Analysis of the Reasons for Rising Popularity and Price Fluctuations of Puxing Energy (00090.HK)

Puxing Energy (00090.HK) is a popular stock in the Hong Kong market recently, and its popularity mainly comes from two events [1][2][4]: First, as the controlling shareholder of HashKey, a Hong Kong cryptocurrency exchange, the company attracted widespread market attention driven by HashKey’s listing on the Hong Kong Stock Exchange on December 17, 2025; Second, the company held an extraordinary general meeting of shareholders on the same day and passed relevant resolutions, further increasing market attention. However, despite the rise in popularity, the stock price has fallen consecutively: it dropped 5.303% to HK$1.25 on December 17, and fell another 5.385% to HK$1.23 on December 18 [3][5]. This divergence between popularity and price trend may stem from the selection criteria of the “Surge List” (such as trading volume rather than price increase).

1. Event-driven and Stock Price Divergence
   : HashKey’s IPO, as a major event, has driven market attention to Puxing Energy, but the short-term stock price decline may reflect investors’ concerns about the uncertainty of the cryptocurrency market and factors such as the early digestion of event expectations.
2. Sector Correlation Impact
   : As the controlling shareholder of a cryptocurrency exchange, Puxing Energy’s performance is highly tied to the trend of the cryptocurrency market, and its stock price fluctuations may amplify the systemic risks of the cryptocurrency market.
3. Information Transparency Challenge
   : Currently, there is limited public information on Puxing Energy’s detailed financial information and business model, and investors’ insufficient understanding of the company’s fundamentals may exacerbate stock price fluctuations.

• Risks
  : First, the short-term volatility risk caused by consecutive stock price declines [3][5]; second, the high uncertainty of the cryptocurrency market itself may affect the company’s performance; third, the increased difficulty in investment decisions due to insufficient information.
• Opportunities
  : HashKey’s listing provides Puxing Energy with potential opportunities for business synergy and value enhancement; if the cryptocurrency market develops well, the company may benefit.

Puxing Energy (00090.HK) has become a market hotspot due to HashKey’s IPO event, but its stock price has fallen consecutively recently. Investors need to closely monitor the company’s subsequent announcements, HashKey’s stock price performance, and the overall trend of the cryptocurrency market, while carefully evaluating the investment risks caused by insufficient information.