HashKey to pursue first virtual-asset exchange IPO in Hong Kong…aims to raise up to US$214.68 million

Hong Kong virtual-asset exchange HashKey has formalized its listing on the Hong Kong Stock Exchange and launched what would be the region's first dedicated virtual-asset exchange initial public offering (IPO). The offering price was set at HK$5.95 to HK$6.95 per share, and the amount to be raised is expected to reach up to HK$1.67 billion (US$214.68 million).

According to The Block on the 9th (local time), HashKey plans to offer a total of 240.57 million shares to global investors, of which 24.06 million shares are allocated to Hong Kong investors. The offering price will be finalized on December 16, and trading is scheduled to begin on December 17 under the stock code '3887'. Applying the reference offering price of HK$6.45, net proceeds would be about HK$1.43 billion (US$183.82 million).

HashKey plans to allocate about 40% of the proceeds to product innovation and infrastructure upgrades over the next 3–5 years, another 40% to overseas expansion and building ecosystem partnerships. The remaining 20% will be used for operations and risk management (10%) and working capital and general corporate purposes (10%).

HashKey has posted losses since 2022. Its net loss for the first half of 2025 was HK$506.7 million (US$65 million), down from HK$772.6 million (US$99.2 million) a year earlier. As of the end of September 2025, nine-month revenue was HK$557.6 million (US$71.7 million), up 4% year-on-year, which the company said was due to expanded asset management services. Trading volume during the same period fell 24%.

The HashKey IPO is being conducted alongside the full establishment of Hong Kong's virtual asset regulatory framework. Hong Kong introduced a licensing regime for virtual asset service providers (VASP) in 2023 to expand its supervisory scope, and this year it also established the first regulatory framework for stablecoin issuers. Recently, the Hong Kong Securities and Futures Commission (SFC) has allowed regulated exchanges to use shared order books to pool global liquidity, aiming to improve market depth and encourage product expansion.