HashKey Holdings, the parent company of one of Hong Kong’s biggest licensed crypto exchanges, moved a step closer to a public listing, according to new filings from the Hong Kong Stock Exchange (HKEX).

On Monday, the HKEX published a 633-page post-hearing information pack for HashKey Holdings. The document was published at the request of The Stock Exchange of Hong Kong Limited and the local financial regulator, the Securities and Futures Commission (SFC).

A post-hearing information pack is only published after HKEX’s listing committee formally clears an applicant at the listing hearing. In other words, without explicitly stating it, this document indicates that HashKey has moved closer to listing on the exchange and is progressing toward its initial public offering (IPO).

At the same time, the document stressed that the deal is not yet finalized. “The listing application referred to in this document has not yet been approved; the HKEX and the SFC may accept, return, or reject the public offering and/or listing application.”

This is standard HKEX disclaimer language and does not contradict HashKey’s approval. Instead, it refers to the listing being dependent on completing the offering documents.

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HashKey’s IPO is likely to attract significant attention

The news follows early October reports that HashKey was aiming for an IPO and a listing in Hong Kong this year. At the time, the report was largely based on rumors, citing anonymous sources with purported knowledge of the matter.

HashKey is Hong Kong’s top crypto exchange with a 24-hour volume of nearly $108 million at the time of writing, according to CoinGecko data. The information pack also listed the world’s top bank, JPMorgan, and local financial institutions Guotai Junan International and Haitong International as joint sponsors for the listing.

Interest in the offering is likely high, considering that in mid-February, China-based Gaorong Ventures reportedly invested $30 million in HashKey, granting it unicorn status. The pre-money valuation of the investment was purportedly almost $1.5 billion, but reports cited unidentified sources that could not be independently verified.

The platform is also looking to expand its reach. In early January, its subsidiary HashKey Europe received approval for a virtual asset service provider license from the Central Bank of Ireland.

Related: Crypto bank AMINA gets Hong Kong license to launch institutional trading

China quarantines Hong Kong’s crypto industry

Hong Kong’s growing crypto industry is not well-received by mainland Chinese authorities. Hong Kong began accepting applications from stablecoin issuers in August after introducing a dedicated regulatory framework.

The introduction of the stablecoin licenses in Hong Kong attracted the interest of Chinese technology giants, including Ant Group and JD.com. At the time, reports suggested that HSBC and the Industrial and Commercial Bank of China (ICBC) planned to apply for stablecoin licenses in Hong Kong.

However, Chinese authorities told local firms to stop publishing research or holding seminars related to stablecoins in early August. In September, a now-deleted report by Chinese financial outlet Caixin claimed that mainland Chinese companies operating in Hong Kong may be forced to withdraw from cryptocurrency-related activities.

This was followed by reports in late October that Chinese technology giants, including Ant Group and JD.com, had reportedly suspended plans to issue stablecoins in Hong Kong due to regulatory concerns. On Saturday, the People’s Bank of China — mainland China’s central bank — said after a meeting with 12 other agencies that “virtual currency speculation has resurfaced,” reiterating that “virtual currency-related business activities constitute illegal financial activities,” in line with its 2021 ban on crypto trading and mining.

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