TechFlow News, January 28: J.P. Morgan, a leading global investment bank, issued its inaugural research report on HashKey (3887.HK), assigning it an “Overweight” rating and setting a target price of HK$9.0 for December 2026—representing approximately 28% upside from the share price of HK$6.98 at the time of the report’s release.
The report notes that, from an industry growth momentum perspective, institutional capital inflows into digital assets in Hong Kong are projected to surge at a compound annual growth rate (CAGR) of approximately 85% between 2024 and 2027. Against this backdrop, HashKey is poised for sustained high growth over the coming years, with institutional business expected to become the most critical growth driver. J.P. Morgan forecasts the company’s revenue growth rate to reach approximately 80% in 2026.
As a licensed virtual asset trading platform in Hong Kong, HashKey captured a dominant 75% local market share in 2024, benefiting from significant first-mover advantages in brand reputation, regulatory compliance capabilities, and product coverage. As Hong Kong further expands its digital asset service scope—including the listing of additional crypto assets, potential crypto derivatives, and stablecoin-related services—the industry is set to enter a new stage of development. As a compliant, one-stop digital asset platform, HashKey is well-positioned to seize these emerging opportunities ahead of peers, warranting a valuation premium relative to local comparables.
Additionally, J.P. Morgan highlights in the report that HashKey’s management team possesses relevant experience in both traditional finance and digital assets. Since its listing, the company has further enhanced its capital market brand influence and market recognition. Considering both the broader industry environment and HashKey’s strategic positioning, the firm expects HashKey to achieve growth rates above the industry average over the next several years.
