As reported by Biji.com, HashKey Holdings Limited has passed the listing hearing at the Hong Kong Stock Exchange (HKEX), bringing the company closer to its initial public offering (IPO). HashKey operates Hong Kong's largest licensed cryptocurrency exchange and announced the development in a post-hearing information package on Monday, following a confidential IPO filing. The HKEX listing hearing is conducted by the exchange's Listing Committee, which reviews applications and regulatory matters. After passing the hearing, the company typically proceeds with prospectus registration, marketing, bookbuilding, and pricing. HashKey plans to use IPO proceeds to upgrade its technology infrastructure, including product innovation and security, as well as market expansion and general corporate purposes. However, the company has not disclosed the IPO timeline or size and declined further comment. According to Bloomberg, HashKey previously announced plans to raise up to $500 million through the IPO this year. HashKey holds a Hong Kong virtual asset trading platform license. As of September 30, the platform supports 80 tokens. The filing also revealed that the company has reported net losses since 2022. In the first half of 2025, HashKey recorded a net loss of HKD 506.7 million (USD 65 million), compared to a loss of HKD 772.6 million (USD 99.2 million) in the same period last year. The company stated that the net losses and operating cash outflows mainly reflect the nature of its business development cycle and the substantial upfront investment required to build a licensed, compliant, and scalable digital asset platform. In another filing released on Monday, HashKey announced that it has appointed JPMorgan and China Galaxy Securities as joint sponsors for the offering. As the IPO proceeds, HashKey will join rival cryptocurrency exchange OSL as a listed company in Hong Kong. Yahoo Finance data showed that OSL's stock fell 7.6% in afternoon trading on Monday.
HashKey Passes Key Hong Kong IPO Hearing
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