• HashKey moves closer to its IPO after clearing the listing hearing and advancing to the next filing stage.
• Hong Kong expands its virtual asset rules as China strengthens oversight on crypto activity across the mainland.
• Investor interest in HashKey grows as the firm gains a new license in Europe and secures fresh funding.

HashKey Holdings has cleared the Hong Kong Stock Exchange listing hearing. This step moves the licensed exchange closer to its planned initial public offering. The hearing confirms compliance with listing rules before a company goes public. HKEX released a detailed 633-page post-hearing pack on Monday. 

The document includes full disclosures requested by HKEX and the Securities and Futures Commission. The company can now advance to the next stage of filing its prospectus, marketing the deal, and preparing its pricing plans. HashKey has not announced the expected size or timing of the IPO. Reports from October indicated a target of up to $500 million.

Regulatory Warnings Remain in Place

The post-hearing pack signals that approval is not final. The document notes that HKEX and the SFC may accept, return, or reject the listing application. This warning highlights the need for complete documentation before final approval. The company continues to work with its sponsors. 

JPMorgan, Guotai Junan International, and Haitong International are guiding the listing process. Their involvement shows strong institutional support. Interest in the IPO is likely growing due to HashKey’s recent valuation. In February, Gaorong Ventures invested $30 million and pushed the firm into unicorn status.

Global Expansion Strengthens Market Position

HashKey is expanding its international reach. In January, its European unit gained a virtual asset service provider license from the Central Bank of Ireland. This approval allows it to offer services across European markets. The move also places the firm ahead of many regional competitors. 

Hong Kong has been attracting interest from major firms as it builds its virtual asset rules. The city opened its stablecoin licensing framework in August. This step drew attention from firms such as Ant Group and JD.com. Several banks, including HSBC and ICBC, also explored stablecoin opportunities.

China Maintains Strict Crypto Controls

The situation differs sharply in mainland China. Authorities continue to enforce strict limits on cryptocurrency activities. They instructed firms to stop stablecoin-related research in early August. Reports in September suggested that some mainland firms could be forced to scale back Hong Kong crypto work. The claims were later removed but raised concerns. 

By late October, Ant Group and JD.com paused their stablecoin plans due to regulatory pressure. The central bank reinforced its view over the weekend. It noted an increase in speculative activity and signaled enforcement measures. It also stated that virtual assets do not carry the legal status of fiat currency.