HashKey Holdings, the largest licensed virtual - asset exchange operator in Hong Kong, commenced its global offering on December 9. It plans to issue 240.6 million shares, with the price per share set within the range of HK$5.95 to HK$6.95. The pricing is anticipated to be finalized on December 15, and the listing is scheduled for December 17. Based on the upper end of the offering price range, the company is estimated to be valued at around HK$19 billion, with the potential to raise a maximum of up to HK$1.67 billion. In the event that the offer - size adjustment option and the over - allotment option are fully utilized, the fundraising amount could soar to HK$2.5 billion. Cornerstone investors, including UBS Asset Management and Fidelity International, have taken part in the subscription. However, the company's move to open the international allocation channel to high - net - worth retail investors has sparked concerns regarding the stock's price stability. HashKey has not yet turned a profit. In the first half of 2025, it reported revenue of HK$283 million, marking a year - on - year decline of 26.3%, along with an operating loss of HK$400 million. The funds raised from the IPO will be mainly earmarked for technological upgrades, market expansion, and ecosystem development.