Crypto Exchange HashKey’s Shares Fall in Hong Kong Debut

Shares of HashKey Holdings Ltd., operator of Hong Kong’s largest licensed cryptocurrency exchange, fell on their trading debut after an initial public offering that raised HK$1.6 billion ($206 million).

The stock fluctuated on Wednesday, ranging from a gain of as much as 6.6% to a loss up to 8.4%. It ultimately closed 0.2% lower at HK$6.67 per share in the city, after the company sold 240.6 million shares at HK$6.68 apiece, near the top of the marketed range. The sale valued HashKey at HK$18.5 billion, based on the expected share count in its listing document. Its 24.06 million shares allocated to retail investors in Hong Kong were 393.71 times subscribed.