Hong Kong compliant exchange HashKey officially listed on 12/17, valued at HKD 19 billion

Hong Kong’s largest licensed cryptocurrency exchange operator HashKey is seeking to raise up to HK$1.67 billion through an initial public offering (IPO), with plans to list on 12/17, and a valuation of HK$19 billion.

HashKey to list on 12/17, valued at HK$19 billion

According to documents filed by the company on Tuesday, it plans to issue 240.6 million shares at a price range of HK$5.95 to HK$6.95 per share. At the highest pricing, HashKey’s valuation would be about HK$19 billion (approximately US$2.44 billion), with shares to begin trading on 12/17.

Cornerstone investors (Cornerstone investors) have agreed to purchase $75 million worth of HashKey shares as part of the guaranteed allocation for the IPO, with a required minimum holding period of six months. These investors include the asset management arm of UBS (UBS) Group, Fidelity International (Fidelity International), and Infini Capital (Infini Capital).

Note: Cornerstone investors are institutions or prominent individuals who commit to subscribing to a large quantity of shares at the offering price during a company’s initial public offering (IPO). They are typically large funds, wealthy individuals, or strategic partners who help boost market confidence and are subject to a lock-up period of 6-12 months. Their identities and amounts are disclosed in the prospectus.

HashKey’s shareholders include Gaorong Capital, an early investor in Meituan and PDD Holdings Inc. (Pinduoduo Holdings). Earlier this year, sources revealed that Gaorong Capital invested $30 million into HashKey Group at a valuation exceeding $1 billion.

Hong Kong’s fundraising hits a high this year as HashKey aims to become the first listed crypto exchange

This IPO marks a key test for Hong Kong’s efforts to build itself into a regional digital asset hub. It is also among the last batch of companies to go public in this year’s listing surge, with fundraising expected to hit a four-year high. The IPO comes amid volatile digital asset markets, as Bitcoin prices retreated from record highs in October.

HashKey is among the first licensed crypto exchanges in Hong Kong, following the city’s introduction of a dedicated digital asset regulatory regime in 2022. Its business covers crypto trading, venture capital, and asset management. So far, Hong Kong has only approved 11 exchanges to operate—excluding global giants like Binance and Coinbase. HashKey is expected to become Hong Kong’s first listed crypto exchange, while others are subsidiaries spun off from groups to provide digital asset trading services (such as OSL).

(Hong Kong compliant exchange HashKey is about to IPO! Data reveals years of losses and platform token plummeting 90%)

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