HashKey Group is a Hong Kong group of licensed companies that run digital-asset exchanges, OTC, custody, asset management, staking and tokenisation under a single brand. Its core business is HashKey Exchange, operated by the SFC-licensed Hash Blockchain Limited and open to Hong Kong retail investors.
The holding company, HashKey Holdings Limited, has traded on the Main Board of HKEX under stock code 3887 since 17 December 2025 and reports under the exchange's rules. The licence, asset protection and product range nevertheless depend on the specific group entity with which a client contracts. The general logic of choosing and maintaining such authorisations is covered in the overview of financial licences.
Concept
HashKey is built as a set of licensed operators. Each service in each jurisdiction is provided by a separate company under a local licence, while the Cayman Islands holding company owns them and publishes consolidated accounts. The prospectus states the principle directly: all business activities and client transactions are carried out through licensed entities under the applicable regimes. The model is designed for onshore access to digital assets for institutional and private investors wherever the regulator requires a local licence, asset segregation and audit.
On the Hong Kong exchange a client's path runs as follows. The client completes KYC and opens an account with Hash Blockchain Limited. Fiat goes to segregated trust accounts with licensed banks; cryptoassets go to wallets of HashKey Custody Services Limited, which holds client assets apart from the group's own funds in hot and cold wallets with multi-signature controls. Trades inside the exchange are recorded on an internal ledger without an on-chain transfer for each trade; on withdrawal the asset moves from the client wallet to the client's external address (HashKey Holdings prospectus).
In July 2026 the group launched a single HashKey Exchange app covering Hong Kong, Global (Bermuda), Singapore and the Middle East. The interface is shared, but accounts remain separate: each is regulated in its own jurisdiction, and services stay bound to local rules (HashKey release of 27 July 2026). The first question about HashKey is therefore which entity is the counterparty for a given service.
Group entities and licences
The table is compiled from the list of material licences in the prospectus and the SFC register. It shows which entity is answerable to the client for each service.
| Entity | Licence or registration | Service |
|---|---|---|
| Hash Blockchain Limited (Hong Kong) | SFC Type 1 and Type 7 under the SFO since 9 November 2022; VATP licence under the AMLO since 30 May 2024 | HashKey Exchange: spot exchange for professional and retail investors |
| HashKey Custody Services Limited (Hong Kong) | TCSP licence (Companies Registry), valid until 29 April 2028 | Custody of exchange clients' digital assets on trust |
| HashKey Capital Limited (Hong Kong) | SFC Type 9 since 2020, Type 4 since 2024, Type 1 since 17 March 2025 | Fund management; sub-fund manager of the Bosera HashKey spot ETFs |
| HBS (Hong Kong) Limited | SFC Type 1 and Type 4 | Tokenisation advisory |
| HashKey Bermuda Limited | Class F from the Bermuda Monetary Authority since 21 February 2024 | HashKey Global: offshore exchange, spot and derivatives |
| HashKey MENA FZE (Dubai) | VASP licence from VARA (2025); exchange-traded derivatives added on 17 July 2026 | Exchange and broker-dealer services in the UAE |
| HashKey Technology Services Pte. Ltd. (Singapore) | Major Payment Institution licence from MAS for digital payment token services since 2024 | HashKey OTC and digital payment token services |
| HashKey Capital Singapore Pte. Ltd. | CMS licence from MAS for fund management since 2023 | Fund management |
| Tokyo Hash Co., Ltd (Japan) | Registered with the FSA as a crypto-asset exchange service provider since 2021 | Crypto exchange in Japan |
The Irish entity has dropped out of the structure. HashKey Europe Limited was registered as a VASP with the Central Bank of Ireland at the end of 2024 and surrendered the registration at the end of 2025, when the MiCA transitional period expired and national registrations were no longer available (FY2025 annual results).
Regulation of the Hong Kong exchange
The Hong Kong exchange operates under two licences issued under two different statutes; the regime is explained in the article on SFC licensing. According to the SFC register, Hash Blockchain Limited (CE BPL992) has held Type 1 and Type 7 under the Securities and Futures Ordinance since 9 November 2022 and a virtual asset trading platform (VATP) licence under the AMLO since 30 May 2024. On 3 August 2023 the platform obtained approval to serve retail clients; in the prospectus's words, HashKey became the first VATP approved to serve both professional and retail investors.
Custody runs through a separate company. SFC requirements for platforms oblige client money and client virtual assets to be held on trust through an associated entity: a Hong Kong subsidiary of the operator, licensed as a TCSP and carrying on no other business. At HashKey that role belongs to HashKey Custody Services Limited. Hong Kong does not yet have a dedicated licence for virtual-asset custodians: regimes for VA dealers and VA custodians are being prepared and the bill has not been introduced — see the article on the new dealing and custody licences.
Client fiat sits in segregated trust accounts with licensed banks — per the prospectus, Standard Chartered and Deutsche Bank. Before the IPO, round-the-clock fiat on- and off-ramps were supported by Standard Chartered and ZA Bank (prospectus). In the first half of 2026 the group added settlement through DBS and J.P. Morgan, and it runs omnibus accounts for bank clients with ZA Bank and Mox Bank (interim results for H1 2026).
The SFC sets the product range. ETH staking for clients of the Hong Kong exchange was launched in the first half of 2026 after regulatory approval; at 30 June 2026 the platform supported 33 spot trading pairs.
Offshore and international footprint
Where the group is licensed outside Hong Kong, and how those regimes compare with other jurisdictions, is mapped in the crypto licence map.
Outside Hong Kong the group operates through separate exchanges. HashKey Global is the venue of HashKey Bermuda Limited, which holds a Class F licence in Bermuda effective from 21 February 2024. The licence covers an exchange, custodial wallets, payment services using digital assets and a derivatives exchange. At the end of 2025 the Bermuda platform supported 65 spot pairs against 27 on the Hong Kong exchange (annual results).
In the UAE, HashKey MENA FZE operates under a full VASP licence from VARA and commenced business on 14 April 2025. On 17 July 2026 VARA extended the licence to exchange-traded derivatives, including perpetual contracts (interim results). The VARA regime is described in the UAE licence map.
In Singapore, HashKey Technology Services Pte. Ltd. holds a Major Payment Institution licence for digital payment token services, and HashKey Capital Singapore Pte. Ltd. holds a CMS licence for fund management. The CMS licence itself is covered in the article on Singapore CMS, and its relationship with Hong Kong Types 4 and 9 in the comparison of SFC Type 9 and CMS.
On 22 July 2026 HKDAG (Singapore) Pte. Ltd. signed a non-binding framework agreement to acquire Asia Pacific Exchange Pte. Ltd. (APEX), whose group holds Approved Exchange and Approved Clearing House status from MAS. The deal is subject to due diligence, MAS approval and definitive documents and, as the company itself cautions, may not proceed (HKEX announcement).
In Japan the group operates Tokyo Hash Co., Ltd, registered with the FSA as a crypto-asset exchange service provider. HashKey Exchange does not serve users in mainland China, the United States and certain other jurisdictions (release of 27 July 2026).
Products and business lines
Group revenue comes from three segments: transaction facilitation (exchanges, brokerage, custody), on-chain services (staking and tokenisation) and asset management. In 2025 trading volume across the group's transaction facilitation services (exchanges and OTC) was HK$590.8bn, HK$530.0bn of it from Hong Kong operations; client assets on the platforms stood at HK$18.4bn at year-end (annual results). HashKey OTC has operated since 2019, handling over-the-counter trades for institutional clients.
HashKey Capital is the asset-management arm. Its AUM was HK$7.2bn at the end of 2025 and HK$5.94bn (≈US$0.76bn) at 30 June 2026. In December 2025 it held the first close of Fund IV at US$250m; since April 2024 it has acted as sub-fund manager of the Bosera HashKey Bitcoin and Bosera HashKey Ether spot ETFs, whose manager is Bosera Asset Management (International). In May 2026 a fund managed by HashKey Capital led the US$40m Series B+ round of the crypto-derivatives platform SignalPlus, with the group contributing US$20m (HKEX announcement).
HashKey Chain is the group's Ethereum L2, launched in 2024 together with the HSK gas token. The group issues tokenised assets on it: in 2025 it acted as tokenisation service provider for the tokenised classes of Bosera money market ETFs, and the value of on-chain RWA it services reached HK$2.68bn at 30 June 2026. Tokenisation mechanics are covered in the article on RWA tokenisation. In November 2025 the group entered into a tokenised-assets partnership with Kraken (release).
The group offers staking to institutional clients; by its own account, it was the first in Hong Kong to offer ETH staking for ETFs and for digital-asset-treasury companies. Average assets under staking fell from HK$22.4bn in 2025 to HK$14.8bn in the first half of 2026, following the market downturn.
The group describes stablecoins as a key strategic priority: the exchange supports trading and settlement in regulated stablecoins and serves licensed participants in that market. Since 1 August 2025 Hong Kong has operated the HKMA licensing regime for stablecoin issuers; who may offer such coins to the public is covered in the article on the Hong Kong Stablecoins Ordinance.
Ownership, IPO and financial results
The group was founded in March 2018 by Dr Xiao Feng, chairman of the board and CEO. He has more than 30 years in finance: from 1998 to 2011 he was president of Bosera Asset Management, and since 2012 he has been vice chairman of China Wanxiang Holding.
The controlling shareholder is Mr Lu Weiding, a non-executive director. After the IPO he held 38.78% of the shares through GDZ International and 39.43% together with HashKey FinTech III and Puxing Energy; the second lock-up period for the controlling shareholders ends on 16 December 2026 (allotment results). Wanxiang Blockchain entities, which are his associates, have provided the group with technical development and IT services since 2018.
The IPO took place on 17 December 2025: 240.57m shares at HK$6.68 against a range of HK$5.95–6.95, raising HK$1.61bn gross (≈US$206m). The Hong Kong public offering was 393.71 times subscribed and the international offering 5.46 times. The joint sponsors were J.P. Morgan Securities (Far East) Limited and Guotai Junan Capital Limited; cornerstone investors included UBS Asset Management (Singapore), FIL Investment Management (Hong Kong), CDH Global Frontier Ventures and Cithara Global. The over-allotment option was partially exercised over 892,400 shares (HKEX announcement). Under the prospectus, 40% of the proceeds go to technology and infrastructure, 40% to market expansion and partnerships, and 10% each to operational and risk management and to working capital. How listings work in Hong Kong is covered in the article on Hong Kong IPOs.
The group is loss-making. Net losses were HK$585.2m in 2022, HK$580.0m in 2023 and HK$1,189.6m in 2024 — ≈HK$2.35bn over the three years before the IPO. In 2025 revenue was HK$723.1m with a loss of HK$1,084.3m; in the first half of 2026 revenue was HK$342.5m with a loss of HK$695.2m (interim results). The AGM of 11 June 2026 granted the board a buyback mandate, and the board set a limit of HK$100m from own funds (announcement). The first repurchase took place on 28 August 2026; according to the next day disclosure returns on HKEX, between 28 August and 14 October 2026 shares were bought back at HK$1.99–2.855 against HK$6.68 at the IPO.
Competitive context
On the SFC list of licensed platforms HashKey is the second operator by licence date: OSL Digital Securities was licensed first, on 15 December 2020, and Hash Blockchain on 9 November 2022. OSL's parent also trades on HKEX, under code 863. According to Frost & Sullivan data in the prospectus, in 2024 HashKey held over 75% of Hong Kong onshore trading volume, three times its nearest competitor; cumulative volume on the group's exchanges reached HK$1.3trn by 30 September 2025.
Global venues such as Binance, OKX and Bybit are absent from the SFC list and serve Asian clients from other jurisdictions. Client protection there is set by the rules of their licensing jurisdiction and by contract; the SFC's segregation and custody requirements do not apply to them. The same holds for the group's own offshore venue: a HashKey Global client is under the supervision of the Bermuda Monetary Authority.
Q/A
Can a non-resident of Hong Kong open a HashKey account?
It depends on the client's jurisdiction. HashKey Exchange does not serve users in mainland China, the United States and certain other countries; for others, the account is opened through a regional entity — Hong Kong, Bermuda, Singapore or Dubai — under that entity's KYC rules, including source-of-funds checks.
Which HashKey entity does the client contract with?
The one providing the service: the Hong Kong exchange is Hash Blockchain Limited, HashKey Global is HashKey Bermuda Limited, the UAE exchange is HashKey MENA FZE, digital payment token services in Singapore are HashKey Technology Services Pte. Ltd., and funds are HashKey Capital in Hong Kong or Singapore. The 2026 single app does not change this: each account is regulated in its own jurisdiction.
How are client assets protected on the Hong Kong exchange?
Cryptoassets are held on trust by HashKey Custody Services Limited, a TCSP licensee, separately from the group's funds. Fiat sits in segregated trust accounts with licensed banks. Deposit insurance does not extend to digital assets.
How does HashKey differ from OSL and offshore exchanges?
OSL was the first licensed VATP operator in Hong Kong (December 2020), and its parent is also listed (code 863); according to the prospectus, in 2024 HashKey's onshore volume was three times that of its nearest competitor. Binance, OKX and Bybit hold no Hong Kong licence, and client protection on them is set by the regulator of their own jurisdiction.
What did the IPO change?
Since 17 December 2025 the holding company has reported under HKEX rules: the prospectus, annual and interim results and transaction announcements are public. They show that the group is loss-making (HK$1,084.3m loss for 2025, HK$695.2m for the first half of 2026), that the controlling shareholder, Mr Lu Weiding, held 39.43% at listing together with related vehicles, and that their lock-up expires on 16 December 2026.