HashKey Holdings Limited (03887.HK) has launched its Initial Public Offering (IPO) on the Hong Kong Stock Exchange, with the subscription period set for December 9 to December 12, 2025. The company plans to offer 240,570,000 shares globally, with an over-allotment option of approximately 15%. The offer price is expected to range between HKD 5.95 and HKD 6.95 per share, with each board lot consisting of 400 shares and an entry fee of approximately HKD 2,808.04. The company is scheduled to list on the Hong Kong Stock Exchange’s Main Board on December 17, 2025. J.P. Morgan and Guotai Junan Financing will act as the joint sponsors for the IPO.

HashKey: Asia’s Leading Comprehensive Digital Asset Service Provider

The offering structure includes approximately 10% of the shares allocated for public subscription in Hong Kong (24,057,200 shares) and approximately 90% for international placement (216,512,800 shares). The pricing range is HKD 5.95 to HKD 6.95 per share, with a board lot of 400 shares, and the entry fee for investors is around HKD 2,808.04. The offer period is from December 9 to December 12, with the expected pricing date on December 15, 2025. The listing date is set for December 17, 2025.

Company Overview

HashKey operates a licensed digital asset platform that encompasses trading facilitation, on-chain services, and asset management. According to data from Frost & Sullivan, HashKey is the largest regional onshore digital asset platform in Asia, with a market share of over 75% in Hong Kong as of 2024. The company operates in Hong Kong, Singapore, Bermuda, and other locations, offering a complete and compliant digital asset ecosystem with full licenses.

Financial Information

According to the IPO prospectus, HashKey reported revenue of approximately HKD 129 million, HKD 208 million, and HKD 721 million in 2022, 2023, and 2024, respectively. During the same period, the company posted net losses of approximately HKD 585 million, HKD 580 million, and HKD 1.19 billion. In the first half of 2025, revenue was approximately HKD 284 million, with a net loss of approximately HKD 507 million.At the mid-point offer price of HKD 6.45 per share, assuming no exercise of the over-allotment option or the over-allotment option, the company expects to raise a net amount of approximately HKD 1.426 billion. The funds raised are planned to be used for technology and infrastructure upgrades (approximately 40%), market expansion and ecosystem collaboration (approximately 40%), operations and risk management (approximately 10%), and general working capital (approximately 10%).

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

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This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for HashKey via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select HashKey, tap "Public Offer," enter your subscription quantity, and submit your order.

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