HashKey shares slide 3% in Hong Kong debut after $206 million IPO
HashKey shares dropped 3% in their Hong Kong debut following a $206 million initial public offering.Summary
HashKey Holdings, operator of Hong Kong's largest cryptocurrency exchange, saw its shares fall 3% by midday Wednesday after raising HK$1.6 billion ($206 million) in its IPO, pricing shares at HK$6.68. The company attracted nine cornerstone investors, including UBS AM Singapore and Fidelity. Chairman and CEO Xiao Feng stated that the listing marks a starting point of greater responsibility, emphasizing compliance for long-term success. Despite the lukewarm debut, HashKey's stock opened at HK$6.7 and briefly rose before declining. The company, founded in 2018, has been reporting net losses since 2022, with a net loss of HK$506.7 million in the first six months of 2025. The debut occurred amidst a broader cooling in the crypto market.
(Source：The Block)