HashKey Holdings, the dad or mum firm of certainly one of Hong Kong’s largest licensed crypto exchanges, has moved a step nearer to a public itemizing, in accordance with new filings from the Hong Kong Inventory Alternate (HKEX).
On Monday, the HKEX revealed a 633-page post-hearing info pack for HashKey Holdings. The doc was revealed on the request of The Inventory Alternate of Hong Kong Restricted and the native monetary regulator, the Securities and Futures Fee (SFC).
A post-hearing info pack is just revealed after HKEX’s itemizing committee formally clears an applicant on the itemizing listening to. In different phrases, with out explicitly stating it, this doc signifies that HashKey has moved nearer to itemizing on the change and is progressing towards its preliminary public providing (IPO).
On the identical time, the doc stresses that the deal shouldn’t be but finalized. “The itemizing software referred to on this doc has not but been authorized; the HKEX and the SFC might settle for, return, or reject the general public providing and/or itemizing software.”
That is customary HKEX disclaimer language and doesn’t contradict HashKey’s approval. As an alternative, it refers to itemizing being depending on finishing the providing paperwork.
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HashKey’s IPO is prone to entice important consideration
The information follows early October reviews that HashKey was aiming for an IPO and an inventory in Hong Kong this yr. On the time, the report was largely primarily based on rumors, citing nameless sources with purported information of the matter.
HashKey is Hong Kong’s prime crypto change with a 24-hour quantity of almost $108 million on the time of writing, in accordance with CoinGecko information. The data pack additionally lists the world’s prime financial institution, JPMorgan, and native monetary establishments Guotai Junan Worldwide and Haitong Worldwide as joint sponsors for the itemizing.
Curiosity within the providing is probably going excessive, contemplating that in mid-February, China-based Gaorong Ventures reportedly invested $30 million in HashKey, granting it unicorn standing. The pre-money valuation of the funding was purportedly virtually $1.5 billion, however reviews cited unidentified sources that would not be independently verified.
The platform can be trying to increase its attain. In early January, its subsidiary HashKey Europe obtained approval for a digital asset service supplier license from the Central Financial institution of Eire.
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China quarantines Hong Kong’s crypto business
Hong Kong’s rising crypto business shouldn’t be well-received by mainland Chinese language authorities. Hong Kong started accepting functions from stablecoin issuers in August after introducing a devoted regulatory framework.
The introduction of the stablecoin licenses in Hong Kong attracted the curiosity of Chinese language know-how giants, together with Ant Group and JD.com. On the time, reviews recommended that HSBC and the Industrial and Business Financial institution of China (ICBC) deliberate to use for stablecoin licenses in Hong Kong.
Nevertheless, Chinese language authorities informed native corporations to cease publishing analysis or holding seminars associated to stablecoins in early August. In September, a now-deleted report by Chinese language monetary outlet Caixin claimed that mainland Chinese language corporations working in Hong Kong could also be compelled to withdraw from cryptocurrency-related actions.
This was adopted by reviews in late October that Chinese language know-how giants, together with Ant Group and JD.com, had reportedly suspended plans to situation stablecoins in Hong Kong as a consequence of regulatory issues. On Saturday, the Individuals’s Financial institution of China — mainland China’s central financial institution — mentioned after a gathering with 12 different businesses that “digital foreign money hypothesis has resurfaced,” reiterating that “digital currency-related enterprise actions represent unlawful monetary actions,” consistent with its 2021 ban on crypto buying and selling and mining.
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