HashKey crypto exchange sees bumpy Hong Kong debut after $206M IPO

HashKey, Hong Kong's largest cryptocurrency exchange, officially listed on the Hong Kong Stock Exchange (HKEX) main board after completing a $206 million initial public offering (IPO). The offering was heavily oversubscribed, with the Hong Kong portion seeing nearly 394 times demand, attracting cornerstone investors like Cithara Global Multi-Strategy SPC and UBS AM Singapore. Despite the strong demand, HashKey's stock experienced a bumpy debut, opening at 6.7 Hong Kong dollars, briefly surging about 5%, but then sliding to as low as 6.1 HKD before trading slightly below the IPO price in the afternoon. HashKey Group stated that this listing marks a new stage for global expansion and emphasized its commitment to compliance, security, and infrastructure enhancement, positioning itself as the first publicly traded digital asset company in Asia to go public via an IPO in Hong Kong.

(Source：Cointelegraph)