According to insiders, HashKey plans to list on the Hong Kong Stock Exchange as early as December 17, with an expected fundraising amount of at least $200 million.

2025-12-05 17:24:54

According to Techub News, sources reveal that HashKey Holdings Ltd. plans to launch its IPO (Initial Public Offering) subscription in Hong Kong as early as next week, aiming to raise at least $200 million, and could list on the Hong Kong Stock Exchange as soon as December 17. The sources added that details such as the size and timing of the IPO may still change.

Sources said that HashKey passed the Hong Kong Stock Exchange listing hearing on November 27. The post-investment valuation for cornerstone investors in this offering is about $2.3 billion to $2.5 billion, down from the previous expectation of about $3 billion. Due to short-term unfavorable market factors, the issuer is reluctant to significantly lower the price and dilute shareholder equity, so the fundraising amount has been reduced from $500 million to $200 million, and the corresponding anchor quota has also been reduced to about $80 million, accounting for about 40%, making the overall allocation quite tight.

Market observers pointed out that although the strong demand for anchor subscriptions may lead to a lower allocation ratio for some investors, the downward adjustment in offering valuation provides upside potential. In addition, the recent rebound in Bitcoin and increased expectations of a Federal Reserve rate cut in December are likely to support the project in achieving considerable short-to-medium term investment returns.

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