TechFlow News, June 2, reported that Dongwu Securities released a research report indicating that HASHKEY HLDGS (03887.HK), a globally leading compliant Web3 infrastructure provider, is approaching an inflection point for profitability, supported by synergies across its licensed trading and on-chain asset management businesses. This is the firm’s first coverage of the company, with an “Outperform” rating assigned.
The report notes that the company has established Hong Kong as its core hub while progressively building a global digital asset ecosystem. Its equity is highly concentrated, and its management team combines expertise from both traditional finance and Web3. In 2025, revenue reached HK$723 million, up 0.3% year-on-year; however, its business mix is shifting from transaction-driven to a balanced model integrating trading, on-chain services, and asset management. The report forecasts the company’s net profit attributable to shareholders at –HK$794 million, –HK$296 million, and HK$511 million for 2026–2028, respectively—indicating continued narrowing of losses and a path toward profitability. Transaction facilitation remains the company’s largest business segment (accounting for 72% of revenue in 2025); leveraging its licensing advantages in Hong Kong and Bermuda, its trading volume reached HK$590.8 billion in 2025, ranking first in market share among Asian onshore markets. Its client base is transitioning from retail-dominant to institution- and omnibus-focused, with institutional monthly trading volume reaching HK$35.917 billion in 2025. On-chain services boast gross margins exceeding 90%, while staking and RWA tokenization provide structural growth drivers. Asset management services cover venture capital and secondary funds; revenue from this segment grew 49.8% year-on-year in 2025, with assets under management (AUM) reaching HK$7.2 billion.
The report emphasizes that the company operates within a high-elasticity zone characterized by scarcity of compliance licenses, end-to-end business ecosystem barriers, and strong upward earnings momentum—justifying a valuation premium. Key risks highlighted include volatility in crypto-asset markets, intensifying industry competition, regulatory policy changes, and cybersecurity risks.
