HashKey's stock price fell by 3% on its debut day. The company raised $206 million, still below exp

Against the backdrop of加密概念逐渐走向资本市场，HashKey Holdings became the first crypto exchange in Hong Kong to go public, but its stock price experienced a decline of approximately 3% on the first day of trading. Although the listing successfully raised $206 million, and both institutional and retail investors showed strong interest, market skepticism regarding valuation, profit models, and regulatory developments quickly affected stock prices. This performance reflects the challenges faced by crypto companies after going public—while recognition is increasing, capital still prioritizes certainty and liquidity.

According to CNBC, HashKey Holdings’ stock price fell 3% on Wednesday, ending at HK$6.51, compared to an initial offering price of HK$6.68, which was close to the upper limit of the marketing campaign.

Through this public offering, HashKey Holdings raised $206 million, marking the first time a digital asset company in Hong Kong went public. This happened even though the price of Bitcoin dropped by 36% from its historical high of over $126,000 in October.

Despite strong investor demand, with institutional investors purchasing 5.5 times the available shares, and retail investors purchasing nearly 394 times the available shares, the debut was not successful.

Key investors included Fidelity, UBS, CDH Investments, and Cithara Fund. JPMorgan and国泰海通 served as co-bookrunners for the transaction.

Hong Kong’s crypto industry faces challenges due to unfavorable market conditions.

Founded in 2018, HashKey operates the largest licensed virtual asset trading platform in Hong Kong. It also received one of the earliest approvals under Hong Kong’s digital asset framework in 2022.

该公司占据香港本土数字资产交易量的75%以上，提供交易所服务以及场外交易、质押、代币化和针对机构及零售客户的资产管理解决方案。

在接受Reuters采访时，首席执行官肖风强调尽管短期波动，但他对长期信心。

“我的信心只会越来越强，比10年前更乐观，因为有更多监管和合规指引可供我们遵循，这将允许行业进一步增长，”他在上市仪式上表示。

该交易所截至2025年9月促进了1.7万亿港元的交易量，尽管上半年收入同比下降26%至2.84亿港元。

HashKey在该期间录得5.067亿港元亏损，从前一年7.726亿港元收窄，因为公司在合规基础设施和市场扩张上大力投资。

内地禁令与香港数字资产推动形成对比

香港对加密货币的拥抱与内地中国形成鲜明对比，后者在2021年禁止加密交易并最近重新警告虚拟资产。

该市今年推出了稳定币许可系统，并正在考虑允许交易所将本地平台与全球运营连接，将自身定位为受监管数字资产采用的试验场。

肖风将香港的方法与北京的打击区分开来，指出内地措施针对金字塔骗局和稳定币欺诈。

“Hong Kong continues to promote policies related to digital assets, and we benefit from these efforts,” he said. “We must firmly uphold the concept of ‘one country’, while also making smart use of the ‘two systems’.” Eric Zhu, the chief financial officer, believes that Asian markets will catch up with the penetration rate of cryptocurrencies in the United States. “We believe that Hong Kong’s penetration rate in Asian markets will eventually match that of the United States,” he told CNBC. The company plans to use the proceeds from its initial public offering to upgrade its technology infrastructure, expand partnerships in the market, and improve its risk management system. According to Xiao Feng, the company will prioritize cash flow over profitability in the short term, while continuing to invest in the development of the industry. This listing comes at a time when global crypto stocks are facing challenges. As reported by Cryptonews earlier, stablecoin provider Circle has lost 70% of its value since its peak in June. Meanwhile, exchanges Bullish and Gemini have seen declines of over 30% and 60%, respectively, since their debut during the summer season. Bitcoin has fallen by approximately 30% from its October high, due to geopolitical tensions and broader market instability. Chen Mobo, the Financial Secretary of Hong Kong, attended the listing ceremony, demonstrating the city’s official support for digital asset initiatives. This successful listing marks the strongest IPO year for Hong Kong since 2021. According to data obtained by Reuters, more than $34 billion was raised through new listings in December, marking the first time since 2019 that Hong Kong has regained its top position among global exchanges.