HashKey Seeks Historic IPO as Hong Kong Bets Big on Regulated Crypto
HashKey Holdings Limited has taken a significant step towards turning into Hong Kong’s first publicly listed cryptocurrency trade, having filed its preliminary public providing (IPO) and opened subscriptions for native and worldwide traders.
This is the primary time a homegrown crypto buying and selling platform has sought a public itemizing.
A First for Hong Kong
According to the prospectus, HashKey is offering 240.57 million shares in its world sale, with simply over 24 million reserved for Hong Kong patrons and the rest for abroad contributors. Applications opened on Tuesday and can run till midday on December 12, and the ultimate supply worth will probably be set for launch on December 16.
Trading on the Hong Kong Stock Exchange is scheduled to start the next day beneath the ticker 3887. The submitting particulars how the corporate intends to deploy the capital raised, setting apart roughly 40% of web proceeds for brand spanking new product improvement and upgrades to buying and selling infrastructure over the subsequent three to 5 years. Another 40% will fund market growth and new partnerships throughout its broader ecosystem. The remaining funds, in the meantime, are allotted equally between operations such as threat administration and normal company use.
Although HashKey has remained within the pink since 2022, the prospectus exhibits narrowing losses. The firm recorded a HK$506.7 million deficit within the first half of 2025 in contrast with HK$772.6 million a yr earlier. Revenue for the 9 months ended September 30 rose 4% to HK$557.6 million, pushed primarily by good points in its asset administration division regardless of a 24% decline in buying and selling exercise.
The firm stated the losses point out the heavy upfront funding required to scale a licensed and compliant crypto platform. The paperwork additionally supply new perception into HashKey’s increasing footprint in buying and selling, custody, and tokenization.
Broader Regulatory Landscape
The IPO comes as Hong Kong strengthens its standing as a regulated hub for digital belongings, following two years of recent insurance policies in a bid to attract licensed operators. In April, regulators permitted staking companies for SFC-supervised corporations, adopted by tighter safeguards for custodial operations. Hong Kong’s SFC additionally approved ChinaAMC’s spot Solana ETF in October, within the area’s first SOL ETF.
In a separate improvement, HashKey just lately joined Binance and different main crypto corporations in pledging a mixed HK$57 million ($7.3 million) to help reduction efforts after the devastating Level 5 residential fireplace in Hong Kong’s Tai Po. The funds will assist equip native reduction groups and supply help to households impacted by the deadliest residential fireplace in additional than a decade.
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