HashKey IPO Draws Strong Demand With Rapid 14x Investor Surge
- HashKey sees a sharp build in investor demand as the public offer moves toward launch.
- Margin interest rises as more buyers seek access to the new listing before allocation.
- Strong platform activity shapes the firm’s broader view as it enters the market.
HashKey Holdings opened its subscription window on December 9 as investors rushed to secure allocations for the new listing. The company targets up to HK$1.67 billion through 240 million shares, while public investors receive 10% of the total float. Each lot costs HK$2,808 for 400 shares. By midday on December 9, margin financing soared to HK$2.52 billion.
According to reports, this drove oversubscription to 14.1 times based on the HK$170 million public offer size. The listing is scheduled for December 17, with JPMorgan, Guotai Haitong, and Guotai Junan International leading as joint sponsors.
Surging Demand and Oversubscription Pressure
HashKey’s IPO attracts massive interest as margin financing expands across major securities firms. Investors demonstrate strong demand through aggressive borrowing, which sharply exceeds the public share allocation.
This broad participation supports rapid subscription growth. Yet the allocation process must now manage oversubscription limits. Retail applicants wait to see how shares get distributed. The 14.1× oversubscription also reflects interest in HashKey’s role in Hong Kong’s licensed crypto sector. The offering raises an important question: Can heavy demand translate into long-term stability after listing?
HashKey’s Licensed Platform and Expanding Digital Asset Services
HashKey has secured an operational license for a virtual asset platform in Hong Kong. It processes transactions, offers on-chain services, and manages assets as its core services. The company’s infrastructure easily accommodates real-world assets that are already tokenized and comprises a scalable HashKey Chain, a Layer-2 network that provides an environment for on-chain migrations.
The industry analysis from Frost & Sullivan has confirmed that HashKey is the largest onshore digital asset platform in Asia. Furthermore, it has the largest trading volume in Hong Kong, with a market share of 75% in 2024. The active trading of a variety of digital assets has contributed to its strong position.
The financial documents reveal that the company has RMB 1.48 billion in cash and equivalents and RMB 570 million in digital assets by the end of October. Major tokens like ETH, BTC, USDC, USDT, and SOL account for 89% of its holdings. These financial reserves serve as a large base for the company’s operational capacity.
Related: Hong Kong’s HashKey Group Moves Forward With IPO Plans
Operational Metrics and Financial Performance Ahead of Listing
The platform held over RMB 19.9 billion in assets by the end of September. Of this amount, 3.1% remained in hot wallets and 96.9% in cold storage. Its cumulative spot trading volume reached RMB 1.3 trillion. These operational metrics reflect rapid user activity and structured asset protection.
Transaction facilitation forms nearly 70% of HashKey’s total revenue. Yet financial records show losses of RMB 590 million, RMB 580 million, and RMB 1.19 billion across the past three years. Losses for the first half of this year reached RMB 510 million, and revenue dropped 26.1% to RMB 280 million.
The IPO’s potential HK$1.67 billion funding offers HashKey fresh capital for expansion, platform upgrades, or infrastructure development. Meanwhile, oversubscription demands careful handling from underwriters and regulators. Allocation decisions must account for investor categories and refund processing.
Margin financing appeals to investors seeking larger positions. It also increases risk exposure. Gains may grow if trading strength appears after the debut. Yet losses may widen if the stock underperforms. Investors must weigh the cost of participation against potential volatility.
