HashKey Holdings, one of Asia’s most prominent cryptocurrency-exchange operators, is preparing to open its order books next week for a Hong Kong initial public offering that aims to raise at least $200 million.

The listing could take place before the end of the month, though final details, including deal size and timing, remain subject to change, Bloomberg reported, citing people familiar with the matter.

HashKey’s Ethereum-Era Roots Propel It Into Global Crypto Expansion

Founded in 2018, HashKey grew out of chairman Xiao Feng’s early involvement in Ethereum through Wanxiang Group, where he was among the protocol’s first corporate investors.

The firm has since expanded into trading, venture investments and digital-asset management, operating across Hong Kong, Singapore, Bermuda, Japan, the UAE and Ireland.

Earlier this year, Gaorong Ventures, known for backing Chinese tech groups such as Meituan and PDD, invested $30 million at a valuation exceeding $1 billion, sources said.

Despite its regional footprint, HashKey has faced financial pressures. The company posted a HK$506 million ($65 million) loss in the first half of 2025, though the deficit narrowed from a year earlier.

Revenue dropped 26% to HK$384 million, according to its listing documents.

Even so, trading activity on the platform has been substantial, with HK$1.3 trillion in cumulative spot-market volume recorded by September.

A platform with HK$1.3T flow + 99.9% retention still burn HK$23.5B—you sure you want this IPO?

reading this HashKey IPO filing.
How the hell do you push HK$1.3 trillion in spot flow, lock 290B in staking, run 199B AUA, onboard 1.44M users(from literally 18 people in 2022 ),… pic.twitter.com/76jl13sDWq

— FatRatKiller (@FatRatKiller) December 2, 2025

The planned IPO represents a significant test for Hong Kong’s push to cement itself as a digital-asset hub. Authorities rolled out a new licensing regime last year and are preparing additional measures to encourage broader participation after crypto activity lagged behind expectations.

The city’s positioning has drawn interest from mainland Chinese investors, even though Beijing maintains a sweeping ban on crypto trading.

Last week, HashKey cleared the Hong Kong Stock Exchange’s listing hearing, moving the operator of the city’s largest licensed crypto exchange closer to an initial public offering.

The company disclosed the outcome in its Post Hearing Information Pack published on Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.

Crypto IPOs Gain Momentum

Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.

The post HashKey to Begin Taking Orders for $200M Hong Kong IPO Next Week: Report appeared first on Cryptonews.

Hong Kong’s stablecoin hub dreams have reportedly taken a hit after the People’s Bank of China (PBOC) singled out the sector for the first time while reaffirming its long-standing position on the crypto industry.

Beijing’s Latest Warning Targets Stablecoins

Legal experts and analysts suggested that Beijing authorities have clouded Hong Kong’s ambitions to become a key regulated hub for stablecoins following the PBOC’s explicit crackdown on the sector last week.

As reported by Bitcoinist, the People’s Bank of China, alongside other top financial regulators, affirmed on Friday that stablecoins do not qualify as legal tender in the mainland, as they fail to meet regulatory requirements and pose a risk of being used for illegal activities.

“Virtual currency-related business activities constitute illegal financial activities. Stablecoins are a form of virtual currency, and currently cannot effectively meet requirements for customer identification and anti-money laundering, posing a risk of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers,” the PBOC stated.

According to the South China Morning Post (SCMP), the recent pronouncement sank previous hopes that Beijing might have softened its stance on cryptocurrencies amid the global regulatory shift toward the sector, led by the United States. Moreover, it could affect Hong Kong’s efforts to become a hub for the stablecoin sector, analysts recently stated.

In a blog post cited by SCMP, Liu Honglin, founder of Shanghai-based Mankun Law Firm, affirmed that “all the ambiguity, speculation and room for wishful thinking surrounding stablecoins over the past few years has vanished as of today.”

Similarly, Brian Tang, founding director of the Law, Innovation, Technology and Entrepreneurship Lab at the University of Hong Kong’s Faculty of Law, told the news media outlet that Beijing’s latest stance means that applicants for Hong Kong’s stablecoin licenses would need to “‘carefully reconsider’ whether the use cases they had submitted to the HKMA ‘touch mainland China issuers and users.’”

Hong Kong Licenses Approval Risks Delay

The statement also adds to the challenges that Hong Kong’s stablecoin push faces, the report noted. Earlier this year, the Hong Kong Monetary Authority (HKMA) enacted the Stablecoins Ordinance, which directs any individual or entity seeking to issue a fiat-referenced stablecoin (FRS) in the jurisdiction, or any Hong Kong Dollar (HKD)-pegged token, to obtain a license from the financial regulator.

Following the rollout, multiple companies have applied for the license, with more than 30 applications filed, according to SCMP, including logistics technology firm Reitar Logtech and the overseas arm of Chinese mainland financial technology giant Ant Group.

E-commerce giant JD.com, through its fintech arm JD Coinlink, started testing HKD-pegged tokens under the regulator’s sandbox program earlier this year. In August, Wang Hua, CFO and Board Secretary of PetroChina, also disclosed that the company is closely monitoring the latest developments regarding the HKMA Stablecoins Ordinance.

It’s worth noting that Hong Kong’s regulatory agency previously affirmed that the first batch of stablecoin issuer licenses would be approved at the start of 2026. However, some industry players told the news media outlet that the PBOC’s recent declarations could delay HKMA’s timeline.

An HKMA spokesperson stated that the regulator is currently reviewing the application and aims to begin with a few permits. Nonetheless, the spokesperson added that even if Hong Kong proceeds with the original schedule, projects involving the yuan or mainland Chinese institutions could be delayed.

“I do not think we will see offshore yuan stablecoin projects [in Hong Kong] within the next one or two years … as that conflicts with the current tone,” he said. Meanwhile, Syed Musheer Ahmed, founder of FinStep Asia, concluded that institutions from the mainland “will have to wait” before issuing stablecoins in the city.

HashKey Holdings Limited has passed a key regulatory hurdle on its way to becoming a public company.

The company has cleared the Hong Kong Stock Exchange’s listing hearing, moving the operator of the city’s largest licensed crypto exchange closer to an initial public offering.

The company disclosed the outcome in its Post Hearing Information Pack published Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its review of HashKey’s application.

HKEX Hearing Cleared, HashKey Moves Into IPO Marketing Phase

The hearing is a critical step in Hong Kong’s IPO process, with the committee assessing eligibility, compliance standards and disclosure practices before granting approval to proceed.

With the hearing cleared, companies typically move to prospectus registration, followed by investor marketing, book-building and pricing.

HashKey said it plans to use proceeds from the offering to upgrade its technology stack, develop new products and strengthen security systems, alongside supporting overseas expansion and general corporate needs.

The firm did not reveal the size or timing of the offering and declined to comment on valuation expectations.

Bloomberg reported in October that HashKey may be seeking to raise as much as $500 million through the flotation, though the company has not confirmed the figure.

In a separate filing Monday, HashKey named JPMorgan and Guotai Junan Securities as sponsors for the transaction.

HashKey holds one of Hong Kong’s coveted licenses to run a virtual asset trading platform. As of the end of September, its platforms supported 80 tokens, according to the filing.

HashKey Holdings Passes HKEX Hearing, Advances Toward Hong Kong IPO

According to a disclosure from the @HKEXGroup on December 1, HashKey Holdings Limited (@HashKeyGroup) has passed its HKEX listing hearing.@jpmorgan, Guotai Haitong, and Guotai Junan International are acting as… pic.twitter.com/iDbym6kfFJ

— ME (@MetaEraHK) December 1, 2025

Financial disclosures also show the business continues to operate at a loss as it builds scale.

In the first half of 2025, HashKey posted a net loss of HK$506.7 million ($65 million), narrowing from HK$772.6 million ($99.2 million) a year earlier.

Management said the red ink reflects heavy upfront spending to establish a compliant and scalable operation in a tightly regulated market.

“Our net losses and operating cash outflows… primarily reflect the nature of our business development cycle,” the company said.

If completed, the float would place HashKey alongside local rival OSL as a publicly listed crypto exchange operator.

OSL shares were down 7.6% on Monday afternoon, according to data from Yahoo Finance.

Crypto IPOs Gain Momentum

Last month, tZero Group, a New York–based blockchain infrastructure firm focused on tokenized securities and real-world assets, announced that it is preparing to go public in 2026.

Before that, BitGo officially filed for an initial public offering, becoming the first dedicated crypto custodian to pursue a listing on a US stock exchange.

BitGo’s IPO filing came amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

More recently, Figure Technology Solutions Inc., a blockchain-focused lending platform, raised $787.5 million in its initial public offering.

The post HashKey Clears HKEX Listing Hearing, Moves Closer to IPO appeared first on Cryptonews.

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