved in managing these dual valuations, reflecting the ongoing integration challenges between digital and traditional finance sectors.