We advised HashKey on its IPO and HKEX listing

Davis Polk advised HashKey Holdings Limited on its initial public offering and listing on the Hong Kong Stock Exchange in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$1.6 billion, before giving effect to the exercise of the over-allotment option. This is the first crypto exchange IPO on HKEX.

HashKey offers a licensed digital asset platform to provide transaction facilitation services, on-chain services and asset management services. According to Frost & Sullivan, HashKey is the largest regional onshore digital asset transaction facilitation platform in Asia by trading volume.

The Davis Polk corporate team included partners Li He and Jason Xu, counsel – registered foreign lawyer Xi Shi and Kevin Zhang, registered foreign lawyer Eva Xu and associates Calvin Lam and Tina Ye. Counsel Sarah E. Kim provided 1940 Act advice. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the Hong Kong, Beijing, New York and London offices.

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