HashKey Holdings jumps 2.4% on plan to acquire Singapore exchange APEX

HashKey Holdings' Singapore unit signed a non-binding agreement to acquire Asia Pacific Exchange, a licensed Singapore exchange and clearing house, as the Hong Kong-listed crypto group expands its regulated footprint in Southeast Asia.

"This acquisition would give us a regulated exchange and clearing infrastructure in Singapore, a key market for digital asset services," the company said in a Hong Kong stock exchange filing, noting the deal remains subject to due diligence and Monetary Authority of Singapore approval.

The target, Asia Pacific Exchange, holds a Singapore Recognised Exchange license and operates an associated clearing house. HashKey's wholly owned subsidiary HKDAG SG signed the framework with APEX and its major shareholder Zhu Yuchen. Key commercial terms including consideration and payment structure remain under negotiation. HashKey shares rose 2.37% on the announcement, giving the company a market capitalization of HK$4.81 billion.

The acquisition would strengthen HashKey's multi-jurisdictional strategy as regulatory requirements tighten across Southeast Asia. The company earlier this month merged its regional exchanges in Hong Kong, Singapore, Dubai and Bermuda into a single trading platform under a "unified entry, localized compliance" model. The APEX deal, if completed, would add a second Singapore-regulated entity to that structure. HashKey cautioned the transaction may or may not proceed and further announcements will follow only if binding agreements and regulatory clearances are secured.

HashKey operates licensed platforms for secure trading, transaction facilitation and asset management across regulated digital and traditional financial markets. The group, listed on Hong Kong's main board, has been pursuing growth through regulated infrastructure in key financial hubs.

The Singapore expansion comes as crypto exchanges increasingly consolidate regional operations under unified platforms while maintaining jurisdiction-specific compliance. OKX and Kraken have adopted similar structures, presenting a single application while allocating customers to different legal entities based on residence. For HashKey, the APEX deal would provide a licensed exchange and clearing house infrastructure that could lower operating costs and attract institutional clients seeking regulated venues in Asia.

This article is for informational purposes only and does not constitute investment advice.