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Hong Kong Welcomes Its First Publicly Traded Crypto Exchange: HashKey Goes Live
Hong Kong-licensed crypto exchange HashKey is gearing up for a historic milestone as it prepares to list on the Hong Kong Stock Exchange on December 17, officially becoming the city’s first publicly traded cryptocurrency exchange. The move marks a major breakthrough for Hong Kong’s digital asset push — and a symbolic entrance of traditional Chinese industrial capital into the crypto arena.
Hong Kong’s Web3 Strategy Faces a Real-World Stress Test
HashKey Holdings launched its public offering on December 9, with subscriptions open through December 12. Shares are priced between HK$5.95 and HK$6.95, aiming to raise HK$1.67 billion (about $215 million). The company will trade under the stock code 3887, backed by joint sponsors JPMorgan and Guotai Junan International.
But this IPO is more than a financial event — it is the first real market evaluation of Hong Kong’s evolving virtual asset regulatory framework. Since its 2022 Virtual Asset Declaration, the city has expanded rules on staking, strengthened custody requirements, and introduced stablecoin oversight. HashKey’s listing now stands as the first major test of whether capital markets endorse this regulatory vision.
The exchange’s shareholder structure reveals deep ties to Chinese industrial giants. Lu Weiding, chairman of Wanxiang Group, holds 43.2%, while founder Xiao Feng owns 16.3%. After listing, Wanxiang-related entities will maintain over 60% of voting rights, with only 8.7% of shares available to the public.
With crypto trading banned on the Chinese mainland, Hong Kong has become a regulated bridge for mainland capital seeking digital asset exposure — highlighting Beijing’s complex stance on crypto.
Heavy Losses, Massive Growth, and Divided Sentiment
Despite recording HK$2.9 billion in losses over the past three and a half years — including HK$1.19 billion in 2024 — HashKey’s trading volume exploded from HK$4.2 billion in 2022 to HK$638.4 billion in 2024, a 150-fold increase. Big-name cornerstone investors such as UBS Asset Management, Fidelity, and CDH have committed $75 million.
Still, critics remain vocal — with HashKey’s HSK token plunging after launch and skepticism surfacing on Chinese social media.
A Defining Moment for Hong Kong’s Crypto Ambitions
Controlling more than 75% of Hong Kong’s market share and managing HK$29 billion in staking assets, HashKey is broadening its reach through initiatives like HashKey Chain, a Layer 2 network, and expanding into real-world asset tokenization.
Now, all eyes are on its post-listing performance — a moment that could shape not just HashKey’s future, but the trajectory of Hong Kong’s entire digital asset ecosystem.
