Order

Major

Strong

Planet

<h4>Quick Breakdown&nbsp;</h4>
<ul>
 <li>HashKey opens a Hong Kong IPO targeting HK$1.67B ($215M), with backing from UBS and Fidelity.</li>
 <li>Shares are priced at HK$5.95–HK$6.95, valuing the firm at HK$18.9 B if fully subscribed.</li>
 <li>HashKey Chain and GF Securities launch the first fully on-chain tokenized security in Hong Kong.</li>
</ul>
&nbsp;
HashKey, a licensed digital-asset exchange in Hong Kong, has <a href="https://www.bloomberg.com/news/articles/2025-12-09/crypto-exchange-hashkey-seeks-up-to-215-million-from-hong-kong-ipo" rel="noopener noreferrer nofollow">opened</a> subscriptions for its initial public offering (IPO), aiming to raise HK$1.67 billion ($215 million).&nbsp;
&nbsp;
<blockquote class="twitter-tweet">
 HashKey (<a href="https://twitter.com/HashKey_Global?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@HashKey_Global</a>) launched its Hong Kong IPO today<img src="https://s.w.org/images/core/emoji/16.0.1/72x72/1f1ed-1f1f0.png" alt="🇭🇰">
 Here’s the breakdown:
 – Offering 240.57m shares — 24.06m is offered to HK buyers, rest to overseas
 – Price range: HK$5.95 to HK$6.95 ($0.76 to $0.89) per share
 – IPO could deliver max. $215m, Hashkey expects $184m… <a href="https://t.co/7pNN377Ya7" rel="noopener noreferrer nofollow">pic.twitter.com/7pNN377Ya7</a>
 — Danny Kunwoong Park (@ParkKunwoong) <a href="https://twitter.com/ParkKunwoong/status/1998260865204638113?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">December 9, 2025</a>
</blockquote>

<h3 id="span-hong-kong-ipo-opens-amid-growing-crypto-ecosystem-span">Hong Kong IPO opens amid growing crypto ecosystem</h3>
The offering, supported by UBS and Fidelity, marks one of the city’s most high-profile crypto listings to date. Shares are priced between HK$5.95 and HK$6.95, giving the company a potential market valuation of HK$19 billion if priced at the top of the range. Order books will remain open through Friday, with trading expected to start on December 17.
The IPO comes during an intense period for Hong Kong’s capital markets, with total proceeds heading toward a four-year high. It also reflects the city’s ongoing ambition to establish itself as a hub for regulated digital-asset firms. HashKey was among the first companies to secure a license under Hong Kong’s digital-asset regulatory framework introduced in 2022, and its ecosystem has since expanded to include asset management, trading, on-chain services, and venture investments.
<h3 id="span-strong-platform-metrics-and-blockchain-innovation-span">Strong platform metrics and blockchain innovation</h3>
HashKey reported platform assets exceeding HK$19.9 billion and supports more than 80 tokens. As of September 30, cumulative spot trading volume totalled HK$1.3 trillion, with cash holdings of HK$1.48 billion and digital assets of HK$570 million, primarily in BTC, ETH, and USDT.
In a notable development, HashKey Chain <a href="https://defi-planet.com/2025/12/hashkey-clears-hkex-hearing-poised-to-become-hong-kongs-first-listed-crypto-firm/" rel="noopener noreferrer nofollow">partnered</a> with GF Securities to launch Hong Kong’s first fully on-chain tokenized security, a milestone in the tokenization of real-world assets (RWA) and blockchain-driven financial innovation in Asia. The collaboration signals a growing shift toward institutional-grade digital finance and positions HashKey at the forefront of blockchain adoption in regulated markets.
The IPO and recent innovations underscore Hong Kong’s push to attract compliant crypto businesses while strengthening the city’s role as a regional centre for digital finance.
&nbsp;
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The post <a href="https://defi-planet.com/2025/12/hashkey-launches-hong-kong-ipo-targeting-215m-in-major-crypto-listing/" rel="noopener noreferrer nofollow">HashKey Launches Hong Kong IPO, Targeting $215M in Major Crypto Listing</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

HashKey Launches Hong Kong IPO, Targeting $215M in Major Crypto Listing

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