HashKey, Hong Kong's largest licensed cryptocurrency exchange operator, is seeking to raise up to HK$1.67 billion through an initial public offering (IPO), expected to be listed on 12/17 with a valuation of HK$19 billion.
HashKey will be listed on 12/17 with a valuation of HK$19 billion.
According to documents submitted by the company on Tuesday, it plans to issue 240.6 million shares at a price of HK$5.95 to HK$6.95 per share. At the highest pricing, HashKey's valuation is approximately HK$19 billion (around $2.44 billion), and trading of the shares will begin on 12/17.
Cornerstone investors have agreed to purchase shares of HashKey worth $75 million as a guaranteed allocation for the IPO, and they are required to hold the shares for at least six months. These investors include the asset management division of UBS Group, Fidelity International, and Infini Capital.
Note: Cornerstone investors are institutions or well-known individuals that commit to purchasing a large number of shares at the issuing price during a company's initial public offering (IPO). They are typically large funds, wealthy individuals, or strategic partners who play a role in market confidence and have a lock-up period of 6-12 months, with their identities and amounts disclosed in the prospectus.
HashKey's shareholders include Gao Rong Ventures, which is one of the early investors in Meituan and PDD Holdings Inc. (Pinduoduo). Sources revealed earlier this year that Gao Rong Ventures invested $30 million in HashKey Group at a valuation of over $1 billion.
Hong Kong's fundraising amount has reached a high this year, with HashKey challenging to be the first listed cryptocurrency exchange.
This IPO marks a critical test for Hong Kong's efforts to build a regional digital asset hub. It is also one of the last companies driving this year's IPO frenzy, with the fundraising amount expected to reach a four-year high. This IPO comes amidst volatility in the digital asset market, as Bitcoin prices fell from historical highs in October.
HashKey is one of the earliest licensed cryptocurrency exchanges in Hong Kong, which launched a dedicated digital asset regulatory framework in 2022. Its business covers cryptocurrency trading, venture capital, and asset management. So far, Hong Kong has only approved 11 exchanges to operate, excluding the largest global platforms such as Binance and Coinbase. HashKey is expected to become the first listed cryptocurrency exchange in Hong Kong, while the others are subsidiaries that provide digital asset trading services independently from the group (e.g., OSL).
(Hong Kong compliant exchange HashKey is about to IPO! Data reveals consecutive years of losses, platform token plummets 90%)
This article Hong Kong compliant exchange HashKey officially listed on 12/17, with a valuation of HKD 19 billion, first appeared in Chain News ABMedia.
