- HashKey clears HKEX hearing, moving closer to $500M IPO.
- Crypto exchange HashKey plans major tech upgrades with IPO funds.
- HashKey’s IPO targets market expansion and enhanced platform security.
HashKey Holdings Limited has successfully passed the Hong Kong Stock Exchange’s (HKEX) listing hearing, marking a significant step toward its planned initial public offering (IPO). This milestone comes after the company filed confidential documents for its IPO. The HKEX listing hearing, a critical step in the approval process for companies seeking to go public, reviews various matters including listing applications, regulatory concerns, and other relevant issues.
Once a company clears this hearing, it proceeds to register its prospectus, followed by stages such as marketing, book-building, and pricing. In HashKey’s case, it aims to use the proceeds from its IPO to enhance its technological infrastructure, which includes innovation in its products and bolstering security measures. Additionally, the company plans to allocate funds for market expansion and general corporate purposes. However, HashKey has not disclosed any specifics about the timeline or size of its IPO.
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According to a Bloomberg report, HashKey is looking to raise up to $500 million through the offering, potentially before the end of this year. The company currently operates Hong Kong’s largest licensed crypto exchange and holds a license for operating a virtual asset trading platform in the region. As of its latest filing, HashKey’s platforms support 80 tokens.
Financial Performance Amid Growing Market
Despite its growth in the digital asset sector, HashKey has been reporting financial losses. The company posted a net loss of HK$506.7 million ($65 million) in the first half of 2025, a slight improvement compared to the HK$772.6 million ($99.2 million) loss during the same period in 2024. HashKey attributes these losses to the nature of its business model, which involves significant upfront investments in building a licensed, compliant, and scalable digital asset platform.
The filing also highlighted that the company has made substantial investments aimed at creating a robust and regulated platform capable of handling a growing number of transactions and digital assets. Despite the losses, HashKey’s strategy appears focused on long-term market positioning and expansion within the crypto industry.
In a related announcement, HashKey revealed that it has appointed JPMorgan and Guotai Junan Securities as the official sponsors for its IPO. This partnership signals the company’s intent to move forward with its public offering, marking a pivotal moment in its journey as a prominent player in the cryptocurrency market.
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