HashKey launches Hong Kong IPO, seeking up to $215 million

HashKey Holdings Limited, the company operating Hong Kong's largest crypto exchange, has officially filed to go public in the region.

HashKey's initial public offering marks the first time a dedicated crypto exchange has sought a public listing in Hong Kong. While OSL Group operates a digital asset trading platform, the company's IPO came prior to its foray into crypto.

According to the company's prospectus released Tuesday, HashKey plans to offer 240.57 million shares for global investors, allocating 24.06 million for Hong Kong buyers and the remainder for overseas investors.

The shares are priced in a range of HK$5.95 to HK$6.95. At the top end of that range, the offering could raise as much as HK$1.67 billion ($214.68 million) in gross proceeds. Based on an offer price of HK$6.45 per share, HashKey estimates it will receive roughly HK$1.43 billion ($183.82 million) in net proceeds from the global offering.

HashKey's Hong Kong public offering commenced at 9 a.m. HKT on Tuesday, while applications for the offering are expected to close on Dec. 12 at noon. The final pricing of the IPO is scheduled to be determined and announced on Dec. 16, with trading set to start the following day on the Hong Kong Stock Exchange under code 3887.

Use of proceeds

HashKey plans to allocate roughly 40% of its net proceeds to product innovation and infrastructure upgrades over the next three to five years to bolster its competitive position, according to the prospectus. Another 40% is earmarked for market expansion and new ecosystem partnerships.

The company said it plans to direct 10% of the proceeds to operations and risk management, with the remaining 10% set aside for working capital and general corporate purposes.

HashKey has been reporting net losses since 2022. In the first six months of 2025, HashKey booked a net loss of HK$506.7 million ($65 million), compared to a loss of HK$772.6 million ($99.2 million) in the same period last year.

The prospectus also shows that revenue for the nine months ended Sept. 30, 2025, rose 4% year-over-year to HK$557.6 million ($71.7 million), up from HK$536 million ($68.9 million) in the same period a year earlier. The increase was driven primarily by growth in asset management services, even as trading volume fell 24%.

"Our net losses and operating cash outflows [primarily] reflect the nature of our business development cycle and the substantial upfront investments required to establish a licensed, compliant and scalable digital asset platform," HashKey wrote, adding that its development cycle aligns with the typical evolution of crypto trading platforms prior to reaching profitability.

Local regulations

The HashKey IPO comes as Hong Kong continues to refine its crypto regulations, simultaneously fostering growth and establishing oversight for the sector.

In 2023, Hong Kong set up its licensing regime for virtual asset service providers in the region, laying the foundation for broader supervisory authority over the crypto sector. Earlier this year, Hong Kong established its first licensing regime for stablecoins and issuers.

More recently, the Securities and Futures Commission said it will allow licensed crypto trading platforms to tap global liquidity through shared order books, a move intended to improve market depth and expand product offerings.

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