HashKey targets up to $215M in Hong Kong IPO

HashKey Holdings Ltd., operator of Hong Kong’s largest licensed cryptocurrency exchange, is seeking to raise as much as HK$1.67 billion ($215 million) through an initial public offering, marking a significant test of the city’s ambitions to position itself as a regional digital-asset hub.

According to a filing made on Tuesday, the company plans to offer 240.6 million shares at a price range of HK$5.95 to HK$6.95 each.

At the upper end of the range, HashKey would command a valuation of roughly HK$19 billion.

Investor order books opened on Tuesday and will remain available through Friday, with trading of the shares scheduled to begin on December 17.

The offering arrives during a volatile period for the crypto market, with Bitcoin retreating from its all-time high reached in October.

Despite this backdrop, the IPO forms part of a late-year surge in Hong Kong listings, with proceeds on track to hit their highest levels in four years.

Funds to support expansion, technology, and risk controls

HashKey was among the first crypto exchanges to secure a license in Hong Kong after the city introduced a dedicated digital-asset regulatory regime in 2022.

Its operations span crypto trading, venture capital, and asset management.

The company plans to use IPO proceeds to scale its technology and infrastructure, strengthen risk management frameworks, and expand its workforce as it positions itself for continued growth in the sector.

Cornerstone investors have agreed to purchase $75 million worth of shares, securing an allocation in return for holding shares for at least six months.

The group includes UBS Group AG’s asset-management division, Fidelity International, and Infini Capital.

The inclusion of major global investors underscores continued institutional interest in Hong Kong’s digital-asset strategy despite uncertain market conditions.

HashKey is also a participant in the city’s crypto-focused exchange-traded fund ecosystem.

It co-manages one such product with Bosera Asset Management.

However, Hong Kong’s crypto ETFs have so far attracted modest inflows, especially when compared with the stronger demand seen in the United States.

Hong Kong’s mixed results in attracting crypto firms

Hong Kong has approved 11 crypto exchanges under its digital-asset framework, though the list does not include major global players such as Binance or Coinbase.

The city has been competing with other Asian jurisdictions to draw leading crypto companies, but progress has been uneven.

Regulators have expressed hopes that a stronger licensing regime will attract more international firms seeking clarity and institutional demand.

HashKey’s shareholder base includes Gaorong Ventures, known for early investments in Chinese technology firms such as Meituan and PDD Holdings Inc.

Earlier this year, Gaorong invested $30 million in HashKey Group at a pre-money valuation exceeding $1 billion, according to people familiar with the matter.

JPMorgan Chase & Co. and Guotai Junan are serving as joint sponsors for the offering, which is poised to be a closely watched event for Hong Kong’s capital markets.

Its outcome will help indicate whether investor appetite for regulated crypto-focused businesses can withstand a turbulent market cycle and support the city’s long-term ambitions in digital finance.