TechFlow News, February 9: Guotai Haitong Securities released a research report stating that HashKey HLDGS (03887.HK), a leading licensed digital asset firm in Hong Kong, is being initiated with an “Add” rating, with a target price of HK$10.14.
The core rationale rests on three pillars: First, the company holds all three SFC licenses (Types 1, 7, and 9), commands over 75% market share, and benefits from prominent regulatory compliance barriers. Second, institutional business accounts for 85.5% of total revenue; omnibus client trading volume has surged nearly fivefold, and institutional revenue’s share rose significantly to 68% in H1 2025. Third, the growth of digital asset ETFs is driving institutional demand, while the company’s integrated ecosystem—spanning trading, on-chain services, and asset management—confers competitive advantages.
Financially, revenue is projected at HK$782 million, HK$1.211 billion, and HK$2.338 billion for 2025–2027, respectively, with net losses narrowing progressively (–HK$1.084 billion, –HK$717 million, –HK$47 million). Applying the price-to-sales (P/S) valuation method and referencing comparable firms such as Coinbase, a P/S multiple of 12x is assigned, implying a market capitalization of HK$28.1 billion.
