HashKey shares rose 3% Wednesday as they debuted on the Hong Kong stock exchange, after the crypto exchange raised $206 million in its initial public offering, at a time when crypto currencies have taken a beating. 

HashKey, Hong Kong’s largest licensed crypto exchange, raised around 1.6 billion Hong Kong dollars after pricing the IPO at HK$6.68 per share, near the higher end of the marketed range of HK$5.95 to HK$6.95.

While mainland China has imposed a blanket ban on cryptocurrencies since 2021, Hong Kong has been more receptive toward digital assets.

Key cornerstone investors included Fidelity, UBS, Chinese investment…