HASHKEY HLDGS, Hong Kong's largest licensed crypto exchange, rose 8% in the Hong Kong grey market.

HashKey launched the IPO last week, offering 240.6 million shares at a price of HK$5.95 to HK$6.95 each.

The company did not respond to a Reuters request for comment.

Bloomberg first reported about HashKey's IPO pricing on Monday.

HashKey, founded in 2018, offers a wide range of services including asset management, brokerage and tokenisation, and runs the city's largest licensed crypto exchange.

It is scheduled to start trading on the Hong Kong Stock Exchange on December 17.

UBS, Fidelity and Chinese investment firm CDH are among cornerstone investors in the IPO, HashKey's offering prospectus shows.

The IPO comes as some of the world's major cryptocurrencies have been on a roller-coaster ride in recent months after repeatedly hitting record highs earlier this year.

Bitcoin , the world's largest cryptocurrency, plunged as much as 36% in around a month's time after reaching an all-time peak above $126,000 in early October.

Authorities in Beijing, which banned cryptocurrency trading in 2021, have recently renewed their warnings about virtual currencies.

The People's Bank of China last month reaffirmed its tough stance, cautioning against a resurgence of speculation and vowing to crack down on illegal activities involving virtual currencies.

However Hong Kong, which operates under a freer economic system than mainland China, has embraced digital assets as it seeks to strengthen its reputation as a leading financial hub.