HashKey Moves Ahead With $215M Hong Kong IPO Plan

HashKey Holdings Ltd., which runs Hong Kong’s largest licensed crypto exchange, is planning to raise up to HK$1.67 billion ($215 million) through an initial public offering (IPO).

According to the filing, the company aims to sell 240,570,000 shares between HK$5.95 to HK$6.95 per share. At the highest price, HashKey’s value would be close to HK$19 billion. Investors can place orders from Tuesday to Friday, and trading is scheduled to start on December 17.

At the start of the month, HashKey cleared a key listing hearing at the Hong Kong Stock Exchange, becoming the city’s largest licensed virtual asset exchange.

How the public offering works

For the Hong Kong public offering, investors must apply only for the specific share quantities listed in the prospectus, beginning at 400 shares. All fees are included in the upfront payment, and applications for any other number of shares will not be accepted. 

Applications open on December 9, and the deadline for submitting and paying via the HK eIPO White Form is at noon on December 12. 

Allocation results will be announced on December 16, and refunds for unsuccessful or partial applications will be issued by December 17. Severe weather warnings may delay the schedule, and if the final offer price cannot be set by December 15, the IPO will be cancelled.

HashKey’s backers include Gaorong Ventures, known for supporting Meituan and PDD Holdings. Gaorong invested $30 million in the company earlier this year at a valuation above $1 billion. JPMorgan Chase & Co. and Guotai Junan are acting as joint sponsors of the IPO.

Why this IPO matters

The listing comes at a critical time for Hong Kong, which strives to position itself as the leading center for digital assets in Asia. The city is seeing one of its best IPO years since 2021, though the broader crypto market remains volatile, with Bitcoin sliding from its October record.

HashKey was one of the first firms licensed under Hong Kong’s 2022 rules covering digital assets. It operates across trading, venture capital, and asset management. The company says it will use IPO proceeds to improve its technology, increase staff numbers, and enhance risk controls.

In November, Thai cryptocurrency exchange Bitkub explored a possible Hong Kong IPO to raise around $200 million, shifting focus from Thailand due to weak local market conditions and supporting Hong Kong’s push to become a regional crypto hub.

Limited investor appetite is still a challenge

Despite having greenlit 11 licensed crypto exchanges, Hong Kong has failed to lure major global players such as Binance and Coinbase.

Local demand for crypto investment products remains modest. Last month, U.S. spot Bitcoin ETFs saw inflows of about $240 million, while Hong Kong Bitcoin‑spot ETFs recorded only around $754,700, highlighting a huge difference in investor activity. 

This underscores the cautious sentiment among local investors, with crypto still treated as a niche asset rather than a mainstream holding.

Also Read: Clear Street Targets $12B IPO Backed by Goldman Sachs

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