HashKey recently cleared the HKEX’s listing hearing for its initial public offering, marking a move towards going public in the city.
HashKey Holdings Limited has inched closer to its Initial Public Offering (IPO) after taking a major step recently. On Dec. 1, it announced that it had cleared the Hong Kong Stock Exchange’s (HKEX) listing hearing, which is a review of the public bourse’s listing committee.
HaskKey to Direct IPO Proceeds to Technological Infrastructure Upgrade
It highlighted the development in its Post Hearing Information Pack, marking a step towards having its IPO, which was filed a while back. Contextually, the HKEX hearing is a review by the stock exchange’s listing committee.
This particular committee is responsible for making decisions on listing applications, disciplinary matters, as well as other regulatory issues for companies seeking to go public. Once a company clears the hearing, the next step is prospectus registration, which is then followed by marketing, book-building, and pricing.
Though HashKey has not disclosed the timeline or the size of the planned IPO, it is already making plans for the proceeds of the IPO.
This is a reflection of the company’s confidence in going public soon. It intends to upgrade its technological infrastructure, such as product innovation and security.
Another portion will go to supporting market expansion and general corporate purposes.
More Crypto Firms Planning for an IPO
With this new development, HashKey is setting the tone for the new year, which is only a few weeks away.
At the beginning of 2025, it raised its valuation to $1.5 billion through a $30 million investment from Gaorong Ventures, a Beijing-based venture capital firm.
This was after HashKey Capital, the investment branch of HashKey Group, secured approval from Hong Kong’s Securities and Futures Commission (SFC).
In the case of an IPO, South Korea’s exchange Upbit is allegedly preparing for a potential Nasdaq listing.
It plans to trade alongside other crypto giants like Coinbase Global Inc. Thailand-based Bitkub is also planning to have an IPO in Hong Kong by 2026. It plans to raise $200 million after a failed attempt to go public in Thailand.
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