Hong Kong’s Top Crypto Platform HashKey Files for Public Listing
HashKey Holdings Limited, the entity behind Hong Kong’s premier licensed cryptocurrency exchange, has filed for an initial public offering on the local exchange. This move signals a key development for the territory’s crypto landscape.
The listing marks a pioneering event, as it is the first time a business focused exclusively on crypto exchange operations has pursued a public listing in Hong Kong. The earlier listing of OSL Group occurred before its core business shifted to digital assets.
A Tuesday prospectus reveals that HashKey aims to issue 240.57 million new shares globally. The allocation reserves 24.06 million shares for the Hong Kong public offering, with the overwhelming majority intended for overseas institutional investors.
Shares are priced between HK$5.95 and HK$6.95 each. At the highest price point, the IPO could generate gross proceeds of up to HK$1.67 billion, or about US$ 215 million. Based on an illustrative price of HK$6.45, net proceeds are estimated at approximately HK$1.43 billion (US$ 184 million).
The retail subscription period in Hong Kong started at 9 a.m. HKT on Tuesday and will conclude at noon on December 12. The final pricing decision is due on December 16, with an expected trading debut on the Hong Kong Stock Exchange the following day under the ticker 3887.
The prospectus indicates that roughly 40% of the net proceeds will be channeled into innovation and technology upgrades in the medium term. Another 40% is set aside for geographical expansion and forming new strategic ecosystem alliances.
