"Hong Kong's First Cryptocurrency Company" HashKey's first day of listing faces a cold reception, closing down 0.2%.

HashKey Holdings (Stock Code 3887) successfully listed on the Hong Kong Stock Exchange, becoming the first virtual asset exchange parent company approved for listing in the Hong Kong market. As an important milestone in the development of Hong Kong’s cryptocurrency industry, this IPO attracted top global institutions; however, the opening performance did not meet expectations. The stock closed at HKD 6.67, down 0.2% from the IPO price of HKD 6.68, and the initial honeymoon period was not sustained.

Luxurious lineup of cornerstone investors, surged to high during trading

The listing received high market attention. HashKey successfully attracted nine cornerstone investors including UBS Asset Management Singapore, Fidelity, and CDH Investments, demonstrating market recognition of Hong Kong’s cryptocurrency industry development. During trading, the stock price surged to HKD 6.99, a 6.6% increase over the IPO price, indicating active buying at the opening. However, the rally was short-lived, with the stock falling back to a low of HKD 6.12, and ultimately closing roughly at the IPO price.

Five years of preparation and refinement, Xiao Feng emphasizes “thick accumulation and thin release” timing

HashKey Chairman Xiao Feng revealed after the listing ceremony that the company had been preparing for listing for five years. Facing the complexity of virtual assets as an emerging industry, fully complying with Hong Kong’s listing audit requirements and establishing a comprehensive financial and compliance system indeed requires longer periods of polishing and accumulation. Xiao Feng described this listing timing as the result of “thick accumulation and thin release,” fully reflecting HashKey’s commitment to the regulated development of Hong Kong’s cryptocurrency market.

Regarding the company’s ongoing losses, Xiao Feng pointed out that the virtual asset industry is in a high-growth stage, and profitability is not the most core operational indicator for now. Instead, ensuring sufficient cash flow to support long-term development is key. Especially during the critical window of industry development in the next 2 to 3 years, sufficient investment must be maintained, or the opportunity for rapid expansion in Hong Kong’s cryptocurrency market will be missed.

Hong Kong’s regulatory advantages become core support, future policy benefits expected

Despite short-term market fluctuations, Xiao Feng is highly confident in the long-term prospects of Hong Kong’s virtual asset industry. He emphasized that in recent years, Hong Kong has gradually established clearer and more compliant rules through improved legislation and regulation, creating a relatively advantageous environment for market participants like HashKey. Regarding the earlier reiterated policy stance of the People’s Bank of China, Xiao Feng clarified that these policies are not directly related to Hong Kong’s stablecoin legislation. Hong Kong will continue to advance digital asset policies, and HashKey will benefit from the strong support of the Hong Kong government, continuing to leverage the “one country, two systems” framework effectively.