Hong Kong's largest virtual asset exchange 'HashKey' pursues IPO of up to $500 million

HashKey Group, which operates Hong Kong's largest virtual asset (cryptocurrency) exchange, has reportedly filed a confidential initial public offering (IPO) application for a listing on the Hong Kong Stock Exchange.

On the 9th (local time), Bloomberg reported, citing multiple people, that "HashKey aims to list within the year and its corporate value could reach up to $500 million." However, it said that the specific timing and valuation are still being negotiated and may change. A HashKey spokesperson said, "There is currently no listing-related information that can be disclosed."

Last year, Hong Kong introduced virtual asset service providers (VASP) and is strengthening its position as a virtual asset hub. Even after mainland China banned virtual asset trading in 2021, investment demand from Chinese capital based in Hong Kong has been expanding.

HashKey's listing is expected to serve as a litmus test for investment demand in virtual asset-related assets in the Asia region. In the U.S., stablecoin issuer Circle raised about $1.1 billion in its public offering in June, after which its stock rose 385%.