Hong Kong’s biggest crypto exchange HashKey wins listing nod in test of investor appetite

HashKey could raise around US$300 million this month amid Hong Kong’s push to develop its digital asset sector

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HashKey is one of 11 licensed virtual asset trading platforms in Hong Kong. Photo: Handout

Published: 12:39pm, 1 Dec 2025Updated: 6:42pm, 1 Dec 2025

Crypto exchange operator HashKey Holdings has cleared its Hong Kong listing hearing after an earlier confidential filing, paving the way for a deal that will test investor confidence in the digital asset sector amid evolving regulation.

The operator of Hong Kong’s biggest licensed crypto exchange could raise up to US$300 million, a reduction from a previous target of around US$500 million, in a listing this month, according to a source familiar with the matter. HashKey did not disclose the size or the timing of its initial public offering (IPO) in a filing on Monday.

The planned listing comes as China’s central bank reiterated its tough stance on virtual currencies, including stablecoins, and vowed to crack down on illegal activities. Cryptocurrency trading has been banned in mainland China since 2021.

Hong Kong has established regulatory regimes for exchanges, stablecoin issuers, dealing service providers and custodians, in moves that proactively regulate and develop the city as a digital asset hub. Market insiders have cast the city as mainland China’s offshore testing ground for digital tokens.

The digital asset trading market remains heavily reliant on concentrated tokens, particularly bitcoin and ether. Photo: Shutterstock

“The investment sentiment surrounding cryptocurrencies would have an impact on its pricing and listing timing,” said Kenny Ng Lai-yin, a strategist at Everbright Securities International. “With mainland authorities stepping up curbs on cryptocurrency speculation and prices of assets such as bitcoin and ether falling, there could be a potential material impact on its market value and offer price.”

HashKey, one of 11 licensed virtual asset trading platforms in Hong Kong, provides transaction facilitation, on-chain services and asset management. It has promoted its capability to issue and circulate tokenised real-world assets to acquire more businesses and partners.

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