HashKey's (HKG:3887) wholly owned subsidiary, HKDAG (Singapore), has signed a non-binding framework agreement for the potential acquisition of Singapore-based exchange operator Asia Pacific Exchange, according to a Wednesday Hong Kong bourse filing.

The subsidiary will conduct legal, financial and business due diligence before deciding whether to proceed with the acquisition.

Any transaction will remain subject to regulatory and corporate approvals, including approval from the Monetary Authority of Singapore, and the execution of definitive agreements.

HashKey posted that Asia Pacific Exchange operates an approved exchange in Singapore, while its subsidiary, Asia Pacific Clear, holds an approved clearing house license.

HashKey added that the consideration, payment arrangement, and other key terms have yet to be determined, and cautioned that the proposed acquisition may or may not proceed.