HashKey Exchange Initiates Hong Kong IPO in Major Crypto Market Move

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HashKey Holdings Limited, which operates Hong Kong’s largest licensed cryptocurrency exchange, has officially commenced its initial public offering process in the city. This filing represents a notable step for the digital asset industry in the region.

This public listing is the first for a company primarily dedicated to operating a crypto exchange in Hong Kong. It is noted that while OSL Group runs a digital asset platform, it went public before fully transitioning into the cryptocurrency sector.

The company’s prospectus, released Tuesday, details a plan to offer 240.57 million new shares to global investors. Of this total, 24.06 million shares are reserved for Hong Kong public subscribers, with the balance allocated to international institutional investors.

The price per share has been set within a range of HK$5.95 to HK$6.95. Should the offering price reach the maximum, the total gross proceeds could hit HK$1.67 billion, equivalent to approximately US$ 215 million. Using a mid-point price of HK$6.45, the company estimates net proceeds of roughly HK$1.43 billion, or US$ 184 million.

The public subscription period in Hong Kong opened at 9 a.m. on Tuesday and is scheduled to close at noon on December 12. The final offer price will be set and announced on December 16, with trading on the Hong Kong Stock Exchange expected to begin the next day under the stock code 3887.

According to the prospectus, HashKey intends to allocate about 40% of the net proceeds toward product development and infrastructure improvements over the next three to five years. An additional 40% is designated for expanding its market reach and establishing new partnerships within its ecosystem.