Puxing Energy (00090.HK) Hot Stock Analysis: Catalytic Effect of HashKey's Listing

Puxing Energy (00090.HK) has recently become a hot stock in the Hong Kong stock market, with the core catalyst being its related company HashKey Holdings Limited passing the Hong Kong Stock Exchange’s listing hearing on December 1, 2025 [2]. According to the prospectus disclosure, Lu Weiding, the controlling shareholder of Puxing Energy, indirectly controls HashKey through Puxing Energy (which he holds 65.42% of), and this equity relationship has attracted high attention from investors [2]. As of December 2, 2025, Puxing Energy’s share price closed at HK$1.35, with a daily gain of approximately 5.47% and a cumulative weekly gain of 21.62% [0]. The daily trading volume significantly increased to 126 million shares, which is about 6 times higher than the 3-month average volume (2.0643 million shares), indicating extremely active market transactions [0]. In addition, the stock appeared on the Hong Kong Stock Surge List of the East Money App, indicating high attention from retail investors [1].

1. Obvious event-driven characteristics
   : The stock price increase is mainly driven by the news of HashKey’s listing hearing, not by the improvement of Puxing Energy’s own fundamentals, with significant signs of short-term speculative capital intervention.
2. Equity relationship is the core logic
   : Lu Weiding’s control over HashKey through Puxing Energy allows the market to transmit HashKey’s listing expectations to Puxing Energy’s stock price.
3. Market sentiment volatility risk
   : The digital asset industry itself is highly volatile, and HashKey’s performance after listing will directly affect the subsequent trend of Puxing Energy’s stock price.

1. Insufficient fundamental support
   : HashKey has not yet made a profit, with a loss of HK$1.189 billion in 2024, and the profit outlook after listing remains uncertain. Puxing Energy’s returns as a shareholder depend on its future performance [2].
2. Short-term correction risk
   : The stock price increase is mainly driven by short-term market sentiment, and the 6-fold increase in trading volume indicates intensive intervention of speculative capital, with the risk of correction triggered by profit-taking.
3. Valuation deviation risk
   : The current P/E ratio of 16.87x and P/B ratio of 0.64x are at the industry average, but the short-term rapid increase may lead to valuation deviation from fundamentals [0].

If HashKey performs strongly after listing, it may bring valuation improvement space for Puxing Energy, but attention should be paid to HashKey’s listing pricing and subsequent operation conditions.

Puxing Energy (00090.HK) has become a hot Hong Kong stock due to its related company HashKey passing the Hong Kong Stock Exchange’s listing hearing. As of December 2, 2025, the share price closed at HK$1.35, with a weekly gain of 21.62% and trading volume 6 times higher than the 3-month average. The core driver is the expectation of equity relationship, but attention should be paid to risks brought by HashKey’s unprofitability, short-term speculative driving forces, and industry volatility. This analysis only provides factual information and does not constitute investment advice; investors should make cautious decisions based on their own circumstances.