HashKey shares slide 3% in Hong Kong debut after $206 million IPO
HashKey shares fell 3% by midday Wednesday in Hong Kong, marking a lukewarm debut following the company's $206 million initial public offering. HashKey Holdings, which operates Hong Kong's largest cryptocurrency exchange, raised HK$1.6 billion ($206 million) after pricing its IPO at HK$6.68 per share, toward the upper end of its proposed range of HK$5.95 to HK$6.95, according to an exchange filing.The company said in a statement shared with The Block that it attracted nine cornerstone investors, including UBS AM Singapore, Fidelity, and CDH. "Listing on the HKEX is a starting point that resembles greater responsibility," said Xiao Feng, chairman and CEO of HashKey. "As a company deeply rooted in Hong Kong, we have always believed that compliance is essential for achieving long-term success and sustainable growth."Xiao said the company will continue to upgrade its infrastructure and bolster core capabilities across security, custody, onchain execution, and compliance.HashKey's stock opened at HK$6.7 and rose to as high as HK$7.11 in the morning session before slipping to HK$6.48 by midday, according to Yahoo Finance data. The Hang Seng Index was up 0.22% at noon.Founded in 2018, HashKey holds a license to operate as a virtual asset trading platform in Hong Kong. As of the end of September, its platforms supported 80 tokens, according to its previous exchange filing.Its prospectus shows that the company has been reporting net losses since 2022. In the first six months of 2025, HashKey booked a net loss of HK$506.7 million ($65 million), compared to a loss of HK$772.6 million ($99.2 million) in the same period last year.HashKey rival OSL also saw its shares decline on Wednesday, with the stock down 4.29% by midday to HK$16.96. Despite the drop, OSL shares have gained 10.7% over the past month and 30.5% over the past six months.HashKey's debut coincided with a broader cooling in the crypto market, as bitcoin traded at $87,266 at the time of writing, below the record high reached earlier this year.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.