Analysis of Puxing Energy (0090.HK) Becoming a Hong Kong Stock Hot Stock Due to HashKey IPO Hearing

On December 22, 2025, Puxing Energy (0090.HK) became a surging hot stock on the Hong Kong stock market hot list due to HashKey passing the Hong Kong Stock Exchange main board IPO hearing [1]. Note that the code initially mentioned by the user was 00090.HK, which was verified to be 0090.HK (format difference) through data validation. The stock’s performance on that day: opening price $1.31, highest price $1.37, closing price $1.36, increase of 3.82%, trading volume 240,000 shares, lower than the average trading volume of 343,600 shares in the past 5 trading days [0].

HashKey is a licensed digital asset platform in Hong Kong, the largest regional onshore platform in Asia by trading volume with a market share of over 75%, covering three major business areas: transaction facilitation, on-chain services, and asset management. Its IPO is expected to raise $500 million, and if successful, it will become the world’s first crypto asset platform listing case approved by a mainstream exchange [2]. As the controlling shareholder of HashKey, Puxing Energy’s listing expectation brings potential valuation improvement opportunities, driving the stock price up on that day [2].

1. Clear Core Catalyst
   : HashKey’s listing event as a leader in the crypto asset field is the direct reason for Puxing Energy becoming a hot stock, reflecting the market’s attention to the development of Web3.0 and crypto asset sectors in Hong Kong [2].
2. Price and Volume Divergence
   : Although the stock price rose, the trading volume on that day did not increase significantly and was lower than the average, which may indicate limited short-term upward momentum [0].
3. Far-reaching Industry Impact
   : If HashKey successfully lists, it will set a compliance benchmark for Hong Kong’s crypto asset industry and may drive related concept stocks to continue to receive attention [2].

• HashKey’s listing is expected to boost the associated valuation of Puxing Energy and drive further stock price performance [2].
• The expected compliant development of Hong Kong’s crypto asset industry brings long-term growth potential for related concept stocks [2].

• Policy Regulatory Risk
  : Chinese regulatory authorities have reaffirmed the ban on virtual currency speculation and trading, which may have a negative impact on HashKey’s business expansion and market sentiment [2].
• Profit Uncertainty
  : HashKey recorded net losses from 2022 to 2024 and the first half of 2025, and has not yet achieved profitability [2].
• Correlation Risk
  : The specific shareholding ratio of Puxing Energy in HashKey and its actual profit impact have not been clarified [2].
• Trading Data Limitation
  : Insufficient trading volume on that day may limit the sustainability of short-term gains [0].

Puxing Energy (0090.HK) became a hot Hong Kong stock due to HashKey passing the Hong Kong Stock Exchange IPO hearing, with the stock price rising by 3.82% on that day. As Asia’s largest crypto asset platform, HashKey’s listing expectation brings valuation improvement opportunities for Puxing Energy, but attention should be paid to risk factors such as regulatory policies, HashKey’s profitability, and correlation. The trading volume on that day was low, and investors should make decision support based on multi-dimensional factors.