Hashkey Shares Slide 3% After $206M Hong Kong IPO

Hashkey Holdings shares slid 3% on debut after raising $206 million via an Initial public offering (IPO) in Hong Kong.

Hashkey surged 6.4% after opening to reach a high of HK$7.11 in the morning session before falling back to close at HK$6.48 per share.

Haskey Holdings share price (Source: Yahoo Finance)

Hashkey raised the $206 million after pricing its IPO at HK$6.68 per share, toward the upper end of the proposed range of HK$5.95 and HK$6.95, according to a filing. 

It attracted nine cornerstone investors, including UBS AM Singapore, Fidelity, and CDH. 

“As a company deeply rooted in Hong Kong, we have always believed that compliance is essential for achieving long-term success and sustainable growth,” said CEO Xiao Feng, calling the listing ”a starting point that resembles greater responsibility.” 

He said Hashkey will continue to upgrade its infrastructure while also bolstering core capabilities across security, on-chain execution, and compliance. 

Hashkey Recorded Net Losses Since 2022

Hashkey’s IPO comes after repeated net losses for the company since 2022. 

In the first half of this year, it reported a net loss of HK$506.7 million ($65 million), an improvement from the $772.6 million ($99.2 million) loss the company recorded during the same period in 2024. 

Most of the losses are due to the company’s ultra-low fee structure, which is below 0.1%. This competitive fee structure has enabled the exchange to win an almost 75% share of Hong Kong’s licensed crypto trading market, processing trading volume of more than HK$638 billion ($81.8 billion) last year, its prospectus said.

That fee structure has come at a cost, making it difficult for the company to breakeven after operating costs tied to licensing, custody, compliance, and infrastructure. 

Hashkey CEO Still Confident In Crypto Industry Amid Downturn And Macro-Economic Pressures

Hashkey’s IPO took place during an ongoing downturn in the crypto market, which has seen the Bitcoin (BTC) price trade below $90K in the last few days, data from CoinMarketCap shows.

Additionally, there are macroeconomic pressures that influenced Hashkey’s IPO performance. Among them is the drop in the broader Hong Kong stock market, which fell to its lowest level in three weeks yesterday amid growing investor fears that China’s growth prospects are deteriorating. 

Hong Kong stocks slump to 3-month low as China growth jitters dampen sentiment

Caution prevails as investors weigh China’s growth prospects after key economic data showed a deceleration across the boardhttps://t.co/UmMVWcNiDM pic.twitter.com/zwELETVgQV

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— Bien Perez (@BienPerez) December 16, 2025

Internationally, the US Federal Reserve’s interest rate path has also influenced crypto prices. While the Fed announced a 25bps cut earlier this month, which has historically favored risk-on assets like crypto, the cautious tone from the central bank has made investors fearful of a global economic lull. 

Despite those pressures, Hashkey’s CEO maintains a bullish outlook for the crypto market. 

“I’m even more optimistic now than I was a decade ago, as we’re seeing new legislation and clearer compliance standards being introduced, which will help the industry move forward sustainably,” Feng said in a statement. 

That comes after the regulatory progress made in the US this year under the Trump administration. Several crypto firms have taken advantage of the friendlier regulatory climate by going public, including Circle, Bullish, and Gemini. 

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