December 03, 2025
By Our Correspondent
Cryptocurrency exchange operator HashKey Holdings has cleared its Hong Kong listing hearing, paving the way for a public offering that will test investor confidence in digital assets amid shifting regulations and weakening market sentiment, according to a person familiar with the matter.
The operator of Hong Kong’s largest licensed crypto exchange may seek to raise about US$500 million in an IPO as early as this month. In a filing on Monday, HashKey did not disclose the size or the timetable of the offering.
The prospective listing arrives as China’s central bank reaffirmed its hard line on virtual currencies, including stablecoins, and pledged to intensify action against illicit activity. Mainland China has banned cryptocurrency trading since 2021.
By contrast, Hong Kong has rolled out a comprehensive regulatory framework for exchanges, custodians, stablecoin issuers, and dealing service providers in a bid to position the city as a digital-asset hub. Market participants often describe Hong Kong as mainland China’s offshore testbed for digital tokens.
“The investment sentiment surrounding cryptocurrencies will influence its pricing and the timing of the listing,” said Kenny Ng Lai-yin, strategist at Everbright Securities International.
“With mainland authorities tightening curbs on crypto speculation—and prices of bitcoin and ether falling—there could be a material impact on its market value and offer price.”
HashKey, one of 11 licensed virtual asset trading platforms in the city, offers trading, on-chain services, and asset management. It has promoted its capability to issue and distribute tokenised real-world assets as part of its expansion strategy.
In its listing petition, the group said it dominated Asia’s onshore digital-asset market, accounting for more than three-quarters of regional trading volumes in 2024 and holding about HK$20 billion (US$2.56 billion) in client assets.
Despite its scale, HashKey has been loss-making since 2022. It reported a net loss of HK$506 million in the first half of this year, narrowing from a loss of HK$777 million in the same period a year earlier.
“Our operating results have fluctuated and are expected to continue fluctuating due to the highly volatile nature of the digital asset market,” the company said in its filing.
The crypto trading market remains heavily dependent on bitcoin and ether, both of which are prone to sharp movements driven by macroeconomic conditions, regulatory developments, and speculative activity.
HashKey said it plans to use IPO proceeds to strengthen its technology and infrastructure, accelerate product innovation, pursue strategic partnerships, and reinforce risk-management and operational capabilities.
