Crypto exchange HashKey clears key hearing for Hong Kong IPO
Crypto exchange HashKey has cleared the Hong Kong Stock Exchange's listing hearing, advancing its planned Initial Public Offering.Summary
HashKey Holdings Limited, which operates Hong Kong's largest licensed crypto exchange, has successfully passed the Hong Kong Stock Exchange's (HKEX) listing hearing, marking a significant step toward its Initial Public Offering (IPO). Following this hearing, the company is expected to proceed with prospectus registration, marketing, book-building, and pricing. HashKey intends to use the IPO proceeds to enhance its technological infrastructure, drive product innovation, improve security, and support market expansion. Although the timeline and size of the IPO remain undisclosed, previous reports suggested HashKey aimed to raise up to $500 million this year. The filing revealed that HashKey has reported net losses since 2022, including a net loss of HK$506.7 million ($65 million) in the first half of 2025, which the company attributed to substantial upfront investments required for establishing a compliant digital asset platform. HashKey has appointed JPMorgan and Guotai Junan Securities as sponsors for the offering, and if successful, it will join rival OSL as a publicly traded crypto exchange in Hong Kong.
(Source：The Block)