HashKey Holdings has cleared its listing hearing with the Hong Kong Stock Exchange (HKEX). It has won approval to advance a planned IPO that could raise up to US$500 million.
The decision from HKEX’s listing committee moves the company into the marketing phase of the deal and tests investor appetite for regulated digital‑asset businesses in Asia.
HKEX Greenlight Paves Way for Listing
HashKey disclosed on December 1 that the exchange’s listing committee completed its review and posted a Post Hearing Information Pack (PHIP). This confirms that the firm is eligible to proceed toward an IPO.
While the filing does not specify the final size or timing of the offer, earlier reports suggested the company may seek to raise as much as US$500 million, depending on market conditions. JPMorgan Chase & Co., Guotai Junan International and Guotai Haitong have listing as joint sponsors. This signals that HashKey is preparing for a mainstream institutional roadshow rather than a niche crypto placement.
Financial disclosures in the hearing materials show HashKey reported a net loss of about HK$506 million in the first half of 2025. This reflects heavy investment in technology, licensing and expansion during a period of volatile trading volumes.
The company says proceeds from the IPO will be directed toward upgrading its trading infrastructure. Additionally, it would fund product development, strengthen risk management, and extend its regulated footprint in various markets. These include Dubai, Bermuda and Ireland, where it has already obtained or applied for local approvals.
Hong Kong’s Crypto Strategy
HashKey is one of 11 virtual asset trading platforms licensed by Hong Kong’s Securities and Futures Commission. The license provides permissions to serve both institutional and retail users under the city’s revamped regulatory regime. The company holds Type 1 and Type 7 licenses that cover dealing in securities, including tokenized assets, and operating an automated trading system, alongside an asset‑management arm allowed to run portfolios comprised entirely of virtual assets.
The IPO is seen as an early referendum on whether public‑market investors are ready to back licensed crypto infrastructure in a region where mainland China maintains strict curbs on trading but Hong Kong is positioning itself as a regulated hub. A successful offering near the US$500 million mark could set a precedent for other digital‑asset firms seeking listings and deepen links between traditional capital markets and tokenized finance in the city.
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