HashKey Nears Hong Kong IPO As China Tightens Grip On Stablecoin Talks

TLDR

Table of Contents

HKEX published a post-hearing info pack for HashKey’s IPO on November 27.
JPMorgan is among the joint sponsors for HashKey’s planned public listing.
HashKey Europe holds a VASP license from Ireland’s Central Bank since January.
China urged firms to halt stablecoin activities despite Hong Kong’s licensing.

HashKey Holdings has moved closer to its anticipated public listing in Hong Kong. The Hong Kong Stock Exchange has released a post-hearing information pack, indicating progress in the listing process. At the same time, regulatory developments in mainland China have cast a shadow on stablecoin activity, signaling a more cautious stance despite Hong Kong’s growing digital asset initiatives.

HashKey Moves Closer to Public Listing in Hong Kong

HashKey Holdings is advancing toward a public listing on the Hong Kong Stock Exchange (HKEX). A 633-page post-hearing information pack was published by HKEX on November 27, following the listing committee’s internal approval.

The release of this pack suggests the company has passed an important milestone, although formal listing approval is still pending. HKEX stated that the offering is not yet finalized, and the listing application could still be returned or rejected.

This document was prepared at the request of HKEX and Hong Kong’s Securities and Futures Commission (SFC), as part of the exchange’s standard procedure. HashKey aims to become one of the first crypto-native firms to list in Hong Kong.

IPO Likely to Draw Market Attention

HashKey is one of Hong Kong’s leading licensed crypto exchanges, with a 24-hour trading volume of nearly $108 million. According to CoinGecko data, it ranks at the top of local digital asset platforms.

JPMorgan, Guotai Junan International, and Haitong International are named as joint sponsors for the listing. This signals high institutional involvement and potential investor interest. In February, China-based Gaorong Ventures invested $30 million in HashKey, giving the company a pre-money valuation of $1.5 billion, though the figure has not been independently verified.

HashKey is also expanding into European markets. In January, its subsidiary HashKey Europe received approval from the Central Bank of Ireland as a virtual asset service provider (VASP). This move may support future growth outside Asia.

Hong Kong Pushes Crypto Regulation Forward

Hong Kong introduced a framework for stablecoin licensing in August, allowing qualified issuers to apply for operation rights. The policy drew attention from several large Chinese tech firms such as Ant Group and JD.com.

Local media reported that financial institutions like HSBC and the Industrial and Commercial Bank of China also explored stablecoin applications. These developments were part of Hong Kong’s broader attempt to position itself as a regulated crypto hub.

The stablecoin initiative was seen as an effort to attract institutional adoption, though these efforts now face resistance from across the border.

China Tightens Control on Crypto Activities

While Hong Kong continues to develop its crypto regulatory framework, mainland China maintains its strict stance on virtual assets. In early August, Chinese authorities told firms to stop releasing research or holding seminars on stablecoins.

In September, a now-deleted report by Caixin suggested that mainland Chinese firms operating in Hong Kong could be forced to exit crypto-related activities. By late October, companies like Ant Group and JD.com reportedly suspended their plans to pursue stablecoin initiatives in Hong Kong.

On November 30, China’s central bank reiterated that virtual currency activity is illegal. After a meeting with 12 regulatory agencies, the People’s Bank of China stated that “virtual currency-related business activities constitute illegal financial activities,” echoing the 2021 ban on crypto trading and mining.