Core Insights - HashKey Holdings Limited has successfully cleared a significant regulatory hurdle by passing the Hong Kong Stock Exchange's listing hearing, bringing the company closer to an initial public offering [3][4][9] - The company plans to utilize the proceeds from the IPO for technology upgrades, product development, security enhancements, and overseas expansion, although it has not disclosed the offering size or timing [5][9] - Despite narrowing losses, HashKey continues to operate at a loss as it invests heavily in compliance and scaling its operations in a regulated market [6][7][9] Company Details - HashKey is the operator of Hong Kong's largest licensed crypto exchange and holds a coveted license to run a virtual asset trading platform, supporting 80 tokens as of the end of September [6] - In the first half of 2025, HashKey reported a net loss of HK$506.7 million (approximately $65 million), which is an improvement from a net loss of HK$772.6 million (approximately $99.2 million) in the previous year [7] - The company has named JPMorgan and Guotai Junan Securities as sponsors for its IPO transaction [6] Market Context - If the IPO is completed, HashKey will join local competitor OSL as a publicly listed crypto exchange operator [8]