HashKey’s Hong Kong IPO Posts Modest Debut as Shares Rise 3%

HashKey’s shares rose 3% on Wednesday as the company commenced trading on the Hong Kong Stock Exchange following an initial public offering that raised $206 million amid a period of weakness in cryptocurrencies.

The exchange, Hong Kong’s largest licensed digital‑asset trading venue, raised about HK$1.6 billion by pricing the IPO at HK$6.68 per share, near the top of the marketed range of HK$5.95 to HK$6.95. Mainland China has maintained a comprehensive ban on cryptocurrencies since 2021, while Hong Kong has adopted a more open approach to digital assets.

Cornerstone investors in the offering included Fidelity, UBS, CDH Investments and Cithara Fund, with JPMorgan and Guotai Haitong acting as joint bookrunners. HashKey Chief Financial Officer Eric Zhu told CNBC that the company aims to broaden access to digital assets by building a compliant platform that connects users to the industry, and he expressed confidence that crypto adoption in Hong Kong and the wider Asian market will converge with U.S. levels.

The listing took place amid recent volatility in global crypto markets following record highs: bitcoin, the largest cryptocurrency, fell roughly 36% over about a month after reaching an all‑time peak and surpassing $126,000 in early October, and it is down about 6% year to date.

Founded in 2018, HashKey operates a licensed digital‑asset platform offering exchange trading, over‑the‑counter services, on‑chain products such as staking and tokenization, and asset management solutions for institutional and retail clients. William Ma, chief investment officer at GROW Investment Group, called the listing a milestone for Asia’s digital‑asset and wealth‑management sectors and said it reinforces Hong Kong’s position as an emerging hub for regulated digital assets in the region.