Simpson Thacher represented the underwriters in the initial public offering and Rule 144A and Regulation S offering by HashKey Holdings Limited (“HashKey” or the “Company”) (Stock code: 3887). HashKey offered an aggregate of 240,570,000 shares prior to the exercise of the international underwriters’ over-allotment option. The base offering size was approximately HK$1.61 billion (approximately US$206 million). The shares of HashKey are listed on the Main Board of the Hong Kong Stock Exchange. J.P. Morgan and Guotai Junan Securities asted as joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers.
The IPO of HashKey is the first listing on HKEX of a licensed virtual asset trading platform operator under Hong Kong’s new regulatory regime for virtual assets. Simpson Thacher is honored to represent the underwriters in this landmark transaction, which contributes as an important milestone in Hong Kong’s development as a leading global hub for regulated digital assets.
HashKey is an established comprehensive digital asset company in Asia with a global footprint, providing end-to-end financial infrastructure, technology and investment management to create a digital assets ecosystem. The Company offers a licensed digital asset platform to provide transaction facilitation services, on-chain services, and asset management services. Specifically, they are the largest regional onshore platform in Asia by trading volume in 2024, according to Frost & Sullivan. Beyond trading, they are also the largest on-chain services provider in terms of assets under staking and the largest digital asset manager by AUM in Asia, underscoring their leadership across all their business.
The Simpson Thacher team for the transaction included Christopher Wong, Daniel Fertig, Carol Chan, Jeff Wong, June Hu and Karen Shih (Capital Markets).