- HashKey’s IPO raises $206 million on Hong Kong Stock Exchange.
- Demand for HashKey’s shares oversubscribed by nearly 394 times.
- HashKey experiences early volatility but maintains slight growth post-debut.
HashKey, Hong Kong’s largest cryptocurrency exchange, made its trading debut on the Hong Kong Stock Exchange (HKEX) after raising $206 million through its initial public offering (IPO). The exchange officially listed its shares on the HKEX main board, with the opening price set at 6.70 Hong Kong dollars (approximately $0.86).
This milestone marks a significant achievement for HashKey Group, making it the first publicly traded digital asset company in Asia to list on the HKEX through an IPO. In a statement, the company emphasized that this marks a new phase of growth, with a focus on expanding its global presence and long-term strategic goals.
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Record-Breaking IPO Demand for HashKey
HashKey’s IPO, launched on December 9, received overwhelming demand from both institutional and retail investors. The company offered 240 million shares, raising $206 million. The public offering in Hong Kong was oversubscribed by nearly 394 times, with 24 million shares sold, while the international portion of the IPO sold 216.5 million shares, oversubscribed by 5.5 times.
Among the cornerstone investors, notable names included Cithara Global Multi-Strategy SPC, UBS Asset Management Singapore, Fidelity, and CDH, with Cithara and UBS being the largest contributors. They were allocated around 17.5 million shares and 11.7 million shares, respectively.
Post-IPO Volatility and Trading Performance
After its public debut, HashKey experienced noticeable volatility during the morning trading session. The stock briefly surged 5% to a high of $0.91 before dropping to a low of $0.78. By the afternoon session, the stock hovered around $0.84, slightly below the initial offering price.
Despite the early fluctuations, HashKey’s listing is seen as a crucial step in its expansion plans, with CEO Xiao Feng emphasizing the importance of compliance and long-term growth during the listing ceremony. The company’s focus remains on strengthening its infrastructure, security, and compliance to ensure sustainable growth.
This listing is part of a broader trend of crypto companies going public, joining a growing list of firms, including the USDC stablecoin issuer Circle, and crypto exchanges Bullish and Gemini.
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