TechFlow News, March 4: Haitong International issued its inaugural coverage report on March 2, assigning HashKey (3887.HK) an “Outperform” rating with a target price of HK$8.80. The valuation is based on a 13x forward price-to-sales (P/S) ratio for 2027, approximately 21% higher than the industry average.
The report notes that HashKey is Asia’s leading compliant crypto-asset platform, commanding over 75% of Hong Kong’s onshore digital asset trading market share and holding 13 core licenses across six key jurisdictions. In H1 2025, institutional trading accounted for 68% of total trading volume, serving as the core revenue driver. Benefiting from improving regulatory conditions, rising user penetration, and an optimized fee structure, Haitong International forecasts HashKey’s revenue compound annual growth rate (CAGR) to reach 59% between 2025 and 2028, with the company projected to achieve breakeven in 2028 and record net profit of HK$92 million.
Short-term catalysts include HashKey’s potential inclusion in the Stock Connect program and the imminent issuance of Hong Kong’s first stablecoin license. RD InnoTech—HashKey’s portfolio company and one of the primary participants in Hong Kong’s stablecoin sandbox initiative—may provide new impetus for business growth.
