Crypto Exchange HashKey Shares Pare Gains in Hong Kong Debut
By Megan CheahShares of crypto exchange HashKey rose after it joined a wave of companies raising funds in Hong Kong's booming equities market.Hong Kong-based HashKey raised net proceeds of 1.48 billion Hong Kong dollars, equivalent to US$190.2 million, in its initial-public offering. It sold nearly 240.6 million shares at HK$6.68 each.The stock climbed as much as 6.6% to HK$7.12 in early trading before giving up gains to trade 1.2% lower at HK$6.6, below its initial public offering price.Local investors snapped up its public offering of 24.05 million shares, which was more than 393 times subscribed. The international offering was 5.46 times subscribed.HashKey, which says it is Asia's largest digital-asset manager, is backed by venture-capital firm Gaorong Ventures, an early investor in Chinese companies including Meituan and Pinduoduo. Cornerstone investors include UBS and existing shareholder Fidelity.J.P. Morgan and Guotai Haitong are among the banks advising on the offering.Hong Kong has been one of the most busy listing venues this year. Funds raised through IPOs in the first 11 months of 2025 totaled HK$259.4 billion, up from HK$79.1 billion in the same period a year earlier, according to data from Hong Kong Exchanges and Clearing.Write to Megan Cheah at [email protected]