HashKey IPO Priced at HK$6.68 Amid Surging Investor Demand

Hong Kong's crypto exchange giant makes its market debut with a bang.

The Price Point That's Turning Heads

HashKey Group, a major player in Asia's digital asset landscape, has set its initial public offering price at HK$6.68 per share. The move comes as the firm prepares to list on the Hong Kong Stock Exchange, marking a significant milestone for regulated cryptocurrency businesses in the region. The pricing strategy appears calibrated to attract both institutional and retail interest in a market that's still finding its footing.

Investors Can't Get Enough

Reports indicate the offering is being met with exceptionally strong demand. The book-building process saw significant oversubscription, a clear signal that investor appetite for exposure to the crypto infrastructure layer remains robust, even when traditional finance pundits are busy predicting the next bubble burst. It seems the smart money knows that the real value isn't in the memecoins, but in the picks and shovels.

What This Means for the Market

This isn't just another listing. HashKey's IPO, priced at that specific figure, is being watched as a bellwether for the entire sector's maturity and its acceptance within mainstream capital markets. A successful debut could pave the way for more crypto-native firms to seek public funding, legitimizing the industry further. Of course, it also gives traditional finance another chance to buy in after years of dismissing the technology—better late than never, right?

The stage is set. All eyes are now on the opening trade to see if the market agrees with the pre-IPO hype.

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.