HashKey Holdings Limited, operator of Hong Kong’s largest crypto exchange, has officially launched its initial public offering (IPO). The offering introduces 240.57 million shares to global investors, including 24.06 million reserved for Hong Kong buyers, according to the company’s prospectus. Shares are being marketed at a range of HK$5.95 to HK$6.95.
At the upper end of that range, HashKey could raise as much as HK$1.67 billion, or roughly $215 million, in gross proceeds. Based on an indicative offer price of HK$6.45, the company estimates net proceeds of approximately HK$1.43 billion. The subscription period opened Tuesday morning and is scheduled to close on Dec. 12, with final pricing to be announced on Dec. 16 and trading set to begin the following day under the stock code 3887 on the Hong Kong Stock Exchange.
The IPO arrives at a moment when Hong Kong continues to position itself as a regulated hub for digital assets. The city established its licensing regime for virtual asset service providers in 2023 and rolled out a stablecoin issuer framework earlier this year. Regulators have emphasized a structured market environment while allowing licensed exchanges to access global liquidity through shared order books, a step intended to deepen trading activity and expand available products.
Proceeds Target Infrastructure, Expansion and Risk Controls
HashKey plans to allocate approximately 40 percent of net proceeds toward product development and infrastructure upgrades to strengthen its competitive position over the next three to five years. Another 40 percent is designated for market expansion and partnerships within its broader ecosystem, reflecting the company’s strategy to grow both regionally and vertically in the digital asset sector.
The remaining proceeds will support operations and risk management, as well as provide additional working capital. The company noted that ongoing investment will be critical for maintaining compliance, scaling technology and supporting growth, especially as competition increases among licensed platforms in Hong Kong and across Asia.
HashKey has not yet achieved profitability. The company reported a net loss of HK$506.7 million in the first half of 2025, narrowing from HK$772.6 million in the same period the previous year. Revenues for the nine months ending Sept. 30 rose 4 percent year-over-year to HK$557.6 million, supported primarily by asset management services. Trading volume declined 24 percent over the same period, underscoring the importance of diversifying revenue sources within a volatile market landscape.
Regulatory Environment Shapes Competitive Position
Hong Kong’s regulatory approach has been central to HashKey’s development. The city’s virtual asset licensing framework created a defined pathway for compliant exchanges, distinguishing the market from jurisdictions where regulatory uncertainty has slowed investment. The recent effort by the Securities and Futures Commission to permit shared order books between local and overseas venues is expected to enhance liquidity, which may benefit licensed exchanges such as HashKey.
The company has framed its losses and cash outflows as consistent with the development cycle of digital asset trading platforms that invest heavily in compliance, technology and customer onboarding infrastructure before achieving scale. With the IPO, HashKey is seeking to accelerate that transition while positioning itself competitively as Hong Kong continues to refine its regulatory structure and attract institutional interest.
