Hashkey Crypto Exchange Sees Bumpy Hong Kong Debut After $206m Ipo

HashKey, Hong Kong’s largest cryptocurrency exchange, made its trading debut on the Stock Exchange of Hong Kong (HKEX) following a $206 million initial public offering.

Shares of HashKey Holdings officially listed on the HKEX main board on Wednesday, opening at 6.70 Hong Kong dollars ($0.86), according to data from the exchange.

Announcing the news in a blog post, HashKey Group said the exchange became the first publicly traded digital asset company in Asia to go public through an IPO in Hong Kong.

“This milestone marks the company’s entry into a new stage of development and establishes a stronger foundation for its global expansion and long-term strategic initiatives,” the company stated.

Launched on Dec. 9, HashKey’s IPO has received massive demand from institutional and retail investors, selling a total of 240 million shares for $206 million, according to the company’s HKEX filings.

The raise attracted nine cornerstone investors, including Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity and CDH. Cithara and UBS were the largest investors, allocated around 17.5 million shares and 11.7 million shares, respectively.

In its public debut, HashKey experienced notable volatility during the morning session, with the stock briefly surging about 5% above its opening price to $0.91, before sliding to as low as $0.78.

The stock continued to trade slightly below the IPO price during the afternoon session, or around $0.84.

“Listing on the HKEX is a starting point that resembles greater responsibility,” HashKey chairman and CEO Xiao Feng said at the listing ceremony.

“As a company deeply rooted in Hong Kong, we have always believed that compliance is essential for achieving long-term success and sustainable growth,” the CEO noted, highlighting the company’s plans to enhance its infrastructure, security and compliance.

Source: CoinTelegraph