HKEX published a post-hearing information pack for HashKey Holdings, pushing Hong Kong’s top crypto exchange closer to a high-profile IPO.
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HashKey Holdings, the parent company of one of Hong Kong’s biggest licensed crypto exchanges, moved a step closer to a public listing, according to new filings from the Hong Kong Stock Exchange (HKEX).
On Monday, the HKEX a 633-page post-hearing information pack for HashKey Holdings. The document was published at the request of The Stock Exchange of Hong Kong Limited and the local financial regulator, the Securities and Futures Commission (SFC).
A post-hearing information pack is only published after HKEX’s listing committee formally clears an applicant at the listing hearing. In other words, without explicitly stating it, this document indicates that HashKey has moved closer to listing on the exchange and is progressing toward its initial public offering (IPO).
At the same time, the document stressed that the deal is not yet finalized. “The listing application referred to in this document has not yet been approved; the HKEX and the SFC may accept, return, or reject the public offering and/or listing application.”
This is standard HKEX disclaimer language and does not contradict HashKey’s approval. Instead, it refers to the listing being dependent on completing the offering documents.
Related:
HashKey’s IPO is likely to attract significant attention
The news follows early October reports that and a listing in this year. At the time, the report was largely based on rumors, citing anonymous sources with purported knowledge of the matter.
HashKey is Hong Kong’s top crypto exchange with a 24-hour volume of nearly $108 million at the time of writing, according to CoinGecko . The information pack also listed the world’s top bank, JPMorgan, and local financial institutions Guotai Junan International and Haitong International as joint sponsors for the listing.
Interest in the offering is likely high, considering that in mid-February, China-based Gaorong Ventures , granting it unicorn status. The pre-money valuation of the investment was purportedly almost $1.5 billion, but reports cited unidentified sources that could not be independently verified.
The platform is also looking to expand its reach. In early January, its subsidiary HashKey Europe received from the Central Bank of Ireland.
Related:
China quarantines Hong Kong’s crypto industry
Hong Kong’s growing crypto industry is not well-received by mainland Chinese authorities. Hong Kong began accepting in August after .
The introduction of the licenses in Hong Kong attracted the interest of Chinese technology giants, . At the time, reports suggested that HSBC and the Industrial and Commercial Bank of China (ICBC) .
However, Chinese authorities told local firms to stop publishing research or . In September, a now-deleted report by Chinese financial outlet Caixin claimed that mainland Chinese companies operating in Hong Kong activities.
This was followed by reports in late October that Chinese technology giants, including Ant Group and JD.com, had reportedly due to regulatory concerns. On Saturday, the People’s Bank of China — mainland China’s central bank — that “virtual currency speculation has resurfaced,” reiterating that “virtual currency-related business activities constitute illegal financial activities,” in line with its .
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