HashKey Holdings, recognized as Hong Kong’s premier licensed cryptocurrency exchange operator, is reportedly poised to initiate the investor subscription phase for its highly anticipated Initial Public Offering (IPO). According to sources familiar with the matter, as cited by Bloomberg, this significant step could commence as early as next week.
This landmark IPO aims to secure a minimum of $200 million in capital, with the company targeting a stock market listing as early as this month. However, insiders caution that both the final fundraising quantum and the precise listing timeline remain subject to potential adjustments.
HashKey boasts a robust foundation, having been strategically spun off in 2018 from the Chinese automotive components giant, Wanxiang Group, by its visionary founder and Chairman, Xiao Feng. The company distinguished itself early on as a significant enterprise-level investor in the Ethereum ecosystem, underscoring its deep roots in the blockchain space.
Earlier this year, HashKey successfully closed a funding round, attracting $30 million from prominent venture capital firms, including Gaorong Ventures. This investment propelled the company’s pre-money valuation past the $1 billion mark, solidifying its status as a crypto unicorn.
According to its listing documents, HashKey’s comprehensive business portfolio spans across critical sectors of the digital asset economy. Its operations encompass cryptocurrency trading, venture capital funds, and sophisticated asset management services. This expansive reach is supported by a global footprint, with an active presence in key jurisdictions such as Hong Kong, Singapore, Bermuda, Japan, the UAE, and Ireland.
Financially, HashKey reported a net loss of HK$506 million for the first half of this year. While this represents a notable improvement compared to the same period last year, its revenue experienced a 26% decline, settling at HK$384 million. Despite these figures, the company’s operational strength is evident in its cumulative cryptocurrency spot trading volume, which reached an impressive HK$1.3 trillion by September of this year.
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