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HashKey controls roughly 75% of Hong Kong’s licensed crypto trading market, processing HK$638 billion in 2024, but has withdrawn from offshore retail markets.