HashKey Seeks Historic IPO as Hong Kong Bets Big on Regulated Crypto

HashKey Holdings Limited has taken a major step toward becoming Hong Kong’s first publicly listed cryptocurrency exchange, having filed its initial public offering (IPO) and opened subscriptions for local and international investors.

This is the first time a homegrown crypto trading platform has sought a public listing.

A First for Hong Kong

According to the prospectus, HashKey is offering 240.57 million shares in its global sale, with just over 24 million reserved for Hong Kong buyers and the remainder for overseas participants. Applications opened on Tuesday and will run until noon on December 12, and the final offer price will be set for release on December 16.

Trading on the Hong Kong Stock Exchange is scheduled to begin the following day under the ticker 3887. The filing details how the company intends to deploy the capital raised, setting aside roughly 40% of net proceeds for new product development and upgrades to trading infrastructure over the next three to five years. Another 40% will fund market expansion and new partnerships across its broader ecosystem. The remaining funds, meanwhile, are allocated equally between operations such as risk management and general corporate use.

Although HashKey has remained in the red since 2022, the prospectus shows narrowing losses. The company recorded a HK$506.7 million deficit in the first half of 2025 compared with HK$772.6 million a year earlier. Revenue for the nine months ended September 30 rose 4% to HK$557.6 million, driven mainly by gains in its asset management division despite a 24% decline in trading activity.

The company said the losses indicate the heavy upfront investment required to scale a licensed and compliant crypto platform. The documents also offer new insight into HashKey’s expanding footprint in trading, custody, and tokenization.

Broader Regulatory Landscape

The IPO comes as Hong Kong strengthens its standing as a regulated hub for digital assets, following two years of new policies in a bid to draw licensed operators. In April, regulators approved staking services for SFC-supervised firms, followed by tighter safeguards for custodial operations. Hong Kong’s SFC also approved ChinaAMC’s spot Solana ETF in October, in the region’s first SOL ETF.

In a separate development, HashKey recently joined Binance and other major crypto firms in pledging a combined HK$57 million ($7.3 million) to support relief efforts after the devastating Level 5 residential fire in Hong Kong’s Tai Po. The funds will help equip local relief teams and provide assistance to families impacted by the deadliest residential fire in more than a decade.

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