HASHKEY HLDGS (03887) saw its shares plummet by 5.69% during intraday trading on Wednesday, marking a sharp reversal from its initial surge during its Hong Kong trading debut. The stock opened at HK$6.70, slightly above its IPO price of HK$6.68, and initially climbed as much as 6.6% to HK$7.12 before losing momentum.
The drop is attributed to profit-taking by early investors and broader concerns about the volatility of the crypto market, especially given mainland China's ban on cryptocurrency trading. Despite strong demand for its IPO, with the retail tranche nearly 394 times oversubscribed and institutional demand reaching 5.5 times, the stock failed to sustain its early gains.