Hong Kong’s HashKey Group Moves Forward With IPO Plans
- HashKey advances its Hong Kong IPO after clearing a crucial HKEX listing committee hearing.
- Filings show rising trading activity but continued losses despite regional expansion.
- HashKey broadens its global footprint with new licenses and a $500M institutional fund.
HashKey Holdings cleared a crucial Hong Kong Stock Exchange hearing on Dec 1, moving its plan for an initial public offering into the next regulatory stage. The hearing took place in Hong Kong before the HKEX listing committee, which reviews applications from companies seeking to go public. HashKey advanced after submitting its Post Hearing Information Pack (PHIP), which followed its earlier confidential filing.
Regulatory Step Pushes IPO Forward
The cleared hearing positions HashKey to begin prospectus registration, followed by marketing, book-building, and pricing. This next phase matters because the company has not disclosed its targeted valuation or timeline. However, earlier reports suggested a potential rise of up to $500 million this year.
HashKey detailed how it plans to use the proceeds, noting investments in technology upgrades, security improvements, and product development. The company also intends to support market expansion and broader corporate needs. This plan connects to HashKey’s continued effort to scale within a regulated framework.
Moreover, HashKey operates under licenses issued by Hong Kong’s Securities and Futures Commission. The company holds a Type 1 license for dealing in securities, including tokenized assets, and a Type 7 license for running an automated trading platform. Its asset management arm also holds approval to manage portfolios with full virtual-asset exposure.
Exchange Growth Meets Heavy Losses
Despite its regulatory head start, HashKey continues to report losses. According to its filing, the company recorded a HK$506.7 million loss in the first half of 2025. The figure narrowed from HK$772.6 million during the same period in 2024, yet it emphasized ongoing pressures linked to expansion. The filing attributed these losses to upfront spending needed to build a licensed and scalable platform.
The company also reported that its platforms supported 80 tokens as of September. Notably, it captured over three-quarters of Hong Kong’s onshore digital-asset trading volume in 2024. HashKey also held nearly HK$20 billion in client assets.
However, revenue performance did not match trading activity. HashKey disclosed HK$721 million in revenue in 2024 but still reported losses. Market participants questioned how the company processed $81.9 billion in volume while remaining unprofitable. This concern has grown as the company seeks public-market capital.
Furthermore, HashKey announced that JPMorgan, Guotai Haitong Securities, and Guotai Junan International will sponsor the listing. These sponsors add oversight as HashKey prepares for the next IPO stages.
Related: Thai Crypto Firm Bitkub Plans Hong Kong IPO Amid Market Slump
Expansion Across Regions and Services
HashKey expanded its global footprint in 2025, securing conditional approval to operate in Dubai and gaining licenses in Bermuda and Ireland. These developments followed Hong Kong’s strategy to position itself as a regulated center for digital-asset activity. Authorities in mainland China maintained a strict ban while Hong Kong advanced its own framework.
The company also launched a $500 million perpetual fund that focuses on institutional investment in blockchain treasury projects. The fund aims to support ecosystems such as Ethereum through long-term initiatives. This move links to HashKey’s broader ecosystem, which includes trading, asset management, tokenization, custody, and staking services.
HashKey Chain, its Ethereum Layer-2 network, processed HK$1.7 billion in tokenized real-world assets. The company also manages HK$29 billion in staked assets, making it a major regional staking provider. Meanwhile, its asset-management division oversees HK$7.8 billion and has completed more than 400 blockchain-related investments.
These developments happen as other exchanges explore listings in Hong Kong. Bitkub, a Thai exchange, announced plans to pursue a Hong Kong IPO after struggling with Thailand’s weakening market. Bitkub may target a raise of about $200 million next year.
Meanwhile, HashKey’s cleared hearing is a key regulatory step as the company moves toward a Hong Kong listing. Its expansion efforts, growing ecosystem, and rising trading activity frame the significance of the IPO plan. The next phase will focus on prospectus work and market preparation as HashKey continues operating under Hong Kong’s regulated structure.
