Hong Kong's largest cryptocurrency exchange IPO was cold, falling nearly 3% on the first day

HashKey's listing comes at a time when the global cryptocurrency market is experiencing significant volatility, and its downward trend highlights that investors are still on the fence in the cryptocurrency sector.

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

HashKey's IPO raised a total of about HK$1.6 billion, and the issue price of HK$6.68 was close to the high end of the offering price range of HK$5.95-6.95. Cornerstone investors include prominent institutions such as Fidelity, UBS, CDH Investments, and Cithara Fund. J.P. Morgan Chase and Cathay Pacific Haitong (20.770, 0.49, 2.42%) acted as joint bookrunners.

Founded in 2018, HashKey offers on-chain services such as exchange services, OTC, staking, and tokenization, 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. Bitcoin, the world's largest cryptocurrency, fell about 36% in a month after hitting an all-time high of $126,000 in early October and is still down about 6% so far this year. Casting a shadow over the market performance of crypto-related businesses.

HashKey's modest start shows that investors are still on the fence about the crypto sector despite Hong Kong's active development of digital asset hub.

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