HashKey Holdings, operator of Hong Kong’s largest licensed crypto exchange, has taken a major step toward going public after filing for an initial public offering that could raise as much as HK$1.67 billion (about $215 million). If completed, it would mark the first time a homegrown crypto exchange lists on the Hong Kong Stock Exchange.
According to the prospectus released Tuesday, HashKey plans to sell roughly 240.57 million shares. Just over 24 million are set aside for Hong Kong retail investors, with the remainder offered to global buyers. Shares are priced between HK$5.95 and HK$6.95. At the midpoint of HK$6.45, the company expects net proceeds of around HK$1.43 billion.
The local public offering opened at 9 a.m. HKT on Tuesday. Applications close at noon on Dec. 12, with final pricing to be announced on Dec. 16. Trading is scheduled to begin on Dec. 17 under the stock code 3887.
How HashKey Plans to Use the Funds
HashKey intends to devote about 40% of the proceeds to product development and infrastructure upgrades over the next several years. Another 40% is aimed at expanding into new markets and pursuing ecosystem partnerships. The remaining funds will go toward operations, risk management, and general corporate needs.
While the company has been scaling, it continues to report losses. For the first half of 2025, HashKey recorded a net loss of HK$506.7 million, a narrower deficit than the HK$772.6 million loss reported a year earlier. Revenue for the nine months ending Sept. 30 rose 4% year-over-year to HK$557.6 million, supported mainly by growth in asset management. Trading volume, however, fell 24%.
HashKey said its losses reflect the early-stage nature of regulated digital asset platforms, noting that significant upfront investment is typical before reaching sustained profitability.
A Shifting Regulatory Landscape in Hong Kong
The IPO comes at a time when Hong Kong is refining its approach to digital assets. The city introduced a licensing framework for virtual asset service providers in 2023 and established its first stablecoin licensing rules earlier this year. Regulators have also begun allowing licensed crypto platforms to connect with global liquidity pools through shared order books, a move designed to deepen markets and broaden available products.
