TechFlow News, March 9: Huachuang Securities issued its inaugural coverage report on March 4, assigning HashKey Holdings (3887.HK) a “Recommended” rating with a target price of HK$8.55. The valuation is based on an expected 22x price-to-sales ratio for 2026, benchmarked against comparable companies such as Coinbase and Robinhood.
The report notes that HashKey accounted for 75% of Hong Kong’s virtual asset trading market volume in 2024 and has established an integrated business ecosystem spanning trade facilitation, on-chain services, and asset management. Huachuang Securities forecasts the company’s revenue for 2025–2027 to reach HK$696 million, HK$1.075 billion, and HK$1.711 billion, respectively, with losses narrowing progressively as economies of scale take effect.
On the policy front, Hong Kong’s Stablecoin Bill took effect in August 2025, and the first batch of stablecoin licenses is expected to be issued in March 2026. HashKey has already completed the development of relevant core capabilities and is well-positioned to actively participate in cross-border payments and real-world asset (RWA) tokenization applications.
