HashKey Holdings Makes Historic Debut on Hong Kong Stock Exchange, Pledges Long-Term Digital Asset Vision

HashKey Holdings (3887), the parent company of Hong Kong-licensed virtual asset exchange HashKey Exchange, made its highly anticipated listing on the Hong Kong Stock Exchange today (the 17th). The debut saw its shares initially surge by 6.6% above its offering price of HKD 6.68, reaching an intraday high before retreating to HKD 6.12. The company ultimately closed at HKD 6.67, a marginal 0.2% dip from its initial offering price.

HashKey reported that its global offering garnered substantial market interest, successfully attracting nine cornerstone investors. These prominent investors include UBS AM Singapore, Fidelity, and CDH Investments. HashKey’s successful listing is a landmark event, marking the first IPO of a digital asset company in the Hong Kong market.

A Journey Five Years in the Making

According to reports from Hong Kong media, HashKey Holdings Chairman Xiao Feng revealed after the listing ceremony that the company had been meticulously preparing for its public offering for five years. He underscored that the virtual asset sector, being an emerging industry, inherently requires a longer period for refinement and accumulation to fully meet stringent listing audit requirements. Xiao Feng characterized the timing of this IPO as “a natural progression,” indicating a readiness that has come to fruition.

Navigating Market Volatility with Long-Term Confidence

Addressing the current market sentiment, Xiao Feng candidly acknowledged that the virtual asset market is indeed experiencing short-term pressures, with asset price volatility being an unavoidable aspect. However, he expressed profound confidence in the industry’s long-term development prospects. He highlighted Hong Kong’s proactive efforts in recent years, which, through legislative and regulatory advancements, have progressively established clearer and more compliant guidelines for the virtual asset industry. This robust framework, he believes, will propel the industry to achieve greater heights.

Strategic Investment Over Immediate Profitability

Regarding the company’s ongoing financial losses, Xiao Feng explained that the virtual asset industry is currently in a rapid growth phase. Consequently, profitability is not the immediate core operational metric. Instead, the paramount focus is on ensuring the company possesses ample cash reserves to underpin its long-term development. He particularly stressed the importance of maintaining significant investment during the crucial next two to three years, warning that failure to do so would mean missing a critical window for high-speed industry expansion.

Upholding “One Country, Two Systems” Amidst Regulatory Divergence

When questioned about the People’s Bank of China’s (PBOC) recent reaffirmation of its “prohibitory policy on virtual currencies” and its commitment to “continuously combating illegal financial activities related to virtual currencies,” Xiao Feng conveyed his strong understanding and agreement with the central bank’s stance. He noted that mainland China has recently witnessed numerous fraud and pyramid scheme cases involving stablecoins, necessitating stringent enforcement.

Crucially, Xiao Feng emphasized that these incidents bear no relation to Hong Kong’s stablecoin legislation. He affirmed that Hong Kong remains steadfast in advancing its digital asset policies, with HashKey itself benefiting significantly from the Hong Kong government’s robust support. He reiterated HashKey’s commitment to upholding the fundamental principle of “one country” while strategically leveraging the distinct advantages of “two systems.”