Catenaa, Sunday, December 07, 2025-Hong Kong-based crypto exchange HashKey Holdings Limited has cleared the Hong Kong Stock Exchange’s listing hearing, advancing toward an initial public offering in the city.
The company, which operates Hong Kong’s largest licensed digital asset trading platform, disclosed the development in its Post Hearing Information Pack on Monday.
Clearing the HKEX listing hearing allows HashKey to proceed with prospectus registration, marketing, book-building, and pricing, though the firm has not announced the IPO size or timeline.
Bloomberg previously reported the company could raise up to $500 million.
HashKey intends to use the proceeds to enhance its technology infrastructure, improve product offerings, strengthen security, and support market expansion and general corporate purposes.
As of September, the platform supported 80 tokens and has been reporting net losses since 2022, with a net loss of HK$506.7 million ($65 million) in the first half of 2025 compared to HK$772.6 million ($99.2 million) over the same period last year.
The company emphasized that losses reflect its business development cycle and the significant upfront investments required to build a licensed, compliant, and scalable digital asset platform.
JPMorgan and Guotai Junan Securities have been appointed as sponsors for the planned IPO.
If completed, HashKey would join rival crypto exchange OSL as a publicly traded digital asset platform in Hong Kong, marking a milestone for the city’s growing regulated crypto market.
