HashKey Seeks Up to $215 Million in Hong Kong IPO

HashKey Group is seeking to raise up to $214.7 million in an initial public offering in Hong Kong, according to a prospectus filed Tuesday, Reuters reported.

The company is offering 240.6 million shares at a price range of HK$5.95 to HK$6.95 each, the news wire said. Final pricing is scheduled for December 16, with shares set to begin trading on the Hong Kong exchange the following day.

HashKey Group, founded in 2018, operates Hong Kong's largest licensed cryptocurrency exchange and provides asset management, brokerage and tokenization services. The company would become the second listed crypto exchange operator in Hong Kong after OSL Group.

HashKey reported an adjusted net loss of HK$506 million ($65 million) in the first half of 2025, according to the South China Morning Post, citing the company's IPO filing. Full-year losses nearly doubled to HK$1.19 billion in 2024 from HK$580 million in 2023. HashKey attributed the losses to substantial upfront investments required to build a licensed and compliant digital asset platform.

The exchange recorded HK$214 billion ($27.5 billion) in trading volume across its platforms in the first six months of 2025, approximately three times the HK$68 billion reported by competitor OSL, according to analysis by Daiwa Capital Markets cited by SCMP.

The listing comes as Hong Kong seeks to establish itself as a virtual asset hub, though mainland China maintains restrictions on cryptocurrency activities. The People's Bank of China last week reiterated its crackdown on crypto businesses and highlighted risks associated with stablecoins, according to SCMP.

Daiwa Capital Markets analysts described HashKey as "a much more aggressive player" than OSL, though noted that Hong Kong's limited market size and mainland China's restrictions could present challenges for platforms focused primarily on the local market.

HashKey Group holds digital asset licenses in several key jurisdictions, including Hong Kong, Singapore, Japan, and Bermuda, and is pursuing further regulatory approvals in the European Union. The HashKey Global MENA exchange is commenced operations on May 19th.