HashKey Group, the operator of one of Hong Kong’s first licensed cryptocurrency exchanges, has officially opened subscriptions for its Initial Public Offering (IPO) in Hong Kong, aiming to raise up to HK$1.67 billion (approximately $215 million).
The listing is being closely watched as a critical test for Hong Kong’s ambition to become a regulated global hub for digital assets. The offering is backed by major institutional investors, including UBS’s asset-management arm and Fidelity International, who have committed a combined $75 million as cornerstone investors.
The company is offering just over 240 million shares priced between HK$5.95 and HK$6.95. At the top of that range, the listing would value HashKey at nearly HK$19 billion (approximately $2.47 billion).
The strong commitment from global financial giants like UBS and Fidelity, alongside Infini Capital, is seen as a significant vote of confidence in HashKey’s regulated model and in Hong Kong’s digital asset strategy, despite continued market volatility.
The subscription period is open through Friday, with shares expected to begin trading on the Hong Kong Stock Exchange on December 17. JPMorgan Chase and Guotai Junan are serving as joint sponsors for the deal.
HashKey was one of the first firms to receive a license under Hong Kong’s digital asset framework, which was introduced in 2022. The IPO proceeds are earmarked to scale the company’s technology infrastructure, expand its regulated ecosystem—which includes asset management, venture investments, and on-chain services—and solidify its position as the gateway between traditional finance and Web3 in Asia.
The listing arrives as Hong Kong actively advances policies on stablecoins and tokenized securities. A successful debut for HashKey is expected to set a precedent for other Web3 companies seeking to access public capital markets under the city’s strict regulatory regime, further bolstering Hong Kong’s role as a major financial bridge for the digital asset economy.
