Media365
Crypto exchange operator HashKey Holdings has launched its share sale in Hong Kong, testing investor appetite amid repeated warnings against virtual currencies by China’s central bank.
Hong Kong’s largest licensed crypto player set its initial public offering (IPO) price range at HK$5.95 to HK$6.95 apiece for more than 240 million shares, according to a filing on Tuesday. The listing date is December 17.
With the price range, HashKey is eyeing up to HK$1.67 billion (US$214 million). In October, the firm was said to be aiming for US$500 million.
The People’s Bank of China has repeated its tough stance on cryptocurrency speculation, including stablecoins. It said it would maintain its ban on crypto trading and persistently crack down on illegal financial activities to guard against risks.
HashKey operates one of 11 virtual asset trading platforms recognised by Hong Kong’s Securities and Futures Commission. It is set to become the second crypto exchange operator to list in the city after OSL Group, following Hong Kong’s 2022 push to position itself as a global hub for digital assets. OSL shares have risen 18 per cent so far this month.
While cryptocurrencies remained volatile, licensed virtual asset platforms – with their revenue and profit records – allowed investors to make better judgements, helping support share price performance, said Kenny Ng Lai-yin, a strategist at Everbright Securities International.
