HashKey Exchange's parent company has passed the "Hong Kong Stock Exchange" listing hearing and is about to launch an IPO in Hong Kong

According to Caixin, HashKey Holdings Limited (hereinafter referred to as "HashKey"), the parent company of Hong Kong-licensed virtual asset trading platform HashKey Exchange, passed the listing hearing of the Hong Kong Stock Exchange (hereinafter referred to as "HKEx") on December 1, 2025, and is about to launch an IPO in Hong Kong.
Reliable sources told Caixin that HashKey has not yet set a target listing date, but management hopes to move forward with the follow-up listing process as soon as possible, hoping to list within 2025. Industry sources also revealed that there have been discussions about the goal of launching the IPO within the next two weeks. The joint sponsors of HashKey's Hong Kong listing are JPMorgan Chase and Guotai Junan International, a unit of Guotai Haitong.
According to the prospectus, HashkKey's annual revenue from 2022 to 2024 is 129 million, 208 million and 720 million Hong Kong dollars respectively, but the losses attributable to the company's equity shareholders for the three years amount to 585 million, 581 million and 1.189 billion Hong Kong dollars respectively. In the first half of 2025, the company's revenue was 283 million Hong Kong dollars, a decrease of 26.1% year-on-year; the loss attributable to equity shareholders during the period was 506 million Hong Kong dollars, and the loss narrowed by 34.8% year-on-year. Over the past three and a half years, HashKey's cumulative loss reached 2.86 billion Hong Kong dollars.
Hong Kong officially introduced the mandatory licensing system for virtual asset trading platforms on June 1, 2023, and HashKey Exchange obtained a compliance license in November 2022 under the opt-in system of the Hong Kong Securities Supervision Commission before the mandatory licensing system. According to Frost & Sullivan's information quoted in the prospectus, HashKey Exchange is the largest regional onshore digital asset platform in Asia and the largest platform in Hong Kong in terms of trading volume in 2024, with a market share of over 75%.