Overview
- The crypto exchange priced the offering at HK$6.68 near the top of a HK$5.95–6.95 range, selling 240.6 million shares to raise about HK$1.6 billion ($206 million).
- Shares swung in early trading, climbing as much as 6.6% before slipping below the offer price, pointing to a muted reception.
- Cornerstone backers include UBS, Fidelity and CDH, while demand ran hot with the institutional tranche about 5.5 times covered and the retail tranche nearly 394 times oversubscribed.
- Company disclosures cite HK$1.7 trillion in cumulative trading volume and HK$283 million in first‑half 2025 revenue, a 26% year‑over‑year decline.
- Filings show cumulative net losses of roughly $385 million since 2022 and a low‑fee strategy that pressures margins, with IPO proceeds targeted for technology upgrades, market expansion and risk management within Hong Kong’s licensing framework.