HashKey Raises $206 Million in Hong Kong Crypto IPO

Key Highlights

HashKey raised $206M in its Hong Kong IPO, pricing shares near the top of its marketed range.
The IPO was very popular, with the top 20 investors getting 80% of the institutional shares.
At the start of December, HashKey cleared HKEX listing, becoming Hong Kong’s largest licensed cryptocurrency exchange.

HashKey Holdings Ltd., operator of Hong Kong’s largest licensed cryptocurrency exchange, has raised about HK$1.6 billion, around $206 million, in its initial public offering (IPO), pricing shares near the top of its marketed range.

According to a Bloomberg report, the company sold 240.6 million shares at HK$6.68 each, close to the HK$6.95 per share ceiling, giving it a market value of nearly HK$19 billion.

Demand was exceptionally high for the IPO. The top 20 institutional investors were allocated roughly 80% of shares in their tranche, while overall demand was over supplyHashKey did not increase the size of the offering. Trading of shares is scheduled to begin on December 17.

This follows HashKey officially announcing its IPO plans on December 9, with the aim to raise up to HK$1.67 billion ($215 million), marking the formal start of the public offering process.

Company background

At the start of December, HashKey cleared a key listing hearing at the Hong Kong Stock Exchange, paving the way for its IPO.

The approval makes HashKey the city’s largest licensed virtual asset exchange and underscores Hong Kong’s push to strengthen digital-asset regulations, including stablecoins. JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International acted as joint sponsors for the listing.

For the Hong Kong public offering, investors had to apply for specific share quantities starting at 400 shares, with all fees included. Applications opened on December 9 and closed on December 12, with allocation results announced on December 16 and refunds issued by December 17.

Backers of HashKey include Gaorong Ventures, which is known for backing Meituan and PDD Holdings, and invested $30 million earlier this year at a valuation above $1 billion. The listing is considered a key test of Hong Kong’s ambition to become a regional hub for digital assets.

While the city has licensed multiple crypto exchanges, major global players like Binance and Coinbase have yet to enter, and local demand for crypto investment products remains modest.

HashKey’s IPO underlines the rising institutional interest in digital assets and Hong Kong’s effort to build a regulated, transparent ecosystem for crypto businesses. Its performance will be closely watched as a benchmark for other exchanges considering public listings in the region.