HashKey Shares Plunge 2.5% in Hong Kong IPO Debut

Group 1 - HashKey's Initial Public Offering (IPO) raised HK$1.6 billion (approximately $206 million) by pricing its shares at HK$6.68, which is at the upper end of the proposed range [2][3] - On its first trading day, HashKey's shares opened at HK$6.7, peaked at HK$7.11, but ultimately closed at HK$6.51, reflecting a decline of around 3% by midday [1][2][3] - The IPO attracted nine prominent investors, including UBS AM Singapore, Fidelity, and CDH, indicating strong interest from institutional investors [3] Group 2 - HashKey's journey towards the IPO included clearing the HKEX listing hearing on December 1, which was a crucial step in the public listing process [4][5] - Following the hearing, HashKey engaged in prospectus registration, marketing, and book-building, aiming to raise $200 million in the IPO [5] - The Chairman and CEO of HashKey, Xiao Feng, emphasized the importance of compliance for long-term success and sustainable growth, viewing the listing as a starting point for greater responsibility [3]