HashKey Holdings’ shares fell about 5% in their Hong Kong trading debut, signaling investor caution despite the company’s dominant position in the city’s licensed crypto exchange market. The stock opened below its IPO price after prospectus disclosures highlighted heavy losses alongside rapid growth in users and trading activity.

HashKey controls roughly three-quarters of Hong Kong’s regulated crypto trading volume and processed over $81.8 billion in 2024. However, its ultra-low fee strategy — largely below 0.1% — has kept revenue growth well behind rising operating costs tied to licensing, compliance, custody, and infrastructure. The exchange reported cumulative net losses of around $385 million between 2022 and mid-2025.

Early trading suggests investors remain unconvinced that scale alone can resolve the imbalance, with the market waiting for clearer signs of higher fees, improved margins, or stronger contributions from value-added services.