HASHKEY HLDGS (03887) surged 5.09% during intraday trading on Wednesday, marking a strong debut on the Hong Kong Stock Exchange. The crypto exchange operator opened at HK$6.70 per share, slightly above its final offer price of HK$6.68, and climbed to HK$7 amid heavy trading volume.
The rally was driven by robust demand for its IPO, with the retail tranche oversubscribed 393 times and the institutional portion 5 times. Investors flocked to the stock as HashKey, Hong Kong’s largest licensed crypto exchange, capitalizes on the city’s push to become a digital asset hub despite mainland China’s crypto restrictions.
HashKey raised HK$1.48 billion ($206 million) in the offering, pricing shares near the upper end of its marketed range. The debut outperformed initial expectations of a 0.3% gain, reflecting bullish sentiment toward the firm’s diversified crypto services, including asset management and tokenization.