Hashkey Holdings, operator of Hong Kong’s largest licensed crypto exchange, saw its shares drop 0.15% in its stock market debut in the city on Wednesday, giving the company a market cap of HK$18.4 billion ($2.4 billion).

Hashkey’s stock rose to a high of HK$7.12 in the early trading session, before closing at HK$6.67. The Hong Kong-based company raised HK$1.6 billion from the sale of nearly 240.6 million shares at HK$6.68 apiece, near the top end of a marketed range of HK$5.95 to HK$6.95.

Hashkey said it will use the proceeds to upgrade its technology and infrastructure, hire talent and strengthen risk management.

Established in 2018, Hashkey is among the earliest of Hong Kong’s 11 companies cleared to offer regulated crypto trading services for retail and institutional investors. The company said in the prospectus it has more than 75% of Hong Kong’s digital asset trading volume, citing research firm Frost & Sullivan. Hashkey, which also offers trading services in Singapore,........

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