Hong Kong’s rebound in listings is about to feature a distinctly digital twist. HashKey Group - the city’s most dominant regulated crypto provider - is preparing to float its shares, giving investors a first chance to buy into the region’s flagship exchange operator.
HashKey’s journey from 2018 newcomer to Hong Kong’s most established exchange has been unusually fast. The company leaned heavily into compliance when regulators began formalizing crypto permissions and emerged with both retail and institutional licenses, making it the venue with the widest reach in the city.
Key Takeaways:
HashKey has opened subscriptions for its IPO ahead of a Dec. 17 listing.
The exchange could be valued at over $2.4 billion.
It reportedly controls about 75% of Hong Kong’s licensed crypto trading market.
IPO proceeds will fund tech expansion, risk controls, and hiring.
Industry estimates suggest the platform now handles roughly three-quarters of compliant trading activity in Hong Kong — more than triple its closest rival.
Shares Now Open For Bidding
Investors began submitting purchase requests this week, using the city’s online IPO channels including the HKEX settlement system FINI. The book closes Friday before a scheduled listing on December 17.
Depending on final pricing, HashKey’s valuation could top $2.4 billion, with about 240 million shares available to the public.
The exchange sits at the center of a broader set of businesses that HashKey has been quietly constructing. It offers OTC services, staking products, tokenization programs, and operates HashKey Chain — an Ethereum-based layer-2 network tailored for stablecoins, real-world asset tokenization, and decentralized apps.
Its asset management arm held around $1 billion as of late September, making it one of the largest digital asset managers headquartered in Asia.
Powerful Backers Signal Confidence
HashKey’s offering is supported by heavyweight banks, including JPMorgan, alongside major local sponsors. The company plans to funnel proceeds into expanding its technology stack, bolstering controls, and adding new talent — a sign it expects demand for licensed crypto services to keep accelerating.
The context in which HashKey is debuting is just as notable. Hong Kong’s stock market has seen fundraising soar more than 200% this year, reclaiming momentum after years of muted issuance. HashKey’s appearance on the board will mark the first high-profile crypto exchange to go public under the city’s regulatory regime — a milestone for both the issuer and the marketplace that approved it.
