#HashKey Shares Drop 3% After $206M Hong Kong IPO Debut


HashKey Holdings shares fell 3% by midday Wednesday in Hong Kong following the company's $206 million initial public offering. The #cryptoexchange operator raised HK$1.6 billion after pricing shares at HK$6.68, toward the upper end of its proposed range.


The #stock opened at HK$6.7 and climbed to HK$7.11 in the morning session before sliding to HK$6.48 by noon. The Hang Seng Index rose 0.22% during the same period.


HashKey attracted nine cornerstone investors including UBS AM Singapore, Fidelity and CDH. The company said the #IPO pricing demonstrates strong institutional interest in Hong Kong's regulated crypto market.


Xiao Feng, chairman and CEO of HashKey, said listing on the HKEX represents greater responsibility for the firm. He emphasized that compliance is essential for achieving long-term success and sustainable growth.


Founded in 2018, HashKey holds a license to operate as a virtual asset trading platform in Hong Kong. The platform supported 80 tokens as of September, making it the city's largest #cryptocurrency exchange by user base.

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December 17, 2025 at 1:41 PM