HashKey Opens IPO Subscriptions for HK$1.67 Billion Raise

HashKey Holdings Limited, operator of Hong Kong's largest licensed cryptocurrency exchange, opened subscriptions for its initial public offering on Tuesday, seeking to raise up to HK$1.67 billion (about $215 million) ahead of a debut on the Hong Kong Stock Exchange on December 17.

The company is offering 240.57 million shares in a global sale, with 24.06 million reserved for Hong Kong investors and the remainder available to international buyers. Shares are priced between HK$5.95 and HK$6.95 each, potentially valuing HashKey at up to HK$19 billion at the high end of the range. Subscriptions will run until noon on December 12, with the final offer price set on December 16. The shares will trade under the ticker 3887. Joint sponsors include JPMorgan Chase and Guotai Junan International, with nine cornerstone investors, such as UBS Asset Management, Fidelity International and CDH Investments, committing a combined HK$580 million.

Founded in 2018, HashKey launched its licensed exchange in 2022 following Hong Kong's introduction of a dedicated virtual asset regulatory regime. It now holds more than 75 percent of the city's onshore digital asset trading volume, having facilitated...