HashKey Launches IPO in Hong Kong with Targeted Funds of $215 Million

Jakarta, Pintu News – HashKey has just opened subscriptions for its initial public offering (IPO) in Hong Kong, with a target of raising up to $215 million. With backing from UBS and Fidelity, the move is a landmark moment for the city’s ambitions in the crypto industry.

HashKey’s Valuation Approaches HK$19 Billion Amid New Share Offering

HashKey is offering more than 240 million shares priced between HK$5.95 and HK$6.95 per share. If the share price reaches the upper limit, the company’s valuation will be close to HK$19 billion. The order book will remain open until Friday, and trading is expected to begin on December 17. The company has reported cumulative losses of more than HK$2.3 billion over the past three years.

However, losses in the first half of 2025 have been reduced by more than a third compared to the previous year, thanks to tighter cost control and revenues dominated by trading activities, which account for nearly seventy percent of total revenues.

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Large Institutional Investor Enters HashKey IPO with US$75 Million Commitment

Notable investors in this IPO include the asset management arms of UBS, Fidelity International, and Infini Capital, which have committed to participate with a total of $75 million and a lock-up period of six months. The support from these major investors is seen as a sign of confidence at a time when the digital asset market is still experiencing volatility and the price of Bitcoin (BTC) is still below its October record.

Hong Kong has only approved a limited number of licensed crypto platforms, and the flow of funds into digital asset exchange-traded funds in the city is still modest when compared to the US. HashKey’s successful listing could set a precedent for how web3 companies thrive under the city’s regulations.

Read also: Bitcoin under Threat? Analyst Calls 2025 Cycle “Upside Down” and Potentially Fatal

HashKey IPO Potentially Strengthens Hong Kong’s Ambitions as a Digital Asset Regulation Hub

The listing also coincides with the advancement of government policies regarding stablecoins, real assets, and tokenized securities, signaling a major shift towards regulated adoption. JPMorgan Chase and Guotai Junan acted as joint sponsors for this deal.

If the listing goes well, it could encourage other crypto companies in the region to reconsider their public market plans and strengthen Hong Kong’s position as Asia’s regulatory bridge between traditional finance and digital assets.

Conclusion

With backing from major investors and supportive policies, HashKey’s IPO in Hong Kong not only marks a big step for the company itself, but also for the entire crypto sector in the region. It is an opportunity to show that the crypto industry can operate within a regulated and stable framework.

FAQ

What is HashKey’s fundraising target through its IPO in Hong Kong?

HashKey is targeting to raise up to $215 million through an IPO in Hong Kong.

When is trading in HashKey shares expected to start?

Trading in HashKey shares is expected to begin on December 17.

Who are the key investors involved in HashKey’s IPO?

Notable investors in HashKey’s IPO include UBS, Fidelity International, and Infini Capital.

What positive impact is the HashKey IPO expected to have on the crypto sector in Hong Kong?

HashKey’s IPO is expected to encourage other crypto companies to consider public markets and strengthen Hong Kong’s position as a regulatory bridge between traditional finance and digital assets.

What new policies is the Hong Kong government developing regarding the crypto industry?

The Hong Kong government is developing policies related to stablecoins, real assets, and tokenized securities, indicating a major shift towards regulated adoption.

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Reference

• Crypto News. HashKey Hong Kong IPO $215M Targeted Raise. Accessed on December 10, 2025
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