Hashkey shares fall 3% after $206 million Hong Kong IPO

Shares of Hashkey Holdings fell 3% in their debut after raising $206 million via an initial public offering (IPO) in Hong Kong.

Hashkey jumped 6.4% after the open to hit 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, towards the upper end of the proposed range of HK$5.95 and HK$6.95. according to to a depot.

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

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

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

Hashkey has posted net losses since 2022

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

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

Most of the losses are due to the company’s ultra-low fee structure of less than 0.1%. This competitive pricing structure helped the exchange capture a nearly 75% share of Hong Kong’s licensed crypto trading market, processing a trading volume of more than HK$638 billion ($81.8 billion) last year, its prospectus said.

This pricing structure comes at a cost, making it difficult for the company to break even after operating costs related to licensing, custody, compliance and infrastructure.

Hashkey CEO Still Confident in Crypto Industry Amid Slowdown and Macro Pressures

Hashkey’s IPO came during an ongoing downturn in the crypto market, which has seen the price of Bitcoin (BTC) trading below $90,000 over the past few days, according to data from CoinMarketCap. watch.

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

Hong Kong stocks fall to 3-month low as Chinese growth jitters dampen sentiment

Caution prevails as investors assess China’s growth prospects after key economic data showed a widespread deceleration. pic.twitter.com/zwELETVgQV

– Bien Pérez (@BienPerez) December 16, 2025

Internationally, changes in interest rates from the US Federal Reserve have also influenced cryptocurrency prices. While the Fed announced a 25 basis point cut earlier this month, which has historically favored risky assets like crypto, the central bank’s cautious tone has investors fearing a global economic lull.

Despite these pressures, the Hashkey CEO maintains an optimistic outlook for the crypto market.

“I am even more optimistic today than a decade ago, as we see the introduction of new laws and clearer compliance standards, which will help the industry move forward in a sustainable manner,” Feng said in a statement.

This follows regulatory progress made this year in the United States under the Trump administration. Several crypto companies have taken advantage of the more favorable regulatory climate by going public, including Circle, Bullish, and Gemini.

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