Puxing Energy (00090.HK) Heat Analysis: Impact of HashKey's Listing Expectations

Puxing Energy (00090.HK) is a Hong Kong-listed energy-related enterprise that has recently become a market hotspot as the controlling shareholder of HashKey. HashKey is one of the 11 companies in Hong Kong holding a virtual asset trading platform license. It is the largest regional onshore platform in Asia by trading volume, with a Hong Kong market share exceeding 75%. It is also Asia’s largest on-chain staking service provider and one of the digital asset management institutions with the largest assets under management [1]. This time, HashKey passed the Hong Kong Stock Exchange’s hearing and is about to become Hong Kong’s “first crypto asset stock”, which has triggered strong investor expectations of potential valuation growth for Puxing Energy.

Due to data tool limitations, real-time price and trading volume data for Puxing Energy cannot be obtained temporarily. However, considering the market’s general optimism about HashKey’s listing prospects, it is expected that the stock may experience significant price fluctuations and increased trading volume in the near future. Hong Kong’s attempt at compliant regulation of virtual asset trading as an international financial center has also boosted overall market confidence in this sector [1].

1. Linkage between Compliance and Market Position
   : HashKey’s Hong Kong virtual asset license and leading market share give it strong competitiveness in the compliant crypto sector. As the controlling shareholder, Puxing Energy will directly benefit from the expected valuation growth of HashKey.
2. Strategic Significance of Hong Kong’s Web3 Ecosystem
   : HashKey’s listing as Hong Kong’s “first crypto asset stock” will further consolidate Hong Kong’s international position in the Web3 sector, and Puxing Energy’s market attention may remain high in the long term.

• Valuation Growth Potential
  : If HashKey successfully lists and achieves a high valuation, the equity value of Puxing Energy as the controlling shareholder will increase significantly.
• Industry Leading Advantage
  : HashKey’s institutional client structure and compliant operation model lay the foundation for its long-term growth.

• Regulatory Risk
  : Thirteen Chinese government departments reaffirmed the ban on virtual currency speculation and trading. Although it does not directly challenge HashKey’s listing, it may lead to restricted access to Chinese customers, increased compliance costs, and brand public opinion pressure [1].
• Profitability Risk
  : HashKey is still in the investment phase, with losses of HK$585 million, HK$580 million, HK$1.19 billion, and HK$507 million in 2022-2024 and the first half of 2025 respectively [1].
• Market Competition Risk
  : The crypto asset platform sector is highly competitive, and HashKey faces pressure from other listed or upcoming listed platforms.

Puxing Energy (00090.HK) has become a hotspot in Hong Kong stocks due to HashKey’s listing expectations. HashKey’s compliant status and leading market position are the core catalysts. Investors should pay attention to further progress of HashKey’s IPO and official announcements from Puxing Energy, while remaining alert to related risks in regulation, profitability, and competition. Due to the lack of real-time trading data, price support/resistance analysis cannot be provided temporarily.