HashKey Holdings is nearing an IPO after its listing application cleared a key step in Hong Kong.
- New HKEX document shows HashKey’s IPO process is moving forward.
- HashKey is backed by major banks and valued near $1.5 billion.
- China continues to pressure crypto firms despite Hong Kong’s openness.
HashKey Clears Major Step Toward IPO
HashKey Holdings, owner of one of Hong Kong’s top crypto exchanges, has taken a big step toward going public. A new 633-page document posted on the Hong Kong Stock Exchange (HKEX) website shows that the listing process is moving forward. This document, called a post-hearing information pack, is only released after a company is cleared by HKEX’s listing committee.
Though the IPO is not yet final, this update means HashKey is closer to launching its initial public offering. Final approvals from the HKEX and Hong Kong’s Securities and Futures Commission are still needed. A disclaimer noted the listing could still be returned or rejected, but this is standard for such updates.
HashKey Expands with Strong Backing
HashKey is already a major player in Hong Kong. According to CoinGecko, it handles nearly $108 million in daily trading volume. It is also supported by leading banks such as JPMorgan, Guotai Junan International, and Haitong International as sponsors for the IPO.
Interest in HashKey has been growing since February, when China-based Gaorong Ventures invested $30 million in the company. This investment raised its value to nearly $1.5 billion, giving it unicorn status. The firm is also growing globally—its European branch recently received approval for a virtual asset license from the Central Bank of Ireland.
China Pushes Back as Hong Kong Embraces Crypto
While Hong Kong aims to become a crypto hub, mainland China is pushing back. In recent months, China advised firms to stop promoting or working on stablecoins. Some big tech companies like Ant Group and JD.com halted their plans to launch stablecoins in Hong Kong after this pressure.
In October, Chinese regulators made it clear they still see most crypto activities as illegal. The People’s Bank of China repeated that crypto speculation is harmful and violates rules. This continues a ban from 2021 that made crypto trading and mining illegal in mainland China.
This creates tension between Hong Kong’s open approach and China’s strict stance. Even so, HashKey’s growing presence shows that interest in regulated crypto platforms is rising in the region.
Source: cointelegraph.com
