HashKey Holdings, a leading crypto exchange in Hong Kong, has advanced towards a public listing, as indicated by new filings from the Hong Kong Stock Exchange (HKEX).
Recently, HKEX released a detailed 633-page post-hearing information pack for HashKey Holdings at the instance of the local financial regulator, the Securities and Futures Commission (SFC). This publication signifies that HashKey has taken significant steps towards a potential initial public offering (IPO).
However, it’s important to note that the document also emphasizes that the listing is still pending final approval. The HKEX and SFC reserve the right to accept, return, or deny the public offering and/or listing application.
HashKey’s IPO Attracts Attention
As reported earlier this month, HashKey is aiming for an IPO in Hong Kong. It is now considered the top crypto exchange in the region, with a daily trading volume nearing $108 million, as per CoinGecko data. The information pack also revealed key partners including JPMorgan and local firms Guotai Junan International and Haitong International, who are onboard as joint sponsors for the listing.
Interest in the forthcoming offering appears robust, particularly following a large investment from Gaorong Ventures that valued HashKey at a staggering almost $1.5 billion. Additionally, HashKey Europe recently acquired a virtual asset service provider license from the Central Bank of Ireland, hinting at the platform’s ambitions to broaden its market reach.
Regulatory Climate in Hong Kong
Despite these positive developments for HashKey, the regulatory environment in mainland China poses challenges. Hong Kong’s crypto sector is currently under scrutiny, as the government began processing applications from stablecoin issuers following the introduction of new regulations intended to govern digital currencies.
Chinese authorities, however, have mandated local companies to cease research dissemination and events related to stablecoins, reflecting their cautious stance. Recent statements from the People’s Bank of China reasserted their earlier prohibitions on cryptocurrency trading and mining, potentially complicating the operations of Hong Kong exchanges engaging with the mainland.
