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HashKey shares slide 3% in Hong Kong debut after $206M IPO

Written by Isaac FrancisPublished Dec. 17 2025Last Updated Dec. 17 2025

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HashKey Holdings shares fell around 3% by midday in Hong Kong, marking a muted market debut following the company’s $206 million initial public offering.

The crypto exchange operator raised HK$1.6 billion after pricing its IPO at HK$6.68 per share, near the top of its indicated range.

HashKey is the operator of Hong Kong’s largest licensed cryptocurrency exchange.

The company said the IPO attracted nine cornerstone investors, including UBS Asset Management Singapore, Fidelity and CDH.

HashKey shares opened trading at HK$6.70 on the Hong Kong Exchange.

The stock briefly climbed to an intraday high of HK$7.11 during the morning session.

Shares later reversed course and slipped to around HK$6.48 by midday, according to market data.

The broader Hang Seng Index was trading higher at midday, indicating the decline was company-specific.

HashKey chairman and chief executive Xiao Feng described the listing as a milestone carrying greater responsibility.

“Listing on the HKEX is a starting point that resembles greater responsibility,” Xiao Feng said.

Xiao said compliance would remain central to the company’s long-term growth strategy.

“As a company deeply rooted in Hong Kong, we have always believed that compliance is essential for achieving long-term success and sustainable growth,” Xiao Feng said.

He added that HashKey plans to continue upgrading its infrastructure.

Xiao said future investment would focus on security, custody, onchain execution and regulatory compliance.

Founded in 2018, HashKey holds a licence to operate as a virtual asset trading platform in Hong Kong.

The company’s exchange supported around 80 cryptocurrency tokens as of the end of September.

HashKey’s prospectus shows the firm has reported net losses since 2022.

In the first half of 2025, HashKey posted a net loss of HK$506.7 million.

This compared with a loss of HK$772.6 million during the same period last year.

Rival crypto exchange operator OSL also saw its shares decline during Wednesday’s session.

OSL shares fell more than 4% by midday despite recent gains over the past month and six months.

HashKey’s debut came amid a broader cooling in the cryptocurrency market.

Bitcoin was trading below its earlier record highs at the time of the listing.

At the time of reporting, Bitcoin price was $86,869.78.