South China Morning Post Mon, December 1, 2025 at 5:30 PM GMT+8 3 min read Crypto exchange operator HashKey Holdings has cleared its Hong Kong listing hearing after an earlier confidential filing, paving the way for a deal that will test investor confidence in the digital asset sector amid evolving regulation.
The operator of Hong Kong's biggest licensed crypto exchange could raise around US$500 million in a listing this month, according to a source familiar with the matter. HashKey did not disclose the size or the timing of its initial public offering (IPO) in a filing on Monday.
The planned listing comes as China's central bank reiterated its tough stance on virtual currencies, including stablecoins, and vowed to crack down on illegal activities. Cryptocurrency trading has been banned in mainland China since 2021.
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Hong Kong has established regulatory regimes for exchanges, stablecoin issuers, dealing service providers and custodians, in moves that proactively regulate and develop the city as a digital asset hub. Market insiders have cast the city as mainland China's offshore testing ground for digital tokens.
The digital asset trading market remains heavily reliant on concentrated tokens, particularly bitcoin and ether. Photo: Shutterstock alt=The digital asset trading market remains heavily reliant on concentrated tokens, particularly bitcoin and ether. Photo: Shutterstock>
"The investment sentiment surrounding cryptocurrencies would have an impact on its pricing and listing timing," said Kenny Ng Lai-yin, a strategist at Everbright Securities International. "With mainland authorities stepping up curbs on cryptocurrency speculation and prices of assets such as bitcoin and ether falling, there could be a potential material impact on its market value and offer price."
HashKey, one of 11 licensed virtual asset trading platforms in Hong Kong, provides transaction facilitation, on-chain services and asset management. It has promoted its capability to issue and circulate tokenised real-world assets to acquire more businesses and partners.
The group said in the filing that it dominated Asia's onshore digital asset market, accounting for more than three-quarters of regional trading volumes in 2024 and nearly HK$20 billion (US$2.56 billion) in client assets.
Despite HashKey's market position, its businesses have remained loss-making since 2022. It reported a net loss of HK$506 million in the first six months of this year, narrowing from a loss of around HK$777 million in the same period a year earlier.
Story Continues"Our operating results have fluctuated and are expected to continue fluctuating due to the highly volatile nature of the digital asset market," the company said in the filing.
The digital asset trading market remains heavily reliant on concentrated tokens, particularly bitcoin and ether, which have swung sharply in response to macroeconomic conditions, regulatory signals and speculative investor flows.
HashKey said it planned to use the IPO proceeds to strengthen its technology and infrastructure, driving product innovation and new offerings. It would also seek market expansion and partnerships, and enhance operational and risk-management capabilities.
In May, bourse operator Hong Kong Exchanges and Clearing announced a new confidential filing option for biotech and specialist technology companies. The initiative encourages companies to communicate with the stock exchange about potential regulatory issues before filing an official listing application under a new channel, referred to as Tech for "technology enterprises channel".
Meanwhile, Eastroc Beverage, China's largest functional drinks maker by sales, said on Sunday that its Hong Kong IPO had been approved by the China Securities Regulatory Commission.
The Shanghai-listed company planned to issue no more than 66.45 million shares to offshore investors, according to the filing. Eastroc was previously reported to be targeting no more than US$1 billion from the Hong Kong offering.
Additional reporting by Themis Qi
This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved.
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