HashKey Files IPO, Becomes the First Crypto Exchange to Enter Hong Kong’s Public Market
Key takeaways
- HashKey has filed for an IPO on the Hong Kong Stock Exchange.
- Initial sale starts today and runs till Friday, December 12th.
- JPMorgan Chase, Guotai Haitong Securities, and Guotai Junan International act as joint partners for the IPO.
- HashKey is expected to expand its presence to traditional finance in mainland China and beyond borders through the IPO.
- The IPO has a total of 240.57 million shares, and the final price per share will be revealed on December 16th.
Hong Kong’s HashKey Holdings Limited has filed for an initial public offering (IPO) to become the city’s first publicly listed cryptocurrency exchange. The company passed the Hong Kong Stock Exchange (HKEX) listing hearing on November 30th, the approval was confirmed on December 1st, and the final pricing will be revealed on December 16th.
Starting today, investors can participate in the IPO, which will end this Friday, 12th December. Major participants include UBS AM Singapore, CDH, Infini, DEEP SOURCE, Space Z, and Shining Light Grace Limited. These investors together constitute 37.63% of the shares offered.
As the largest licensed cryptocurrency exchange in Hong Kong, HashKey holds more than 75% share of the crypto market, making it the dominant player that serves a large number of institutional clients and retail investors.
HashKey to Offer 240.57 Million Shares Globally in IPO Backed by JPMorgan and Top Chinese Banks
HashKey plans to offer 240.57 million shares globally, and the joint sponsors of the IPO include JPMorgan Chase, the renowned American multinational banking and financial services company, Guotai Haitong Securities, a major Chinese securities firm, and its subsidiary Guotai Junan International.
While the final price per share has not yet been determined, HashKey has set a maximum value of HK$6.95 (equal to $0.89 US Dollars) per share based on the investor demand and market conditions. In addition, the profit from the IPO will be used to enhance the ecosystem through technological upgrades, risk management, and market expansion.
HashKey’s IPO to Extend Hong Kong’s Crypto Clarity Into Mainland China
Since all the crypto-related activities are banned in mainland China, HashKey’s IPO is expected to serve as a regulated gateway by integrating the blockchain industry and traditional Chinese finance. As a highly influential firm, HashKey is able to spread the regulatory clarity of Hong Kong into mainland China in the near future.
HashKey has already partnered with major international entities, including Ripple Labs, by creating the HashKey XRP Tracker Fund. Beyond the financial operations, HashKey has been doing philanthropic activities, with the recent one being the donation of HK$10 million as emergency relief aid to all those affected by the Tai Po fire incident.
About HashKey Group
Established in 2018, HashKey Group is a Hong Kong-based digital asset group that offers various institutional-grade financial services. Its suite of products includes HashKey Exchange, Hong Kong’s largest licensed crypto exchange, HashKey Capital, the venture capital wing, HashKey OTC, the brokerage arm, HashKey Cloud, a Web3 cloud services provider, and HashKey Tokenisation, a digital custody solution.
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