Shares of digital asset agency Hashkey Group begin buying and selling in Hong Kong right this moment, following the agency’s IPO final week. The Chinese language metropolis has steadily embraced digital property since 2022 because it tries to keep up its standing as a worldwide monetary middle.
Hashkey Group, based in 2018, operates a Hong Kong-licensed crypto alternate, the town’s largest. In line with its IPO prospectus, Hashkey’s alternate has facilitated 1.7 trillion Hong Kong {dollars} ($218 billion) in buying and selling quantity as of Sep. 30, 2025. The broader group additionally provides on-chain providers, like staking and tokenization, in addition to asset administration providers. Hashkey generated 283 million Hong Kong {dollars} ($36 million) in income for the primary half of 2025, a 26% year-on-year drop, in accordance with the prospectus.
Hashkey raised 1.6 billion Hong Kong {dollars} ($206 million) in its IPO, each Bloomberg and Reuters reported, citing an unnamed supply.
Hong Kong has tentatively embraced cryptocurrencies and digital property as a technique to shore up its standing as a global monetary middle. Town, alongside Singapore, was one of many first jurisdictions in Asia to arrange a licensing regime for cryptocurrency exchanges. Eleven exchanges, together with Hashkey’s, are at the moment licensed to function in Hong Kong.
“Hong Kong has established certainly one of Asia’s most clear and proactive regulatory frameworks for digital property,” says Anna Liu, CEO of HashKey Tokenization, the group’s devoted tokenization division. The Chinese language metropolis serves as a “strategic gateway,” linking “Japanese and Western markets” and “conventional finance with digital innovation.”
Hong Kong earlier this yr arrange a licensing scheme for stablecoins, which generated curiosity from crypto firms and buyers as a result of stability of the Hong Kong greenback. Hong Kong’s market regulator is contemplating permitting crypto corporations to attach their native exchanges to their international platforms, permitting Hong Kong-based clients to commerce with these primarily based exterior the town.
Measures just like the stablecoin ordinance “present the understanding that institutional capital requires,” Liu says. “This clearly transforms Hong Kong’s [crypto sector] from a speculative market right into a predictable and compliant atmosphere for critical builders and long-term buyers.”
Hong Kong’s exploration of cryptocurrencies is in stark distinction to mainland China, which nonetheless bans buying and selling of digital currencies. (Town’s governance system permits it to have separate insurance policies and laws from the remainder of China). Crypto observers generally see Hong Kong’s embrace of digital currencies as a number one indicator of how Beijing would possibly strategy digital property sooner or later.
Whereas Liu didn’t share ideas on China’s plans for digital property, she famous that “regulatory readability is sweet for the trade, in order that we all know which nations and areas we are able to do one thing in. It provides us extra readability on the boundaries and crimson traces.”
A number of different crypto firms have gone public this yr, together with stablecoin supplier Circle, and crypto exchanges Bullish and Gemini. Circle and Bullish raised over $1 billion of their IPOs, as buyers gravitated to crypto following the Trump administration’s friendliness in the direction of digital property, together with by way of measures just like the GENIUS Act, which lays the groundwork for brand spanking new U.S. greenback stablecoins.
But crypto shares have carried out poorly within the second half of the yr. Circle shares have misplaced 70% of their worth since their peak in June. Bullish and Gemini shares have misplaced over 30% and 60% respectively since their buying and selling debuts within the late summer time.
Cryptocurrencies too have fallen since their peak in October, with Bitcoin down about 30% and Ether down about 40%, amid broader jitters about geopolitical tensions, fears of an AI bubble, and hidden weaknesses in monetary markets.
HashKey’s buying and selling debut is the most recent in a flurry of debuts in Hong Kong, as firms flood again to the town’s inventory alternate hoping to faucet the town’s connections to each mainland Chinese language and international swimming pools of capital. Hong Kong is again on high of the world’s IPO rankings for the primary time since 2019, in accordance with KPMG, with the 2 main U.S. exchanges in second and third place.
