HashKey Prices IPO at HK$6.68, Draws Strong Demand From Investors

TLDR

• HashKey priced its IPO at HK$6.68 which is near the top of its marketed range.
• The company raised HK$1.6 billion by selling 240.6 million shares.
• The IPO received strong investor demand across all tranches of the offering.
• Around 80% of the institutional tranche went to the top 20 investors.
• HashKey plans to use the proceeds to upgrade its technology and expand its workforce.

HashKey Holdings Ltd. priced its IPO at HK$6.68, near the top of its range, raising HK$1.6 billion. The company sold 240.6 million shares, keeping the deal size unchanged while attracting strong demand from institutional investors.

HashKey Draws Strong Demand In IPO

HashKey set the offer price at HK$6.68, close to the upper limit of HK$6.95. The price range started at HK$5.95, and investors filled orders throughout the book, driving strong momentum. Demand from institutions remained high, with oversubscription reported in multiple tranches.

The top 20 entities took 80% of the institutional allocation, excluding shares reserved for cornerstone buyers. Investors showed clear confidence despite recent volatility in digital assets and broader equity markets. The strong demand left no room to adjust the deal size, which stayed fixed at 240.6 million shares.

HashKey moved quickly to finalize pricing ahead of its market debut scheduled for Wednesday. This IPO is part of a larger surge of listings in Hong Kong closing out the year. The offering attracted wide attention as crypto markets continued to experience pressure.

Crypto Firm Pushes Forward Despite Market Drop

HashKey proceeded with the IPO even though Bitcoin declined by 30% since its October high. The company entered Hong Kong’s digital-asset licensing framework early, gaining an edge in compliance. It operates across trading, venture capital, and crypto asset management under regulated conditions.

Hong Kong aims to become a hub for virtual assets, and HashKey fits that ambition. “HashKey’s listing shows investor interest remains strong,” said Andy Wong, IPO head at SW Hong Kong. He added that many firms now want to complete listings before regulatory shifts occur in 2026.

Despite crypto volatility, HashKey stated it would use IPO funds to scale its tech and workforce. It also plans to enhance infrastructure and strengthen internal risk systems across operations. JPMorgan Chase & Co. and Guotai Junan acted as joint sponsors for the offering.

December Listings Gain Pace In Hong Kong

Nineteen companies set plans to list in December, making it the busiest month since July 2021. Hong Kong IPOs raised over $34 billion this year, according to Bloomberg data. HashKey joins others including Guoxia Technology, CiDi, and Suzhou Novosense.

Jingdong Industrials and Novosense started trading last week but fell below their offer prices. HashKey’s debut is closely watched as it tests demand in a crowded listing calendar. Several more companies are gauging investor interest before finalizing their offering sizes.

Chipmaker OmniVision may raise $1 billion, and Insilico Medicine targets around $300 million. Shanghai Forest Cabin Cosmetics is also testing demand before confirming its IPO size. If all offerings proceed, December’s IPOs could raise more than $2.4 billion in total.

HashKey stands out in this group due to its digital asset background and early regulatory alignment. Its IPO proceeds are expected to support long-term infrastructure development across multiple business units. Hong Kong’s broader IPO performance this year shows a weighted-average gain near 50%.

That outperformed the Hang Seng Index, though several early-year winners have cooled recently. HashKey will open for trading as investors assess its pricing and post-listing performance.

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