HashKey is about to become Hong Kong’s first publicly traded crypto exchange when it lists on December 17th, which is a pretty massive deal. The company started taking subscriptions on December 9th and is trying to raise around HK$1.67 billion with shares priced between HK$5.95 and HK$6.95.
What’s really interesting is who’s behind this. Lu Weiding, who chairs Wanxiang Group, one of China’s biggest auto parts makers, owns 43.2% of HashKey. Since crypto trading is totally banned in mainland China, this IPO basically gives Chinese industrial capital a legal way to get into crypto through Hong Kong.
The numbers are kind of wild, though. HashKey has lost about HK$2.9 billion over the past three and a half years, including HK$1.19 billion just in 2024. But their trading volume exploded from HK$4.2 billion in 2022 to HK$638.4 billion in 2024, which is insane growth.
Despite the losses, big players like UBS Asset Management, Fidelity, and CDH put in $75 million as cornerstone investors. HashKey controls over 75% of Hong Kong’s crypto market and manages HK$29 billion in staking assets. They’re also building their own Layer 2 network called HashKey Chain to diversify away from just trading fees.
Conclusion
HashKey is set to become Hong Kong’s first listed crypto exchange, raising major capital despite heavy losses, backed by major investors and rapid trading-volume growth, giving China indirect crypto exposure.
Also Read: Vitalik Buterin Donates ETH
