On its first trading day, HashKey’s shares opened at 6.7 Hong Kong dollars ($0.86), according to exchange data. This momentous occasion symbolizes the exchange’s transition into a new era, strengthening its foundation for global expansion and strategic growth initiatives.

HashKey IPO: Oversubscription and Investor Interest

Launched on December 9, the HashKey IPO was met with overwhelming demand from both institutional and retail investors. A total of 240 million shares were sold, raising 1.6 billion HK$ ($206 million), as detailed in the company’s HKEX filings. The Hong Kong offering was oversubscribed nearly 394 times, with 24 million shares sold locally. Meanwhile, the international IPO saw 216.5 million shares sold, reflecting a 5.5 times oversubscription.

The IPO attracted nine cornerstone investors, including names like Cithara Global Multi-Strategy SPC, UBS AM Singapore, Fidelity, and CDH. Notably, Cithara and UBS emerged as the largest investors, securing 17.5 million and 11.7 million shares, respectively.

Volatile Trading Marks HashKey’s Market Entry

HashKey’s public debut was characterized by notable volatility. During the morning session, the stock briefly surged approximately 5% above its opening price to reach 7.1 HK$ ($0.91), before dropping to 6.1 HK$ ($0.78). By the afternoon, the stock hovered slightly below the IPO price, trading around 6.5 HK$ ($0.84).

In light of the market fluctuations, HashKey’s chairman and CEO Xiao Feng expressed that listing on HKEX marks a starting point that brings greater responsibility. He emphasized the importance of compliance for long-term success and sustainable growth, outlining plans to enhance the company’s infrastructure, security, and compliance.

HashKey IPO: A Part of Growing Trend

The HashKey IPO adds to a growing list of crypto companies going public in 2025. This list includes USDC stablecoin issuer Circle, and crypto exchanges like Bullish and Gemini. Additionally, US exchange Kraken has confidentially filed a draft registration statement for a proposed IPO in November.

As HashKey embarks on this new journey, it sets a precedent for other cryptocurrency firms in Asia, highlighting the region’s potential to become a hub for digital asset trading and innovation.

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On Friday, HashKey released a statement revealing that the tokenized securities, named “GF Token“, which accrue daily-interest and are redeemable daily, are accessible to high-net-worth individuals and institutional professional investors. “This key event marks a significant advance in Hong Kong’s tokenization of real-world assets (RWA) and paves the way for a wider cross-chain collaboration of tokenized securities in the Hong Kong securities industry in the future,” HashKey announced.

The USD variant of the tokens is pegged to the Secured Overnight Financing Rate (SOFR), a comprehensive indicator of the overnight cash borrowing cost, backed by Treasury securities. These tokens are issued on HashKey Chain and will be distributed subsequently.

In the statement, Zeng Chao, CEO of GF Securities (Hong Kong), said that the partnership with HashKey Group to launch GF Token is a crucial step towards building Hong Kong’s tokenized securities ecosystem. “We are confident that this move will further strengthen GF Securities (Hong Kong)’s leadership in the evolving digital finance spectrum.”

GF Securities’ initiative aligns with the Hong Kong government’s recent announcement of a fresh policy statement that lays out plans to endorse RWA tokenization and broaden its crypto licensing framework. Paul Chan, Hong Kong’s financial secretary, expressed that “The Policy Statement 2.0 outlines our vision for the development of digital assets and exhibits the practical application of tokenization to enhance the diversification of use cases.”

Earlier this week, Guotai Junan International, another prominent Chinese brokerage firm, announced that it had secured regulatory approval to provide cryptocurrency trading services in Hong Kong. Several other securities firms, including China Merchants Securities and Huatai International, are also in the process of enhancing their licenses to allow crypto trading.

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