HashKey shares start trading in Hong Kong, as the city increasingly embraces crypto

Core Insights - Hashkey Holdings' shares remained flat in Hong Kong trading after its IPO, reflecting the city's ongoing embrace of digital assets since 2022 to maintain its status as a global financial center [1][3] Company Overview - Hashkey, founded in 2018, operates the largest Hong Kong-licensed crypto exchange, facilitating a trading volume of 1.7 trillion Hong Kong dollars ($218 billion) as of September 30, 2025 [2] - The company generated 283 million Hong Kong dollars ($36 million) in revenue for the first half of 2025, marking a 26% year-on-year decline [2] IPO Details - Hashkey raised 1.6 billion Hong Kong dollars ($206 million) in its IPO, as reported by Bloomberg and Reuters [3] Regulatory Environment - Hong Kong has established a clear regulatory framework for digital assets, positioning itself as a strategic gateway between Eastern and Western markets [4] - The city has implemented a licensing scheme for stablecoins, attracting interest from crypto companies and investors due to the stability of the Hong Kong dollar [4] - The market regulator is considering allowing local exchanges to connect with global platforms, enabling cross-border trading for Hong Kong-based customers [4] Market Dynamics - The stablecoin ordinance provides the certainty required by institutional capital, transforming Hong Kong's crypto sector into a predictable and compliant environment for serious investors [5] - Hong Kong's approach to cryptocurrencies contrasts sharply with mainland China's ban on digital currency trading, highlighting the city's unique governance system that allows for separate policies [5]