- HashKey raised $206 million through a Hong Kong IPO with nearly 394x oversubscription in the local tranche.
- Stock opened at $0.86 but experienced volatility, fluctuating between $0.78 and $0.91 on debut day.
Hong Kong’s premier cryptocurrency exchange HashKey Holdings started trading on the Hong Kong Stock Exchange after a successful IPO that raised $206 million. The firm has made an important step by leading the way as the first company in Asia dealing with digital assets that went public through a Hong Kong IPO.
Shares started trading on Wednesday with the first transaction being HK$6.70, which is around $0.86 per share on the main board. The debut is a big step forward for the crypto industry in Hong Kong as well as in the rest of the Asian financial markets.
Strong Investor Demand Meets First-Day Price Fluctuations
The IPO was a phenomenal success in terms of investor demand. The Hong Kong offering was extremely popular and was oversubscribed by almost 394 times for the 24 million shares available. Likewise, international investors were very attracted to this offering, which was oversubscribed 5.5 times for the 216.5 million shares allocated to institutional buyers.
There were nine cornerstone investors who contributed to the fundraising effort. Among them were such prominent names as Cithara Global Multi-Strategy SPC, UBS Asset Management Singapore, Fidelity, and CDH Holdings.
In its very first trading session on the Hong Kong stock exchange, HashKey’s stock was quite volatile despite the very strong demand. Shares were up roughly 5% compared to the opening price; in fact, they went up to $0.91 and then they came back to $0.78 pretty much in the morning hours. The decline of the stock continued in the afternoon session when it was trading near $0.84 that is just a tad lower than the IPO price for the day.
At the listing ceremony, Chairman and CEO Xiao Feng highlighted that an initial public offering results in a greater obligation and accountability towards the stakeholders and regulatory bodies. He also mentioned that as a going concern, HashKey is firmly resolved to uphold this through its compliance, security infrastructure and growth, which is eco-friendly and consistent in nature, forming the core of the company’s strategy for the foreseeable future.
HashKey is the next digital asset endeavour to go public after 2025, along with other industry players such as Circle, Bullish, Gemini and potentially Kraken, which has filed confidentially for an IPO. The listing is a testament to Hong Kong becoming a leading location for regulated digital asset businesses to operate in Asia.
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