HashKey Makes History With HKEX Listing, Raising HKD 1.6B as First Regulated Crypto Exchange to Go Public in Hong Kong

From Oversubscribed IPO to Choppy Debut, HashKey’s Listing Tests Market Appetite for Regulated Crypto Infrastructure

TL;DR

• HashKey became the first crypto-native exchange to list on HKEX, raising about HKD 1.6 billion at a valuation near HKD 18.5 billion.
• Retail demand was explosive, with the IPO oversubscribed roughly 394 times, despite a volatile first trading session.
• The listing underscores Hong Kong’s push to integrate regulated crypto firms into public capital markets, even as profitability remains a challenge.

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HashKey Holdings Ltd officially entered Hong Kong’s public markets on Dec. 17, 2025, marking a landmark moment for the city’s digital asset ambitions and the global crypto industry. Trading under ticker 3887.HK, HashKey became the first crypto-native exchange to list on the Hong Kong Stock Exchange under the city’s regulated virtual asset framework. The company raised approximately HKD 1.6 billion, or about USD 206 million, after pricing its initial public offering at HKD 6.68 per share, near the top of its indicated range of HKD 5.95 to HKD 6.95. The deal involved the issuance of roughly 240.6 million shares and implied a post-IPO valuation of around HKD 18.5 billion, equivalent to about USD 2.4 billion.

Demand for the offering was striking, particularly from retail investors. The retail tranche was oversubscribed by about 394 times, while institutional investors subscribed roughly 5.5 times the shares allocated to them. Nine cornerstone investors anchored the deal, including UBS Asset Management Singapore, Fidelity, CDH Investments, and Cithara Global. Cithara Global was allocated approximately 17.5 million shares, while UBS Asset Management Singapore received around 11.7 million shares, providing a layer of institutional credibility to a listing taking place during a volatile period for crypto-related equities.

Despite the strong subscription numbers, HashKey’s first day of trading reflected a more cautious tone from the broader market. Shares opened at HKD 6.70 and briefly climbed about 5% intraday before reversing course. Prices fell as low as HKD 6.12 during the session and ended the day below the IPO price, trading in the HKD 6.34 to HKD 6.67 range. The uneven debut highlighted a disconnect between pre-IPO enthusiasm and secondary-market sentiment, shaped by ongoing crypto market volatility and investor concerns about the profitability of exchange businesses operating on thin margins.

Founded in 2018 by Xiao Feng, HashKey has emerged as the dominant licensed crypto exchange in Hong Kong, holding full approval from the Securities and Futures Commission to operate a virtual asset trading platform. The company is licensed for securities dealing and automated trading services and has been permitted to serve retail investors since August 2023, a distinction shared by only one other platform in the city. HashKey estimates it controls roughly 75% of Hong Kong’s regulated crypto trading market, making it more than three times larger than its closest local competitor. By the end of September 2025, cumulative trading volume on the platform had reached approximately HKD 1.7 trillion, or about USD 218 billion, alongside around HKD 29 billion in assets managed through staking services.

Financial performance remains a central question for investors assessing HashKey’s long-term prospects. The company has recorded persistent losses as it prioritized market share, infrastructure investment, and regulatory compliance. Between 2022 and mid-2025, cumulative losses totaled roughly HKD 2.9 billion, equivalent to about USD 372 million. Net losses exceeded HKD 1.18 billion in 2024 alone, while revenue for the first half of 2025 came in at HKD 283 million, down approximately 26% year over year. Management has attributed the pressure on earnings partly to ultra-low trading fees, often below 0.1%, designed to compete with global exchange giants while operating within Hong Kong’s more stringent regulatory framework.

Proceeds from the IPO are expected to support further investment in technology infrastructure, compliance systems, and workforce expansion rather than delivering near-term profitability. HashKey has also signaled ambitions to diversify beyond spot trading by expanding into real-world asset tokenization and developing its own Layer-2 blockchain, known as HashKey Chain, as potential new revenue drivers. Chairman and CEO Xiao Feng described the listing as a turning point that brings heightened responsibility, emphasizing that long-term success in crypto depends on compliance, transparency, and sustainable growth rather than short-term volume alone.

Market context added another layer of complexity to the debut. The IPO took place against a backdrop of broader weakness across crypto markets, with major digital assets trading well below recent highs and investor sentiment toward crypto-linked equities remaining cautious. Even so, HashKey’s listing aligns closely with Hong Kong’s broader strategy to position itself as a global hub for regulated digital asset activity, offering a contrast to less regulated jurisdictions and signaling that crypto firms can, under the right conditions, access mainstream capital markets.

This article has been refined and enhanced by ChatGPT.