HashKey's shares fall 5% on debut in Hong Kong
HashKey Holdings' shares dropped 5% in their Hong Kong debut, reflecting investor concerns over its low-fee business model.Summary
HashKey Holdings' shares fell approximately 5% during their initial trading debut on the Hong Kong stock exchange, opening below the IPO price and signaling investor caution regarding the exchange's business model. Despite controlling about three-quarters of Hong Kong’s licensed crypto trading market and processing over $81.8 billion in volume in 2024, HashKey employs an ultra-low fee strategy, resulting in cumulative net losses of about $385 million between 2022 and mid-2025. Investors are waiting for evidence that fees can increase or that higher-margin services can become significant revenue drivers. Furthermore, the company's focus has narrowed as it pulled back from offshore retail markets, tying its future outlook more closely to local Hong Kong policy and institutional participation.
(Source：CoinDesk)