HashKey’s lukewarm debut tests Hong Kong’s ambitions as digital asset hub

Shares of HashKey Holdings, operator of Hong Kong’s largest licensed cryptocurrency exchange, were flat on their trading debut, as investors shunned risk amid a downturn in both equity and digital asset markets.

Trading under the stock code 3887, HashKey shares first changed hands on Wednesday at HK$6.70, or 0.3 per cent above the offer price of HK$6.68 a share.

The firm, one of 11 licensed virtual asset trading platforms in Hong Kong, raised HK$1.6 billion (US$206 million) in the city’s first crypto-native initial public offering (IPO). OSL Group, another licensed crypto exchange operator formerly known as BC Technology, was listed in Hong Kong in 2012, long before it pivoted into digital assets.

“Today’s successful trading on the Hong Kong stock exchange proves that taking a compliant route can also lead to success,” said HashKey chairman and CEO Xiao Feng, before striking a ceremonial gong to mark the start of trading. “I believe that, in the long run, following a compliant path actually gives a company greater longevity and more sustainable vitality.”