HashKey Raises $206M in Hong Kong IPO as Asia’s First Public Crypto Exchange
HashKey Holdings completed a Hong Kong Stock Exchange IPO that raised about $206 million, selling 240 million shares and becoming the first Asian digital-asset exchange to list in Hong Kong. The offering ran from Dec. 9 and included a Hong Kong tranche of 24 million shares that was nearly 394× oversubscribed and an international placing of 216.5 million shares that was 5.5× subscribed, signaling strong institutional and retail demand. Shares opened at HK$6.70 on the main board, briefly rose above the IPO price then slipped intraday to close slightly below the offer level, showing early volatility and mixed reception. Institutional investors participated, and CEO/chairman Xiao Feng framed the listing as a move to strengthen compliance, trust and support international expansion. For traders: the IPO confirms robust demand for crypto-exchange equities but revealed short-term selling pressure and intraday volatility — watch post-IPO lockups, secondary selling, and regulatory developments in Hong Kong for potential catalysts.
Neutral
The news is neutral for price direction. Positive factors: strong demand (394× Hong Kong tranche, 5.5× international placing) and institutional backing support confidence in listing-level valuations for crypto-exchange equities. The IPO also signals regulatory acceptance in Hong Kong, which is constructive for sector sentiment. Negative/limiting factors: intraday price weakness (closed below IPO price) indicates short-term selling pressure and mixed reception; post-IPO selling, lockup expiries and profit-taking can weigh on the stock. For traders, expect short-term volatility around lockup expiries, continued sensitivity to Hong Kong regulatory signals and broader crypto market moves. Long-term, enhanced regulatory oversight and a successful public listing could be mildly bullish for the company’s equity, but near-term price action is likely to be range-bound and driven by capital flows rather than fundamentals.