TechFlow News, May 27: J.P. Morgan recently upgraded HashKey (3887.HK) from “Neutral” to “Overweight,” maintaining its target price at HK$5.00.
The research report states that, following participation in the J.P. Morgan China Summit and meetings with HashKey’s management team, the bank has gained greater clarity on HashKey’s recent operational performance and medium-term profitability trajectory, viewing its growth resilience as stronger than expected. J.P. Morgan expects HashKey’s gross margin to improve by approximately 10 percentage points in fiscal year 2026, as trading costs normalize.
Additionally, the bank is optimistic about HashKey’s strategic positioning in the real-world assets (RWA) space, noting that equity tokenization may gain market traction within the next 6–12 months, with HashKey Chain positioned as a core RWA infrastructure.
