HashKey has opened subscriptions for a Hong Kong IPO aiming to raise up to HK$1.67 billion (about $215 million), with cornerstone backing from UBS’s asset-management arm, Fidelity International and Infini Capital as the city expands its regulated digital-asset ecosystem.
The exchange operator is offering just over 240 million shares at HK$5.95 to HK$6.95 each. At the top of that range the listing would imply a market value near HK$19 billion. Order books are open through Friday and trading is expected to begin on Dec. 17.
One of the earliest firms licensed under Hong Kong’s 2022 digital-asset framework, HashKey has grown into asset management, trading, on-chain services and venture investments. As of Sept. 30 the group reported assets of more than HK$19.9 billion, support for over 80 tokens, cumulative spot trading volume of HK$1.3 trillion, HK$1.48 billion in cash and HK$570 million in digital assets (mainly BTC, ETH and USDT).
The company disclosed cumulative losses exceeding HK$2.3 billion over the past three years. Losses narrowed by more than a third year‑over‑year in the first half of 2025, which management attributed to tighter cost controls and higher trading-related revenue, the latter accounting for nearly 70% of income. HashKey highlights its ISO‑certified platform, conservative risk architecture and expanding licences in jurisdictions such as Japan and Bermuda as mitigants to pressures facing other regional exchanges.
Cornerstone investors have agreed to take a combined $75 million of shares with six‑month lock-ups, a move seen as a vote of confidence amid volatile digital‑asset markets and Bitcoin levels below October’s peaks. JPMorgan Chase and Guotai Junan are joint sponsors of the deal.
Hong Kong has limited the number of licensed crypto platforms and inflows into the city’s digital‑asset ETFs remain modest compared with the U.S. Regulators are advancing rules on stablecoins, real‑world assets and tokenized securities, and HashKey’s listing will be watched as a potential precedent for how web3 firms mature under the city’s regulatory regime. A strong performance could prompt other regional crypto companies to revisit public listings and bolster Hong Kong’s role as a bridge between traditional finance and digital assets.