HashKey Group’s Hong Kong IPO Oversubscribed 395 Times, Raises HK$1.67 Billion
HashKey Holdings’ debut on the HKEX main board signifies Asia’s first publicly listed digital asset firm, with institutional backing from nine cornerstone investors amid notable financial losses.
HashKey Holdings Limited began trading on the Hong Kong Stock Exchange main board on Dec. 17, 2025, marking Asia’s first listed digital asset company. The IPO raised HK$1.67 billion from 241 million shares priced at HK$6.68, oversubscribed nearly 395 times in the public tranche. Nine cornerstone investors—UBS AM Singapore, Fidelity, and CDH among them—participated, with top financial officials attending the bell-ringing ceremony. Shares fell about 5% on debut due to concerns over HK$3.0 billion in cumulative losses and its ultra-low fee model. HashKey controls roughly 75% of Hong Kong’s licensed crypto trading market, processing HK$638 billion in 2024, but has withdrawn from offshore retail markets.
- Initial Public Offering (IPO): The process by which a private company offers shares to the public for the first time to raise capital.
- Licensed Crypto Trading Market: A market for cryptocurrency trading that operates under regulatory licenses, ensuring compliance with local laws and standards.