Hong Kong's largest cryptocurrency exchange IPO encounters a chill, dropping nearly 3% on the first day

Hong Kong's largest licensed cryptocurrency exchange HashKey was listed on the Hong Kong Stock Exchange on Wednesday, with its stock price rising by as much as 6% on the first day, currently down nearly 3%, reflecting a relatively subdued performance that indicates cautious sentiment in the current cryptocurrency market.

HashKey's IPO raised approximately HKD 1.6 billion, with an issue price of HKD 6.68, close to the upper end of the HKD 5.95-6.95 offering price range. Cornerstone investors include well-known institutions such as Fidelity, UBS, CDH Investments, and Cithara Fund. JP Morgan and Cathay Securities acted as joint bookrunners.

Founded in 2018, HashKey provides exchange services, over-the-counter trading, staking, and tokenization on-chain services, as well as asset management solutions for institutional and retail clients.

It is worth mentioning that HashKey's listing comes at a time when the global cryptocurrency market is experiencing significant volatility. The world's largest cryptocurrency, Bitcoin, fell approximately 36% within a month after reaching a historical high of USD 126,000 in early October, and is still down about 6% year-to-date. This casts a shadow over the market performance of cryptocurrency-related enterprises.

HashKey's moderate start shows that despite Hong Kong's active development of its digital asset hub status, investors remain cautious about the cryptocurrency sector.

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