HashKey has passed its HKEX listing hearing, bringing its Hong Kong IPO a step closer. The exchange isn’t profitable yet but is scaling fast with global expansion and tech upgrades ahead.

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HashKey Holdings, the operator of Hong Kong’s largest licensed crypto exchange, has cleared its listing hearing at the Hong Kong Stock Exchange (HKEX), moving a step closer to an initial public offering (IPO) and public listing on the Main Board. HKEX has published a post‑hearing information pack for HashKey, a step that follows listing committee clearance, although the exchange and the Securities and Futures Commission (SFC) still formally reserve the right to accept, return or reject the application pending completion of offering documents. HashKey is positioning itself as a comprehensive, regulated digital asset group, offering trading facilitation, on‑chain services, and asset management, and operating both a Hong Kong licensed platform and a Bermuda platform that together support dozens of tokens including BTC, ETH, USDT, USDC, SOL and others. According to consultancy Frost & Sullivan data cited in its prospectus, HashKey is the largest onshore digital asset trading platform in Asia by 2024 trading volume and the largest platform in Hong Kong, with more than 75% local market share, and it is also described as the largest on‑chain service provider and digital asset manager in Asia by staked assets and assets under management. The company launched HashKey Chain, a scalable, interoperable Layer 2 infrastructure for tokenized real‑world assets and on‑chain migration, and counts JPMorgan, Guotai Junan International and Haitong International among its joint sponsors for the IPO. Despite its rapid growth and strategic importance to Hong Kong’s push to become a regulated virtual‑asset hub, HashKey remains loss‑making: disclosures show revenues rising from HKD 129 million in 2022 to HKD 721 million for full‑year 2024, alongside substantial net losses of HKD 585 million, HKD 580 million and HKD 1.19 billion over 2022–2024, and HKD 507 million for the first half of 2025. The IPO, which analysts and media report could target a raise in the few‑hundred‑million‑dollar range, is expected to fund infrastructure upgrades, product and security improvements, and further global expansion, and is seen as a key test of investor appetite for regulated crypto‑exchange equities in Asia at a time when Beijing maintains strict curbs on crypto on the mainland even as Hong Kong promotes itself as a digital‑asset center. "entities":["HashKey Holdings","HashKey Group","HashKey Exchange","HashKey Chain","Hong Kong Exchanges and Clearing (HKEX)","The Stock Exchange of Hong Kong Limited","Hong Kong Securities and Futures Commission (SFC)","JPMorgan","Guotai Junan International","Haitong International","Frost & Sullivan","OSL Group","Daiwa Capital Markets","Steven Nie","Carlton Lai"]}`

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HashKey has passed its HKEX listing hearing, bringing its Hong Kong IPO a step closer. The exchange isn’t profitable yet but is scaling fast with global expansion and tech upgrades ahead.

More coverage

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