HashKey aims for $215m in Hong Kong IPO, targets institutional capital

Hong Kong-based digital asset company, HashKey Group, has started subscriptions for its much-anticipated initial public offering, aiming to raise HK$1.67 billion (about US$215 million).

The deal positions the company among the city's first fully licensed crypto platforms to access the public markets, marking a new phase in the ambitions of Hong Kong to build a regulated hub for digital assets.

HashKey's IPO structure, price and expected debut

According to the filed document, HashKey is offering about 240.6 million shares at a price ranging from HK$5.95 to HK$6.95. The subscription window opened this week, with final pricing on 16 December. The shares are expected to begin trading on the Hong Kong Stock Exchange under ticker 3887 on 17 December.

If the placement goes through at the top end of the range, HashKey's valuation will approach HK$19 billion (about US$2.46 billion).

The company said the proceeds will support platform expansion, infrastructure investments, risk management improvements and new hires to scale operations in the region.

A dominant player in a regulated crypto market

Founded in 2018, HashKey has quickly become one of Hong Kong's leading licensed crypto platforms, gaining key regulatory approvals in recent years as the city formalised oversight over digital assets.

The prospectus states that the company holds more than 75 per cent of the onshore crypto trading business, giving it a significant advantage over local competitors.

In addition to exchange services, HashKey operates a diversified ecosystem of digital assets including asset management, OTC services, tokenization solutions and its own blockchain network, HashKey Chain. The company has also grown as a major regional asset manager, reporting $1 billion in assets under management at the end of 2024.

Industry analysts note that if the placement goes ahead as planned, HashKey could become Hong Kong's first major crypto-native exchange to list, further boosting the city's strategy of attracting digital asset-related institutions under strict regulatory oversight.

Financial Challenges and Market Outlook

Despite rapid expansion, HashKey's financials reflect the pressure of scaling a heavily compliance-driven business in an emerging industry. The company posted a net loss of more than HK$500 million in the first half of 2025, caused by continued investment in infrastructure, product development and regulatory requirements.

However, analysts believe HashKey's diversified service lines - particularly tokenization and institutional asset management - may offer a more stable revenue base as the crypto market evolves. Hong Kong's favourable attitude towards regulated firms in the digital asset sector further reinforces the company's long-term positioning.

Looking ahead, HashKey's IPO is seen as a test to gauge investors' appetite for regulatory-compliant crypto platforms amid global caution. A strong debut could bolster Hong Kong's bid to become Asia's leading regulated crypto hub; a weak reception could highlight lingering concerns about volatility and profitability in the digital asset sector.

All eyes are now on 16-17 December, when prices and the first day of trading will offer the clearest signal on how investors see the future of regulated crypto exchanges.