Hong Kong’s largest crypto exchange makes muted market debut, shares rise 3%

Shares of HashKey climbed 3% on Wednesday in their debut on the Hong Kong stock exchange, following the crypto exchange’s $206 million initial public offering, even as the broader cryptocurrency market remains under pressure.

Hong Kong’s largest licensed crypto exchange raised about HK$1.6 billion after pricing its IPO at HK$6.68 per share, toward the upper end of the indicated range of HK$5.95 to HK$6.95.

While mainland China has maintained a comprehensive ban on cryptocurrencies since 2021, Hong Kong has taken a more accommodating stance toward digital assets, positioning itself as a regional hub for the sector.

The offering attracted prominent cornerstone investors, including Fidelity, UBS, Chinese investment firm CDH Investments and Cithara Fund. JPMorgan and Guotai Haitong acted as joint bookrunners on the deal.

The listing comes amid heightened volatility in global crypto markets following a recent rally to record levels. Bitcoin, the world’s largest cryptocurrency, has fallen roughly 36% over the past month after reaching an all-time high above $126,000 in early October, and is down about 6% so far this year.

Founded in 2018, HashKey operates a regulated digital asset platform offering exchange trading, over-the-counter services, on-chain solutions such as staking and tokenisation, as well as asset management services for both institutional and retail clients.