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- HashKey raises $206M in IPO, debuting on Hong Kong Stock Exchange.
- Overwhelming IPO demand pushes HashKey shares to strong market debut.
- Cryptocurrency exchange HashKey eyes global expansion following HKEX listing.
HashKey, Hong Kong’s largest cryptocurrency exchange, has officially launched on the Hong Kong Stock Exchange (HKEX), raising $206 million through its initial public offering (IPO). The shares of the exchange began trading at 6.70 Hong Kong dollars (approximately $0.86) on the HKEX main board, marking a significant milestone for the digital asset industry in Asia.
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Huge IPO Demand for HashKey.
On December 9, HashKey released its IPO, which was met with unprecedented interest that far surpassed expectations. The company had 240 million shares on sale, raising a sum of $206 million. The initial issue was oversubscribed 394 times, and the demand was high in the public offering. That translated into 24 million shares being sold, and the international part of the IPO sold 216.5 million shares, which was oversubscribed 5.5 times.
There were prominent cornerstone investors, including Cithara Global Multi-Strategy SPC, UBS Asset Management Singapore, Fidelity, and CDH, which made significant contributions to the offering. Approximately 17.5 million shares and 11.7 million shares were allocated to Cithara and UBS, respectively.
Post-Debut Market Volatility
Following the launch of its trade, HashKey was volatile in the morning session. The stock initially followed an upward trend of 5 percent, peaking at $0.91 before decreasing to a low of $0.78. By the afternoon, the stock was trading at $0.84, which was only slightly under its initial offering price. Irrespective of these ups and downs, the listing of HashKey marks a significant milestone in the company’s expansion plan.
As a part of its post-IPO strategy, CEO Xiao Feng stressed that HashKey focuses on compliance, infrastructure, and long-term growth. The company plans to strengthen its market presence in the cryptocurrency sector and expand its international reach over the next few years.
A Growing Trend of Crypto IPOs
The IPO of HashKey aligns with the trend of cryptocurrency companies becoming publicly traded. It is a follower of other companies, such as the issuer of USDC, Circle, and the cryptocurrency exchanges Bullish and Gemini. Such a listing on the HKEX makes HashKey a prominent figure in the crypto industry in Asia, which may open new opportunities for more digital asset companies to take a public listing in the future.
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