HashKey disappoints investors in stock market debut as shares crash after temporary rise

The post HashKey disappoints investors in stock market debut as shares crash after temporary rise appeared on BitcoinEthereumNews.com.

HashKey stepped into the Hong Kong stock exchange with a quick 3% lift, but the excitement faded fast as the stock slid 2.1% by press time. The exchange raised $206 million in the IPO after pricing shares at HK$6.68, close to the top of the HK$5.95–HK$6.95 range.It also pulled in about HK$1.6 billion, a big number in a market where crypto assets have been struggling. Mainland China’s full crypto ban has not stopped Hong Kong from leaning into digital assets, but investors clearly wanted more from this debut. The list of early backers was heavy. It included Fidelity, UBS, CDH Investments, and Cithara Fund, while JPMorgan and Guotai Haitong handled bookrunner roles. HashKey CFO Eric Zhu said, “Our mission is to make digital assets massively accessible, and what we are doing is to create a compliant platform to connect our users with the digital assets industry.” Eric also said:- “We are confident that the [crypto] penetration rate in Hong Kong, in the Asian market, is going to catch up with what happens in the U.S.” That confidence did not show up in the stock chart. Asia-Pacific markets react to new data Across the region, markets moved in different directions as investors looked at fresh trade data out of Japan.Japan’s exports for November rose 6.1% year over year, beating the 4.8% forecast from economists. It also came in above the 3.6% recorded the month before. The Nikkei 225 stayed flat, while the Topix slipped 0.25%. South Korea’s Kospi climbed 0.72%, and the Kosdaq added 0.19%. Japan also saw a major banking move, with SBI Shinsei Bank jumping more than 12% after a 322 billion yen IPO priced at 1,450 yen per share. Export data showed a 23.6% rise in goods shipped to Western Europe and an 8.8% rise in exports to…