HashKey Clears HKEX Listing Hearing, Moves Closer to IPO

HashKey Holdings Limited has passed a cardinal regulatory hurdle connected its mode to becoming a nationalist company.

Key Takeaways:

• HashKey cleared the HKEX listing hearing, advancing into the last stages of its Hong Kong IPO.

• The speech plans to usage IPO proceeds to money exertion upgrades, merchandise rollout, and overseas growth.

• Despite narrowing losses, HashKey remains unprofitable arsenic it invests heavy successful compliance and scale.

The institution has cleared the Hong Kong Stock Exchange’s listing hearing, moving the relation of the city’s largest licensed crypto speech person to an archetypal nationalist offering.

The institution disclosed the result successful its Post Hearing Information Pack published Monday, confirming that the listing committee of the Hong Kong Stock Exchange has completed its reappraisal of HashKey’s application.

The proceeding is simply a captious measurement successful Hong Kong’s IPO process, with the committee assessing eligibility, compliance standards and disclosure practices earlier granting support to proceed.

With the proceeding cleared, companies typically determination to prospectus registration, followed by capitalist marketing, book-building and pricing.

HashKey said it plans to usage proceeds from the offering to upgrade its exertion stack, make caller products and fortify information systems, alongside supporting overseas enlargement and wide firm needs.

The steadfast did not uncover the size oregon timing of the offering and declined to remark connected valuation expectations.

Bloomberg reported successful October that HashKey whitethorn beryllium seeking to rise arsenic overmuch arsenic $500 cardinal done the flotation, though the institution has not confirmed the figure.

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

HashKey holds 1 of Hong Kong’s coveted licenses to tally a virtual plus trading platform. As of the extremity of September, its platforms supported 80 tokens, according to the filing.

Financial disclosures besides amusement the concern continues to run astatine a nonaccomplishment arsenic it builds scale.

In the archetypal fractional of 2025, HashKey posted a nett nonaccomplishment of HK$506.7 cardinal ($65 million), narrowing from HK$772.6 cardinal ($99.2 million) a twelvemonth earlier.

Management said the reddish ink reflects dense upfront spending to found a compliant and scalable cognition successful a tightly regulated market.

“Our nett losses and operating currency outflows… chiefly bespeak the quality of our concern improvement cycle,” the institution said.

If completed, the interval would spot HashKey alongside section rival OSL arsenic a publically listed crypto speech operator.