HashKey Aims for Hong Kong’s First Crypto IPO with Major Listing
- HashKey plans to list 240.57 million shares under Hong Kong’s new virtual asset regulatory framework.
- The company, which operates Hong Kong’s largest licensed platform, aims to raise up to 1.67 billion HKD (approximately $215 million).
- Trading is expected to commence on December 17, with final pricing set for December 16.
- HashKey reported a revenue increase from 129 million HKD in 2022 to 721 million HKD in 2024, despite significant net losses.
- IPO proceeds will primarily fund technology upgrades and market expansion, with about 40% allocated to each area.
This IPO represents a significant step in establishing a regulated crypto environment in Hong Kong, aiming to attract both local and international investors while testing the market’s appetite for compliant crypto infrastructure.
If successful, HashKey could pave the way for future crypto listings in Hong Kong, as it seeks to transform its operations into a profitable model despite reporting losses of 1.19 billion HKD in the last fiscal year.
