HashKey Shares Fall 2.5% In Weak Market Debut.

Shares of HashKey, Hong Kong’s largest licensed crypto exchange, fell 2.5% on their first day of trading on the Hong Kong Stock Exchange. The company raised $206 million through its initial public offering (IPO).HashKey priced its IPO at HK$6.68 per share, near the top of its expected price range. However, shares closed slightly lower at HK$6.51.

The listing came at a tough time for the crypto market, which has seen recent price swings. Bitcoin, the world’s biggest cryptocurrency, has dropped around 36% in the past month after reaching record highs earlier this year. Although mainland China banned cryptocurrencies in 2021, Hong Kong has taken a more open and regulated approach toward digital assets, helping exchanges like HashKey grow.

Major investors in the IPO included Fidelity, UBS, CDH Investments, and Cithara Fund. JPMorgan and Guotai Haitong acted as joint bookrunners.HashKey CFO Eric Zhu said the company aims to make digital assets more accessible through a fully compliant platform. He added that crypto adoption in Hong Kong and Asia is expected to grow and move closer to U.S. levels.

Founded in 2018, HashKey offers crypto trading, over-the-counter services, staking, tokenisation, and asset management for both individual and institutional investors. Industry experts believe the listing highlights Hong Kong’s growing role as a regulated crypto hub in Asia.