The Hong Kong crypto market is witnessing a significant milestone today. HashKey, one of the region's largest crypto exchanges, has officially launched its long-awaited IPO. This move is notable for demonstrating both the confidence Hong Kong has in its regulated digital asset ecosystem and the shaping of institutional investor interest in crypto. Book building for the shares, code 3887, will close on December 12, with the final price announced on December 16. The first trading day has been announced as December 17.
December 17 has been set for HashKey's IPO
HashKey Holdings Limited is offering a total of 240.57 million shares to global investors. Approximately 24.06 million of these shares are reserved for Hong Kong investors. The price per share is set at HK$5.95–6.95. If a successful pricing at the upper end of the range, the IPO will raise HK$1.67 billion (approximately $215 million). The company expects to raise a net proceeds of approximately HK$1.43 billion, based on an average offer price scenario of HK$6.45.
Forty percent of the IPO funding will be allocated to technology development and infrastructure improvements. HashKey says it aims to strengthen its global competitive position as a licensed and fully regulated platform. A similar portion will be allocated to market expansion and new ecosystem partnerships. The remaining 20 percent will be used for operational expenses, risk management, and general corporate needs.
Despite increasing revenue, HashKey appears to have yet to achieve profitability. The company has reported a net loss since 2022. The loss for the first six months of 2025 was HK$506.7 million, lower than the loss of HK$772.6 million in the same period of the previous year. In contrast, revenues increased by 4 percent in the first nine months of 2025, reaching HK$557.6 million. This revenue increase is primarily driven by growing demand for asset management services. Meanwhile, trading volumes declined by 24 percent during the same period.
HashKey emphasizes in its prospectus that these losses are "a natural consequence of the early investment cycle required by its business model." The company notes that building a licensed, scalable, and fully compliant platform requires significant initial capital, reminding crypto exchanges that undergo similar processes on the path to profitability.
All of this coincides with the transformation of Hong Kong's crypto policy. The territory established a comprehensive licensing regime for virtual asset service providers in 2023 and then, in 2024 and 2025, updated regulations in areas such as stablecoin companies, trading platforms, and global liquidity sharing, providing a clearer framework for the sector. The country's financial regulator, the SFC, has also created room for platforms like HashKey to expand their product range.
