In the wave of actively embracing and regulating cryptocurrencies in Hong Kong, a milestone event is about to be recorded in history. The licensed cryptocurrency group HashKey Holdings Limited (hereinafter referred to as HashKey) has officially launched its initial public offering (IPO) on the main board of the Hong Kong Stock Exchange, aiming to become the first licensed cryptocurrency exchange in Hong Kong to go public. This listing is not only a key step in HashKey's own development but is also seen as an important test of confidence in Hong Kong's Web3 strategy and the global capital markets.


Core details of the IPO


According to the prospectus disclosed by HashKey, its global offering plan aims to raise up to HKD 1.67 billion (approximately USD 215 million). The company plans to issue approximately 240.6 million shares, with the offering price set between HKD 5.95 and HKD 6.95 per share. If calculated at the highest price, HashKey's listing valuation will approach HKD 19 billion (approximately USD 2.44 billion).


The subscription period for investors starts at 9:00 AM on December 9 (Hong Kong time) and continues until noon on December 12. If all goes well, the final pricing of HashKey's IPO will be determined and announced on December 16, and the stock will officially start trading on December 17, 2025, with the stock code '3887.' The joint sponsors of this IPO are well-known financial institutions such as JP Morgan Chase and Guotai Junan International.


Regarding the use of raised funds, HashKey has a clear plan:

  • Expand regulatory licenses and operational capabilities: seeking to obtain licenses in more jurisdictions such as Japan and Bermuda, expanding the global compliance map.

  • Strengthen infrastructure: invest funds to upgrade institutional-level custody and clearing infrastructure, enhancing asset security and processing efficiency.

  • Explore new business areas: actively layout stablecoin infrastructure and cross-border payment markets, and continue investing in the ecosystem development of its Layer2 network 'HashKey Chain,' especially in the tokenization of real-world assets (RWA).


Despite the uncertainties in the crypto market, HashKey's IPO has still attracted the attention of many heavyweight institutions. The most striking aspect is its luxurious lineup of cornerstone investors. Nine institutions, including UBS Asset Management, Fidelity International, Infini Capital, and CDH, have committed a total of $75 million (approximately 590 million Hong Kong dollars) to subscribe for HashKey's shares, accepting a six-month lock-up period.


This move is of great significance. The participation of cornerstone investors, especially from global top traditional financial giants like UBS and Fidelity, undoubtedly injects a strong dose of confidence into HashKey's IPO. This not only represents their recognition of HashKey's own value and potential but also serves as a strong endorsement of Hong Kong's cryptocurrency regulatory framework and its positioning as a 'global Web3 center.' In an industry that urgently needs compliance and trust, such support from the mainstream financial world symbolizes far more than the capital itself.


Financial performance


It is worth noting that flipping through HashKey's financial statements reveals a complex picture of opportunities and challenges.


On the one hand, the company's business growth is remarkable. Its trading volume surged from 4.2 billion Hong Kong dollars in 2022 to 638.4 billion Hong Kong dollars in 2024, an increase of more than 150 times. As of September 30, 2025, the scale of staked assets managed on its platform reached 29 billion Hong Kong dollars, making it the largest staked service provider in Asia and the eighth largest in the world. In the RWA field, the assets carried on its self-developed 'HashKey Chain' also reached 1.7 billion Hong Kong dollars. These figures demonstrate HashKey's absolute leadership position in the Hong Kong market (with a market share of over 75%) and its strong ecosystem building capability.


However, on the other hand, rapid expansion also comes with huge investment costs. Financial reports show that in the past three and a half years, HashKey has accumulated losses close to 2.9 billion Hong Kong dollars. Among them, the loss in 2022 was 585 million Hong Kong dollars, and the loss in 2024 expanded to 1.19 billion Hong Kong dollars. The company attributes the losses to significant equity incentive expenditures incurred in research and development, marketing, administrative management, and attracting talent.


By the time we enter 2025, the situation has improved. In the first half of 2025, the company's net loss narrowed to 507 million Hong Kong dollars, a year-on-year decrease of about 34.8%, indicating that cost control measures have begun to show results. Although still in a loss state, this shift in trend, combined with its continuously growing revenue streams (transaction facilitation services accounted for nearly 70% of total revenue), sends a positive signal to the market: the company is on the road to profitability.


Capital compliance portal


HashKey's listing is of significance far beyond the success or failure of a single company. It is widely seen as the first market referendum on the cryptocurrency policies vigorously promoted by the Hong Kong government since 2022. Through a series of measures such as establishing a clear licensing system, tightening custody requirements, and advancing stablecoin regulation, Hong Kong aims to position itself as a regulated, institutional-level digital asset hub, distinct from the offshore 'barbaric growth' model. The performance of HashKey's IPO will directly reflect the global capital market's valuation and confidence in this 'Hong Kong model.'


On a deeper level, this IPO also reveals Hong Kong's unique role in China's financial landscape. Against the backdrop of strict prohibitions on cryptocurrency trading in mainland China, Hong Kong has become a crucial, compliant 'gateway' for traditional industrial capital from China to enter the digital asset field. HashKey's equity structure fully illustrates this point: Lu Weiding, chairman of one of China's largest auto parts manufacturers, Wanxiang Group, holds 43.2% of the company's shares through associated entities, making him its largest controlling shareholder. Founder Dr. Xiao Feng himself also has a deep background in China's asset management industry. It can be said that HashKey's listing is a landmark event signifying the formal layout of China's vast industrial capital into the global crypto economy through Hong Kong, a regulated bridge.


However, under the spotlight and the pursuit of capital, HashKey is not without concerns. The performance of its platform token HSK and the resulting community trust crisis are becoming a shadow behind the company's glory.


Recently, an open letter (to Dr. Xiao Feng) written by a member of the Korean community, Xtormfrog, has circulated widely among Chinese and Korean communities. In the letter, the author vehemently accuses HashKey's management of sacrificing the interests of retail investors in the pursuit of grand goals such as IPO and compliance. He points out that the HSK token was originally created to raise funds from the retail market, and many investors bought in at around $1 under the exaggerated promotion of J (the former executive code name), but now the token price has plummeted over 60%, resulting in significant losses for investors.


The letter questions that HashKey has done almost nothing for the price of HSK and its holders. Dr. Xiao Feng talks extensively about the future of Ethereum and RWA on various forums but has never publicly mentioned HSK. The author compares HashKey with exchanges like Binance and OKX that compensate users during crises, believing that HashKey is losing its most valuable 'trust asset.' This letter calls for the group to grant current head of the Korean market, Skylar, more power to rebuild trust with his pragmatic and community-friendly style.


This incident reveals a core contradiction faced by HashKey: how to please regulatory agencies and traditional financial giants while protecting the interests of the Web3 native community that supported it early on. This is also the ultimate test all cryptocurrency companies trying to 'enter the mainstream' must face.


Conclusion


HashKey's successful listing in Hong Kong is undoubtedly one of the most significant events in the global cryptocurrency industry in 2025. It symbolizes that crypto assets are moving from the fringes to the mainstream and marks a solid step for Hong Kong in the global Web3 race. Strong institutional backing, a clear compliance path, and unique advantages backed by Chinese capital paint a future full of possibilities for HashKey.


However, the road ahead is not smooth. Ongoing financial losses, a trust crisis from the community, and how to maintain a leading position in an increasingly competitive global landscape are all severe challenges facing the management. The bell-ringing ceremony on December 17 is not the end, but a brand new starting point. Whether HashKey can successfully navigate opportunities and challenges in the future will not only determine its own fate but will also significantly influence the evolution of the digital financial landscape in Hong Kong and even the entire Asia. The world is watching...