Asia's first Web3 stock debuts! HashKey Holdings rings the bell at Hong Kong Stock Exchange!

The market enthusiasm surrounding this IPO underscores global capital's recognition of Hong Kong's compliant Web3 ecosystem and HashKey's core value proposition. Public disclosures indicate the company issued approximately 241 million shares at an offering price of HK$6.68, raising net proceeds of HK$1.479 billion. The Hong Kong public offering was oversubscribed 393.71 times, while the international offering saw 5.46 times subscription. Furthermore, nine international institutions including UBS Asset Management and Fidelity International served as cornerstone investors, collectively subscribing nearly HK$600 million. This injects momentum into the company's stable development while underscoring international capital's confidence in Hong Kong's digital asset regulation and industry potential.

HashKey's listing confidence stems from its industry accumulation and compliance strengths. The prospectus indicates that as of 30 September 2025, the company stands as Asia's largest regional onshore digital asset trading platform, commanding over 75% market share in Hong Kong. It supports trading in 80 digital asset tokens, with cumulative spot trading volume reaching HK$1.3 trillion and staked assets totalling HK$29 billion, demonstrating formidable competitiveness. Regarding compliance, it holds Hong Kong Securities and Futures Commission (SFC) Type 1, 4, 7, and 9 licences, establishing a global regulatory framework that constitutes a core advantage under stringent oversight and a key factor in attracting capital.

Net proceeds will primarily fund technological upgrades, global licensing expansion, and ecosystem development. Against Hong Kong's policy backdrop promoting the tokenisation of physical assets, this strategy aligns with market trends: technological enhancements adapt to tokenisation demands, licensing expansion broadens operational scope, and ecosystem building fosters resource integration – collectively positioning Hong Kong to capitalise on policy dividends.

HashKey's listing holds significant implications for Hong Kong's ambition to become a global digital financial hub. The SAR government's ongoing refinement of its Web3 regulatory framework has culminated in this listing, representing a fusion of regulatory oversight and industry development. This will attract premium global Web3 enterprises to establish operations locally, accelerating resource aggregation and forming a closed-loop ecosystem of ‘regulatory compliance + industrial clustering + capital empowerment’. Simultaneously, it will provide the ‘Hong Kong model’ for compliant global Web3 development.

Looking ahead, under HashKey's leadership and bolstered by Hong Kong's tokenisation policy implementation, the city's Web3 sector is poised for a developmental surge. Nevertheless, challenges remain in technological innovation and regulatory alignment. For HashKey, the listing marks a new beginning, requiring capital to drive technological breakthroughs and ecosystem expansion. For Hong Kong, optimising the regulatory framework, balancing risk and innovation, and fostering integration between Web3 and traditional finance will be essential to cement its position as a global digital financial hub.