Cryptocurrency exchange HashKey Holdings Ltd had a flat debut in Hong Kong amid recent digital asset weakness. Shares closed at HK$6.67, down 0.15% from the offer price of HK$6.68. Demand for the IPO was high, with the institutional tranche oversubscribed by 5.5 times and the retail tranche nearly 394 times. HashKey offers asset management, brokerage, and tokenization services, and operates the largest licensed crypto exchange in Hong Kong. Chairman and CEO Xiao Feng expressed confidence in digital assets’ long-term prospects despite short-term volatility. Beijing’s ban on cryptocurrency trading in 2021 has not affected Hong Kong’s embrace of digital assets. HashKey plans to focus on cash flow over profitability and invest in technology infrastructure, market expansion, partnerships, and operational and risk management. Hong Kong’s stock exchange is having a strong year, with over $34 billion raised from new listings so far.

Read more at Yahoo Finance: Crypto exchange HashKey shares end flat in volatile Hong Kong trading debut