HashKey Holdings Ltd., the operator of Hong Kong’s largest licensed cryptocurrency exchange, plans to raise up to HK$1.67 billion ($215 million) through an IPO, according to a filing with the Hong Kong stock exchange on Tuesday, Bloomberg reported. The company is offering 240.6 million shares at a price range of HK$5.95 to HK$6.95 per share, which would give HashKey a valuation of roughly HK$19 billion if priced at the top of the range. Investor order books are open from Tuesday through Friday, with trading set to begin on December 17.
The offering marks a significant test of Hong Kong’s ambitions to become a regional hub for digital assets. The IPO also comes at a time when the city’s capital markets are seeing strong momentum, with proceeds from public listings on pace to reach a four-year high. However, the debut is taking place amid heightened volatility in the cryptocurrency market, with Bitcoin prices falling from record highs reached in October.
HashKey was one of the earliest exchanges to secure a license under Hong Kong’s dedicated digital-asset regime, introduced in 2022. The company’s operations encompass cryptocurrency trading, venture capital investments, and asset management services. Proceeds from the IPO are intended to scale the company’s technology infrastructure, expand its workforce, and strengthen risk controls, according to the filing.
Hong Kong’s efforts to position itself as Asia’s leading destination for cryptocurrency firms have yielded mixed results. The city has licensed 11 exchanges so far, excluding some of the world’s largest global platforms, such as Binance and Coinbase. Local crypto-focused exchange-traded funds, including one co-managed by HashKey and Bosera Asset Management, have attracted only modest inflows compared with U.S. counterparts.
HashKey counts Gaorong Ventures, an early investor in Meituan and PDD Holdings Inc., among its shareholders. Sources familiar with the matter told Bloomberg earlier this year that Gaorong invested $30 million in HashKey at a pre-money valuation exceeding $1 billion. JPMorgan Chase & Co. and Guotai Junan are acting as joint sponsors for the IPO, highlighting strong institutional support for the offering.
The IPO represents a key moment for HashKey and Hong Kong’s broader strategy to establish a vibrant ecosystem for digital assets. Analysts note that success could bolster confidence in the city’s crypto market, while underlining its commitment to regulatory oversight and investor protection at a time when global cryptocurrency markets remain unpredictable.
