HashKey Holdings, Hong Kong's largest licensed crypto exchange, rose 9% in Hong Kong grey market.
HashKey, founded in 2018, offers a wide range of services including asset management, brokerage and tokenisation, and runs the city's largest licensed crypto exchange.
UBS, Fidelity and Chinese investment firm CDH are among cornerstone investors in the IPO, HashKey's offering prospectus shows.
The IPO comes as some of the world's major cryptocurrencies have been on a roller-coaster ride in recent months after repeatedly hitting record highs earlier this year.
Bitcoin BTC=, the world's largest cryptocurrency, plunged as much as 36% in around a month's time after reaching an all-time peak above $126,000 in early October.
Authorities in Beijing, which banned cryptocurrency trading in 2021, have recently renewed their warnings about virtual currencies.
The People's Bank of China last month reaffirmed its tough stance, cautioning against a resurgence of speculation and vowing to crack down on illegal activities involving virtual currencies.
However Hong Kong, which operates under a freer economic system than mainland China, has embraced digital assets as it seeks to strengthen its reputation as a leading financial hub.
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