BUSINESS

Crypto Exchange Operator HashKey Moves Closer to Hong Kong IPO

Published: Dec. 1, 2025 5:30 p.m. GMT+8

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HashKey Holdings Ltd. has won approval from the Hong Kong stock exchange for an initial public offering, paving the way for a listing that tests investor appetite for digital-asset firms as the city strives to cement its status as a global crypto hub.

The parent company of HashKey Exchange, a licensed virtual-asset trading platform, passed its listing hearing on Monday. While a specific listing date has not been finalized, management aims to complete the float before the end of the year, Caixin learned from sources familiar with the matter. The book-building process could potentially launch within the next two weeks, they said. JPMorgan Chase & Co. and Guotai Junan International Holdings are acting as joint sponsors.

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HashKey Holdings won approval for a Hong Kong IPO, aiming to list before year-end, with JPMorgan and Guotai Junan as joint sponsors.
Revenue surged to HK$720 million in 2024 but the company posted HK$2.86 billion in losses over 3.5 years; H1 2025 saw a 26.1% revenue drop and an 85.6% plunge in retail trading volume.
HashKey controls over 75% of licensed crypto trading in Hong Kong and is expanding into tokenization and Layer 2 network services.

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Who’s Who

HashKey Holdings Ltd.: HashKey Holdings Ltd. has received approval from the Hong Kong stock exchange for an IPO. The parent company of HashKey Exchange, a licensed virtual-asset trading platform, aims to list before year-end. While revenue surged to HK$720 million in 2024, the company recorded accumulated losses of HK$2.86 billion over the past three and a half years. HashKey Exchange dominates over 75% of the licensed market in Hong Kong.

HashKey Exchange: HashKey Exchange is a licensed virtual-asset trading platform in Hong Kong, holding over 75% market share among licensed platforms. Its parent company, HashKey Holdings Ltd., is pursuing an IPO. While facing a decline in retail trading volume in H1 2025, the parent company saw significant revenue growth in 2024, driven by HashKey Global. They are also investing in tokenization and their Ethereum Layer 2 network, HashKey Chain.

JPMorgan Chase & Co.: JPMorgan Chase & Co. is serving as a joint sponsor for HashKey Holdings Ltd.'s initial public offering in Hong Kong. HashKey Holdings, the parent company of HashKey Exchange, aims to complete its listing before the end of the year, with book-building potentially launching within the next two weeks.

Guotai Junan International Holdings: Guotai Junan International Holdings is acting as one of the joint sponsors for HashKey Holdings Ltd.'s initial public offering (IPO). This indicates their role in facilitating HashKey's listing on the Hong Kong stock exchange.

HashKey Global: HashKey Global is a Bermuda-licensed exchange launched by HashKey Holdings Ltd. Its introduction in 2024 significantly contributed to HashKey's revenue growth, particularly in trading facilitation services. This global platform, alongside increased user registrations, helped HashKey's trading services revenue grow more than ninefold in 2024, accounting for nearly 72% of the total revenue.

OSL Group: OSL Group is a competitor to HashKey. It has a market capitalization of nearly HK$12.5 billion. HashKey may aim for a higher valuation.

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What Happened When

Mid-2023：: Hong Kong implemented a mandatory licensing regime for the cryptocurrency sector.

2024：: HashKey Holdings' revenue surged to HK$720 million.

2024：: Revenue from trading facilitation services grew more than ninefold, accounting for nearly 72% of total revenue.

First half of 2025：: HashKey Holdings' revenue fell 26.1% year-on-year, net loss narrowed by nearly 35% to HK$506 million, and total transaction volume fell 38.4% to HK$214 billion.