HashKey's Hong Kong IPO highlights crypto exchange challenges under Beijing's watchful eye

Company Overview - HashKey Holdings, established in Hong Kong in 2018, is set to conduct an IPO that could raise up to US$300 million, making it the second listed crypto exchange operator in Hong Kong after OSL Group [2][3] - The company reported a trading volume of HK$214 billion (US$27.5 billion) in the first half of the year, significantly higher than OSL's HK$68 billion [5] Financial Performance - HashKey's adjusted net loss for the first half of 2025 was HK$506 million, compared to OSL's losses of about HK$40 million [6] - The company's full-year losses in 2024 nearly doubled to HK$1.19 billion from HK$580 million in the previous year, attributed to substantial upfront investments for building a compliant digital asset platform [7] Market Context - The IPO of HashKey highlights the challenges faced by local cryptocurrency platforms under the regulatory scrutiny from Beijing, despite Hong Kong's ambition to become a virtual-asset hub [3][4] - Analysts view the acceptance of HashKey into the stock exchange as a significant indicator of the mainstreaming of digital assets in Hong Kong [3]