HashKey Information for Hong Kong IPO, Goals to Be Metropolis’s First Listed Crypto Change – Decrypt

HashKey Holdings Restricted is about to grow to be Hong Kong’s first publicly-listed crypto alternate after submitting its preliminary public providing on Monday, outlining the size of its buying and selling, custody, and tokenization companies within the metropolis, which has emerged as certainly one of Asia’s most lively regulated hubs for digital belongings.

The IPO units out 240.57 million shares within the world providing, together with 24.06 million for Hong Kong buyers and 216.51 million for worldwide patrons, with a most value of HK$6.95 per share, in accordance with a prospectus.

HashKey is creating “a digital asset ecosystem” that delivers services and products “tailor-made to satisfy distinct and evolving wants of retail buyers, institutional purchasers and different stakeholders alongside the blockchain worth chain,” the doc reads.

Ultimate pricing can be decided by December 16, whereas buying and selling commences the subsequent day with the shares listed beneath inventory code 3887.

Disclosure: HashKey Holdings Restricted, via HashKey Capital, is certainly one of 22 buyers in an editorially impartial Decrypt.

Hong Kong hub

The doc additionally affords the primary detailed take a look at how HashKey, already the most important licensed platform in Hong Kong, is positioning its enterprise beneath town’s new regime for retail and institutional crypto markets.

Hong Kong has spent the previous two years tightening and clarifying its regulatory structure because it positions itself as a licensed hub for digital asset exercise.

Regulators accredited new permissions for staking companies in April, permitting SFC-supervised companies to supply staking beneath managed situations. It later imposed stricter custody necessities for licensed platforms.

The town additionally superior stablecoin oversight, unveiling guidelines that reinforce U.S. greenback dominance in native issuance whereas setting out capital, disclosure, and governance thresholds for would-be issuers.

However these strikes have additionally been formed by Beijing’s eye. Mainland regulators moved in October to halt stablecoin ventures within the metropolis from two of the nation’s largest tech companies.

The result’s a regime that welcomes regulated digital asset exercise whereas imposing larger compliance expectations, a mannequin that has grow to be central to Hong Kong’s bid to draw institutional gamers and distinguish itself from unregulated offshore exchanges.

Below the hood

Nonetheless, HashKey frames its benefits round regulatory credibility, ecosystem attain, and technical depth.

It additionally highlights its standing as an early, licensed digital belongings operator in Asia, its safety and compliance posture, and a product stack designed to strengthen community results throughout buying and selling, custody, staking, and tokenization.

It reported HK$29.0 billion (US$3.71 billion) in belongings beneath staking and HK$1.7 billion (US$218 million) in real-world asset worth, positioning it as the most important staking supplier in Asia and eighth globally.

Income stays early-stage, however the enterprise mentioned it’s shifting towards real-world monetary belongings and plans to monetize via fuel charges accrued on HashKey Chain, a layer-2 community for RWAs, stablecoins, and institutional purposes.

The group additionally reported HK$7.8 billion (US$998 million) in belongings beneath administration since inception, alongside enterprise and secondary fund companies that it claims mirror early management in Asia’s digital asset funding sector.

Whereas HashKey’s income grew sharply between 2022 and 2024, its working prices expanded additional, driving losses to virtually double from HK$585.2 million (US$74.9 million) in 2022 to HK$1.19 billion (US$152.3 million) in 2024.

The corporate cites rising spending on analysis, advertising and marketing, and administrative capabilities, together with massive equity-settled share-based fee bills, as key drivers of that widening hole.

Adjusted losses narrowed in 2023 earlier than rising once more in 2024 and the primary half of 2025, reflecting larger prices tied to its alternate enterprise and a downturn in transaction-facilitation income.

Web loss improved to HK$506.7 million (US$64.9 million) within the first half of 2025, “primarily because of the decline on the whole and administrative bills.”

Decrypt has reached out to HashKey for remark however has not but obtained a response.