Hong Kong pushes listings as HashKey enters market

HashKey Holdings Ltd. pulled in HK$1.6 billion, about $206 million, after setting its IPO price at HK$6.68, close to the top of its marketed range, and the company sold 240.6 million shares and kept the deal size unchanged.

The share offer had been marketed between HK$5.95 and HK$6.95, and demand came in heavy across the book. The stock is set to debut Wednesday as Hong Kong closes out a packed year for listings under President Donald Trump’s global economic backdrop.

Investors chased the deal hard, with heavy interest in far more stock than what was available. The top 20 entities took roughly 80% of the institutional tranche, not counting the shares already set aside for cornerstone buyers.

HashKey’s listing lands during a messy time for crypto after Bitcoin dropped about 30% from its October peak. The debut also puts a spotlight on Hong Kong’s attempt to build itself into a digital-asset hub.

Hong Kong pushes listings as HashKey enters market

HashKey entered Hong Kong’s licensing regime early after the city rolled out its digital-asset framework in 2022, running businesses in crypto trading, venture capital and asset management.

HashKey said it plans to use the IPO money to grow its tech stack, expand its infrastructure, bring in more workers and strengthen its risk systems. JPMorgan Chase & Co. and Guotai Junan acted as joint sponsors of the offering.

Hong Kong’s IPO market is on track for its busiest month in at least four years. Nineteen companies either listed or set their plans for a December debut, the strongest month since July 2021, according to Bloomberg data. Some companies are still testing demand before taking orders.

The city has already raised more than $34 billion from listings this year, the highest level since 2021. Andy Wong, IPO leader at SW Hong Kong, said companies may be rushing to wrap deals before 2026, when new risks could hit valuations.

Alongside HashKey, the lineup of new listings includes Guoxia Technology, CiDi, Jingdong Industrials, a unit of JD.com, and chip designer Suzhou Novosense Microelectronics Co.

Both Jingdong Industrials and Suzhou Novosense started trading last week and are now under their issue prices.

More companies test demand as year-end rush grows

Companies gauging investor interest this week include chip designer OmniVision Integrated Circuits Group, which may raise up to $1 billion, and drug-discovery company Insilico Medicine, which may target about $300 million.

Shanghai Forest Cabin Cosmetics Group Co. is also checking demand for a possible offering.

If all deals move ahead, December listings could raise more than $2.4 billion, based on Bloomberg-compiled figures. The total excludes listings by introduction and debuts from mergers with blank-check firms.

Hong Kong IPOs this year have delivered a weighted-average gain near 50%, beating the Hang Seng Index, though some early-year winners have since cooled in the fourth quarter.

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