According to Odaily, HashKey Holdings Ltd., Hong Kong's largest licensed cryptocurrency exchange operator, has priced its initial public offering (IPO) at the high end of its market-promoted price range.

HashKey Holdings Ltd. sold 240.6 million shares at HK$6.68 per share, raising HK$1.6 billion (approximately US$206 million) in its Hong Kong IPO. The offering price range for the shares was HK$5.95 to HK$6.95 per share. HashKey did not exercise its option to increase the size of the deal. The top 20 institutional entities received approximately 80% of the shares allocated to institutional investors (excluding cornerstone investors). HashKey's shares are scheduled to debut on Wednesday, with JPMorgan Chase & Co. and Guotai Junan Securities acting as joint sponsors for the IPO. (Bloomberg)

Odaily Planet Daily reports that HashKey Holdings, the parent company of HashKey Exchange, continues to see active subscriptions in the IPO market. It is understood that the international offering has been oversubscribed, attracting long-term funds, including international and Chinese institutions.

Meanwhile, the public offering portion of the offering has been met with enthusiastic response. According to the latest data from several securities firms as of press time, the total amount of funds lent through securities firms for subscription has climbed to approximately HK$24.898 billion. Based on the HK$167 million raised in the public offering portion, this represents an initial oversubscription of approximately 148.91 times. HashKey Holdings' IPO will close on December 12th.

Odaily Planet Daily reports that HASHKEY HLDGS (new listing number 03887) launched its IPO from December 9th to 12th, planning to issue 240.6 million shares, with 10% offered to the public in Hong Kong. The offer price range is HK$5.95 to HK$6.95, with a maximum fundraising scale of approximately HK$1.67 billion. Each lot consists of 400 shares, with an entry fee of approximately HK$2,808. The company is expected to list on the Hong Kong Stock Exchange on December 17th. JPMorgan, Guotai Haitong, and Guotai Junan International are the joint sponsors.

As of October 31, the company held approximately HK$1.48 billion in cash and cash equivalents, and approximately HK$570 million in digital assets, of which 89% were mainstream tokens (ETH, BTC, USDC, USDT, SOL). As of the end of September, the platform's assets totaled HK$19.9 billion, with 3.1% in hot wallets and 96.9% in cold wallets. The cumulative spot trading volume reached HK$1.3 trillion, and the main source of revenue was transaction facilitation services, accounting for nearly 70%.

In terms of finances, HASHKEY recorded losses of HK$590 million, HK$580 million and HK$1.19 billion in the past three years. In the first half of this year, the loss narrowed to HK$510 million, a year-on-year decrease of 34.8%; revenue was approximately HK$280 million, a year-on-year decrease of 26.1%.

In terms of shareholding structure, Lu Weiding, Chairman of Wanxiang Group, is one of the major controlling shareholders, holding 43.2% of the shares and exercising 22.9% of the voting rights through the employee shareholding platform; founder Xiao Feng holds 16.3%; and other investors hold a total of 17.6%. This listing introduced nine cornerstone investors, including UBS AM Singapore, Fidelity Investments, CDH, Infini, and Zhiyuan Holdings, with a total subscription amount of approximately US$75 million (approximately HK$590 million). (Hong Kong Economic Journal)

According to sources familiar with the matter, cryptocurrency exchange operator HashKey Holdings Ltd. is expected to begin accepting investor subscriptions as early as next week for its initial public offering (IPO) in Hong Kong. HashKey aims to raise at least $200 million in the IPO and plans to list as early as this month.

HashKey is an early corporate investor in Ethereum, offering crypto trading, venture capital, and asset management services, and operates in Hong Kong, Singapore, Bermuda, Japan, the United Arab Emirates, and Ireland. According to its listing documents, HashKey recorded a loss of HK$506 million (US$65 million) in the first half of 2025, narrowing compared to the same period last year, while revenue decreased by 26% to HK$384 million. As of September, the platform facilitated HK$1.3 trillion in spot trading volume.

HashKey's planned listing will boost Hong Kong's goal of becoming a regional leader in digital assets.