HashKey Makes History as First Digital Asset Firm to IPO on Hong Kong Stock Exchange

HashKey Holdings, Asia's first publicly listed digital asset company via an IPO, officially debuted on the main board of the Hong Kong Stock Exchange (HKEX) on December 17, 2025. The company trades under the stock code 3887.HK. This landmark listing marks the first time a digital asset company has completed an initial public offering in Hong Kong, signaling a major step for the city's crypto and digital finance ambitions.

The IPO raised approximately $206 million, with shares priced at HK$6.68. Trading began with an initial pop of about 6%, but the stock later gave back most of those gains and dipped slightly below the IPO price during the morning session, reflecting a jittery crypto market backdrop. Despite the volatile debut, the offering saw strong demand: the institutional tranche was subscribed about 5.5 times, while the retail portion was nearly 394 times oversubscribed.

A significant vote of confidence came from a heavyweight lineup of nine cornerstone investors, including UBS Asset Management Singapore, Fidelity, CDH Investments, and Cithara Fund. JPMorgan and Guotai Haitong acted among the joint bookrunners for the offering. Market observers viewed this institutional backing as a strong endorsement of HashKey's compliance-first business model and Hong Kong's regulatory direction for digital assets.

HashKey Chairman and CEO Dr. Xiao Feng emphasized the company's commitment to regulated growth, stating the IPO represents a "new starting point" built on compliance and infrastructure. He outlined plans to use the IPO proceeds to strengthen technology infrastructure, expand market presence, forge partnerships, and enhance operational and risk management.

The listing carries profound symbolic weight for Hong Kong's digital push. It arrives as the city accelerates its agenda to become a global digital asset hub, promoting tokenization, real-world asset projects, and compliant crypto trading frameworks—a stark contrast to mainland China's ban on cryptocurrency trading since 2021. Dr. Xiao framed Hong Kong's approach as distinct, benefiting from supportive policies while adhering to the "one country, two systems" principle.

Founded in 2018, HashKey operates Hong Kong's largest licensed crypto exchange, accounting for more than 75% of the city's onshore digital asset trading volume. Its full-stack services span transaction facilitation, on-chain services (including staking, tokenization, and custody), and asset management, managing billions in client assets for institutional and high-net-worth investors.