HashKey Holdings is launching its share sale in Hong Kong amidst China’s central bank warnings on virtual currencies. The IPO price range is set at HK$5.95 to HK$6.95 per share, aiming for up to HK$1.67 billion. People’s Bank of China maintains its tough stance on cryptocurrency speculation.

HashKey, one of 11 recognized virtual asset trading platforms in Hong Kong, plans to list in the city after OSL Group. Licensed platforms provide stability for investors despite crypto volatility. The city’s Stablecoin Ordinance is seen as a test for China’s offshore virtual asset trading regime.

Retail bookbuilding for HashKey attracted HK$1.85 billion in margin financing within half a day. The company, founded in 2018, reported revenue of HK$284 million in the first half of the year. It plans to allocate net proceeds to technology upgrades, market expansion, and collaboration with ecosystem partners.

Read more at Yahoo Finance: HashKey aims for US$214 million in Hong Kong IPO amid Beijing’s crypto pressure