HashKey Advances to Final IPO Stage After Clearing HKEX Listing Hearing

Highlights:

• HashKey Holdings is getting closer to a public listing on the Hong Kong Stock Exchange.
• HKEX shared a detailed 633-page post-hearing pack ahead of a potential IPO.
• China’s central bank warns that stablecoin activities are illegal, and crypto speculation is rising.

HashKey Holdings, which runs Hong Kong’s largest licensed crypto exchange, has cleared the Hong Kong Stock Exchange listing hearing. This step brings the company closer to its initial public offering. The hearing ensures that companies follow rules before going public. After this, HashKey can move forward with its IPO prospectus, marketing, and pricing.

On Monday, HKEX released a 633-page post-hearing information pack for HashKey Holdings. The exchange and Hong Kong’s financial regulator, the Securities and Futures Commission, requested the document to provide full details before a potential IPO.

HashKey Holdings Passes HKEX Hearing, Advances Toward Hong Kong IPO

According to a disclosure from the @HKEXGroup on December 1, HashKey Holdings Limited (@HashKeyGroup) has passed its HKEX listing hearing.@jpmorgan, Guotai Haitong, and Guotai Junan International are acting as… pic.twitter.com/iDbym6kfFJ

— ME (@MetaEraHK) December 1, 2025

HashKey’s Final Approval Still Pending

The company has not revealed the timeline or size of the planned IPO and declined further comment. Bloomberg reported in October that HashKey aims to raise up to $500 million through the offering this year. While the listing is not yet approved, the pack shows that HashKey is moving closer to a potential IPO.

The pack also tells investors the deal is not finished. “The listing application in this document has not yet been approved; HKEX and the SFC may accept, return, or reject the public offering and/or listing application.” This warning shows that final approval depends on finishing all offering documents. JPMorgan, Guotai Junan International, and Haitong International will sponsor the listing.

Interest in HashKey’s IPO is probably high. In mid-February, China-based Gaorong Ventures reportedly invested $30 million, making HashKey a unicorn. The company is also growing internationally. In January, HashKey Europe got approval for a virtual asset service provider license from the Central Bank of Ireland. This lets it operate in European markets. This global growth is different from the problems in mainland China, where authorities still have strict rules on cryptocurrency activities.

HashKey Europe has received cryptocurrency registration approval in Ireland#Bitcoin $BTC

— Bpay News (@bpaynews) January 7, 2025

China Tightens Rules on Stablecoins, Warns Against Crypto Speculation

Hong Kong began accepting applications for stablecoin issuers in August under a dedicated regulatory framework. The move attracted interest from Chinese tech giants like Ant Group and JD.com, while banks such as HSBC and ICBC considered applying.

Despite opportunities in Hong Kong, Chinese authorities ordered mainland firms to stop research or events related to stablecoins in early August. In September, a Caixin report claimed mainland companies could be forced to withdraw from Hong Kong crypto activities, though it was later deleted. By late October, Ant Group and JD.com suspended their stablecoin plans, citing regulatory concerns.

China’s central bank confirmed its strict stance on virtual currencies on Saturday. It warned that speculation is rising again and promised to take action against illegal activities involving stablecoins. The People’s Bank of China (PBOC) said at a meeting on virtual currency rules on Friday that crypto speculation has recently grown due to several reasons. This rise brings new challenges for controlling risks, the central bank said in a statement. “Virtual currencies do not hold the same legal status as fiat currency and cannot be used as legal tender in the market,” the PBOC said in a statement.