Overview
- HashKey disclosed on Dec. 1 that the HKEX listing committee approved its application, with JPMorgan Chase, Guotai Haitong and Guotai Junan named as joint sponsors.
- The company has not disclosed offer size or timing, though earlier reports indicated a potential raise of up to $500 million.
- Regulatory filings show HashKey processed HK$638.4 billion in 2024 and captured roughly 75% of Hong Kong’s licensed onshore crypto trading.
- Despite its scale, HashKey reported a 2024 net loss of HK$1.18 billion and a HK$506 million loss in the first half of 2025, reflecting a fee take below 0.1%.
- The filing says IPO proceeds would fund technology upgrades, product expansion, and risk and operational improvements, as offshore volumes such as in Bermuda have sharply declined.