HashKey Group has filed for an initial public offering in Hong Kong, aiming to raise about $215 million, according to a prospectus published on Monday. The listing would be the first from a retail-facing licensed crypto exchange under the city’s new virtual asset regime. It will serve as a key test of how public markets value regulated digital-asset infrastructure.
Details of the HashKey Share Sale
The company’s prospectus outlines plans to sell about 240.6 million shares in Hong Kong at a price range of 5.95 to 6.95 Hong Kong dollars each, implying proceeds of up to 1.67 billion Hong Kong dollars, or around 214–215 million dollars at the top of the range. Books open this week, with final pricing scheduled for December 16 and trading expected to start on December 17, pending market conditions.
Founded in 2018, HashKey operates Hong Kong’s largest licensed virtual-asset exchange. It runs adjacent businesses in asset management, brokerage, and tokenization, giving it a vertically integrated position in the city’s regulated crypto stack.
A successful listing would make HashKey only the second crypto exchange operator on the Hong Kong Stock Exchange, following OSL Group, and the first to debut under the city’s new retail-facing virtual-asset regime.
Hong Kong’s Web3 Bet
Hong Kong has spent the past two years building a licensing regime for virtual-asset platforms, aiming to separate supervised exchanges from the offshore blowups that hurt retail traders. A successful HashKey IPO would give that effort a flagship example.
Investors will scrutinize HashKey’s revenue, costs, and sensitivity to trading volumes. Any weakness, whether low activity, security issues, or tighter rules, could cast doubt on the economics of a fully regulated exchange.
If the stock performs well, the impact will extend beyond Hong Kong. Other hubs, from Dubai to Singapore, and banks still cautious around digital assets, will watch how a listed, regulated crypto group is valued. A well-run, liquid IPO could accelerate the normalization of crypto infrastructure faster than industry speeches about “institutional adoption.”
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