BRIEF: Hashkey off to rocky start in Hong Kong trading debut

Shares of digital asset platform HashKey Holdings Ltd. (3887.HK) opened 0.3% higher in their Hong Kong trading debut on Wednesday, then moved within a narrow range before closing 2.7% below their offer price at HK$6.50 by the midday break.

The company sold 240 million shares for HK$6.68 each, raising net proceeds of HK$1.48 billion ($190 million). The public portion of the offering for local investors was oversubscribed by 393 times, while the international placement was oversubscribed by 4.5 times.

HashKey operates a digital asset platform offering trading and on-chain services, as well as asset management services. The company plans to use 40% of the IPO proceeds for technology and infrastructure development. Another 40% will be used for market expansion and strengthening ties with its ecosystem partners. Another 10% is earmarked for operations and risk management, with the remaining 10% for general working capital.

By Lau Chi Hang

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