HashKey nears Hong Kong IPO as China chills stablecoin plans
HashKey Holdings, the parent company of one of Hong Kong’s largest licensed crypto exchanges, moved closer to a public listing after the Hong Kong Stock Exchange (HKEX) on Monday released a 633-page post-hearing information pack, indicating progress toward an initial public offering (IPO).
The document was published at the request of The Stock Exchange of Hong Kong Limited and the local securities regulator, the Securities and Futures Commission (SFC). Such information packs are issued only after HKEX’s listing committee has cleared an applicant at a listing hearing, signaling that HashKey has advanced in the process.
“The listing application referred to in this document has not yet been approved; the HKEX and the SFC may accept, return, or reject the public offering and/or listing application.”
The language is a standard HKEX disclaimer and reflects that the listing remains subject to completion of offering documents.
Hong Kong Exchange trade lobby in 2007. Source: Wikimedia
HashKey’s planned IPO expected to draw strong interest
The filing follows reports from early October that HashKey was targeting an IPO and a Hong Kong listing this year. Those reports relied on unnamed sources at the time.
HashKey ranks among Hong Kong’s leading crypto exchanges, with a 24-hour trading volume of nearly $108 million at the time of writing, according to CoinGecko. The information pack lists JPMorgan, Guotai Junan International and Haitong International as joint sponsors for the offering.
Investor interest appears robust. In mid-February, China-based Gaorong Ventures reportedly invested $30 million in HashKey, conferring unicorn status. The pre-money valuation was reportedly nearly $1.5 billion, though these figures were attributed to unidentified sources that could not be independently verified.
The company is also expanding its footprint. In early January, subsidiary HashKey Europe received approval for a virtual asset service provider license from the Central Bank of Ireland.
Mainland China maintains strict stance toward Hong Kong’s crypto push
Hong Kong began accepting applications from stablecoin issuers in August after rolling out a dedicated regulatory framework, drawing interest from major Chinese technology firms including Ant Group and JD.com. Reports at the time also indicated that HSBC and the Industrial and Commercial Bank of China (ICBC) were considering applying for stablecoin licenses in Hong Kong.
Soon after, Chinese authorities instructed local firms in early August to stop publishing research or hosting seminars related to stablecoins. In September, a now-deleted report by Chinese outlet Caixin suggested that mainland Chinese companies operating in Hong Kong might be required to exit cryptocurrency-related activities.
By late October, multiple reports indicated that Ant Group and JD.com had suspended plans to issue stablecoins in Hong Kong due to regulatory concerns. On Saturday, the People’s Bank of China said following a meeting with 12 other agencies that “virtual currency speculation has resurfaced,” and reiterated that “virtual currency-related business activities constitute illegal financial activities,” consistent with its 2021 ban on crypto trading and mining.
Stay informed, read the latest news right now!
Disclaimer
The content on TrustsCrypto.com is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, always do your own research before making decisions.
Some content may be assisted by AI and reviewed by our editorial team, but accuracy is not guaranteed. TrustsCrypto.com is not responsible for any losses resulting from the use of information provided.
