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Xinmei Shen

The initial public offering (IPO) of HashKey Holdings, operator of Hong Kong’s largest cryptocurrency exchange, lays bare challenges faced by local platforms under Beijing’s watchful eye, even though the listing itself was recognition of the growing influence of digital assets in the city, according to analysts.
HashKey, established in Hong Kong in 2018, on Monday cleared its Hong Kong listing hearing after a confidential filing earlier this year, paving the way for an IPO that could raise up to US$300 million. It would be the second listed crypto exchange operator in Hong Kong, after OSL Group, a licensed virtual-asset trading platform.
The listing of HashKey comes as Hong Kong is trying to transform itself into a virtual-asset hub, even though Beijing has reiterated its hostile regulatory stance towards crypto activities on the mainland, casting a shadow over such businesses in the city.
“The acceptance of a major crypto exchange into the bourse is a strong barometer for the mainstreaming of digital assets in Hong Kong,” said Angela Ang, TRM Labs’ Asia-Pacific head of policy and strategic partnerships.

HashKey would likely debut on the Hong Kong stock exchange within the next two to three months “if it receives adequate investor interest”, Daiwa Capital Markets analysts Steven Nie and Carlton Lai said in a note on Monday.
They described HashKey as a “much more aggressive player” than its main local competitor OSL Group, which operates the OSL crypto exchange.
The trading volume on HashKey platforms, including a Hong Kong exchange for local investors and a global platform, amounted to HK$214 billion (US$27.5 billion) in the first six months, about three times that of OSL’s HK$68 billion, they noted.
HashKey’s losses for the first half of 2025, however, were significantly higher than its peer. The company reported an adjusted net loss of HK$506 million in the first six months of the year, while OSL’s losses were about HK$40 million.
“Hashkey is still making a loss while Coinbase, the biggest listed crypto exchange in the US, made over US$2 billion of profit last year,” said Alex Au, founder and chief investment officer of Alphalex Capital. “We will see how the evolving regulatory regime in Hong Kong can support the industry in expanding its service offerings and enhancing profitability.”
In 2024, HashKey’s full-year losses almost doubled to HK$1.19 billion from HK$580 million in the previous year. That reflected the “substantial upfront investments required to build and operate a licensed, compliant and scalable digital asset platform”, the company said in its IPO filing.

While HashKey targeted the Hong Kong market with “aggressive” operating expenditures, OSL was focused on overseas expansion, according to Daiwa.
That could prove a better strategy because of the “limited market size in Hong Kong”, and mainland China’s tightening restrictions on access to crypto tokens and stablecoins, Daiwa analysts said.
Beijing’s stance could hamper the potential for Hong Kong’s regulated crypto platforms, experts said. The People’s Bank of China (PBOC) last week reiterated its crackdown on crypto businesses on the mainland and singled out stablecoins for their significant risk of fraud, money laundering and illegal cross-border capital flows.
“Despite Hong Kong authorities’ clear stance that its crypto firms cannot serve Chinese users, the market has remained hopeful that this will change in the longer term,” said Ang.
“The latest statement from the PBOC is definitely a setback for the market after previous signals that Chinese authorities may be softening towards stablecoins,” she said.
Still, HashKey’s IPO was “an important event” for Hong Kong’s digital-asset ecosystem, and its revenue trajectory indicated growth potential, said Melvin Deng, CEO at digital-asset trading firm QCP Capital.
The company was in a phase of building infrastructure, boosting security and customer acquisition efforts, which, similar to most firms operating in regulated digital-asset markets, typically preceded sustained profitability, he said.


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Cryptocurrency

HashKey’s Hong Kong IPO highlights crypto exchange challenges under Beijing’s watchful eye

HashKey on Monday cleared its Hong Kong listing hearing after a confidential filing earlier this year. Photo: Handout

The HashKey booth at the Hong Kong Web3Festival last year. Photo: Handout

Hong Kong dollar banknotes and a representation of bitcoin are shown in this arranged picture. Photo: Shutterstock Images

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

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

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

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Tech

Policy

HashKey is likely to debut on the Hong Kong stock exchange within the next two to three months ‘if it receives adequate investor interest’


HashKey is likely to debut on the Hong Kong stock exchange within the next two to three months ‘if it receives adequate investor interest’.


HashKey’s Hong Kong IPO highlights crypto exchange challenges under Beijing’s watchful eye

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}HashKey is likely to debut on the Hong Kong stock exchange within the next two to three months ‘if it receives adequate investor interest’

HashKey is likely to debut on the Hong Kong stock exchange within the next two to three months ‘if it receives adequate investor interest’