HashKey Moves Closer to Hong Kong IPO After Key Filing
HashKey Holdings may soon become a publicly traded company, marking one of the biggest milestones yet for Hong Kong’s regulated digital-asset sector.
- HashKey has passed a major checkpoint toward a Hong Kong IPO.
- Final approval depends on completing the remaining offering documents.
- The IPO is expected to draw strong interest as Hong Kong pushes regulated crypto growth.
The development didn’t come through a press event or flashy announcement — instead, it arrived quietly through a massive document uploaded by the Hong Kong Stock Exchange (HKEX).
The 633-page filing, known as a post-hearing information pack, only appears once the exchange’s listing committee has already held a formal hearing and cleared the applicant to move forward. In other words, the publication signals that HashKey has survived the most decisive stage of the IPO process.
No Guarantees – Yet
The upload does not mean the IPO is complete. HKEX and Hong Kong’s Securities and Futures Commission are still required to approve the offering after final paperwork is submitted, and both bodies caution that the listing could technically be delayed or halted. Still, companies rarely reach the post-hearing stage unless the listing is genuinely advancing.
Growing Expectations Around the Offering
The spotlight on HashKey has intensified this year as speculation about a potential IPO spread across the industry. What had been dismissed as rumor months ago now appears to be unfolding in real time. HashKey currently operates the city’s largest licensed crypto exchange, handling daily volumes hovering around $108 million — a figure that places it far ahead of its domestic competitors.
The filing also confirms a trio of heavyweight sponsors behind the listing: JPMorgan, Guotai Junan International and Haitong International. Investor interest is further fueled by earlier reports of a $30 million investment from Gaorong Ventures, which elevated HashKey to unicorn status with a valuation approaching $1.5 billion.
The move toward the public markets comes during an international growth phase. HashKey’s European subsidiary recently secured a virtual asset service provider license from the Central Bank of Ireland, opening the door to regulated operations within the EU.
A Divided Crypto Landscape
One reason HashKey’s IPO matters extends beyond the company itself. Hong Kong and mainland China are now moving in opposite directions on digital assets — the city is licensing exchanges and stablecoin issuers, while Beijing is tightening enforcement and warning firms connected to Hong Kong not to engage in crypto-related research or product plans.
Several mainland technology companies, initially interested in launching stablecoins in Hong Kong, have reportedly paused their plans after pressure from Chinese authorities. Meanwhile, Hong Kong is doubling down on its digital-asset strategy.
Which means HashKey’s IPO isn’t just a test of the company — it’s a test of Hong Kong’s entire crypto-finance agenda.
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