Recently, international investment bank J.P. Morgan released its latest research report, upgrading the stock rating of licensed digital asset financial services provider HashKey (stock code: 3887.HK) from "Neutral" to "Overweight," while maintaining a target price of HKD 5.00.

J.P. Morgan pointed out in the report that after recently attending the JP Morgan China Summit and meeting with HashKey's management, it has a clearer expectation of its recent business performance and mid-term profitability roadmap. The bank believes that HashKey's growth is more resilient than expected, and the long-term structural trends in the digital asset industry continue to be favorable for it.

The report noted that although the overall trading activity in the virtual asset system has been relatively weak recently, thanks to active expansion in the Hong Kong market, HashKey's trading volume has achieved year-on-year growth from the beginning of this year (YTD). In terms of financial metrics, J.P. Morgan expects that as the costs associated with trading normalize, HashKey’s gross margin in the fiscal year 2026 is likely to expand by about 10 percentage points, leading to a significant recovery in profitability.

In terms of strategic layout, J.P. Morgan highlighted HashKey's potential in the real-world assets (RWA) sector. The bank expects that stock tokenization is likely to gain market traction within the next 6 to 12 months, while HashKey Chain is being positioned as the core RWA infrastructure layer.

Additionally, the research emphasized several long-term structural trends in the digital asset market. J.P. Morgan believes that trading activities are accelerating from offshore platforms to onshore platforms, and HashKey, as a core licensed institution in Hong Kong, will directly benefit. At the same time, the company is laying out plans in various areas such as stablecoin license applications and payment infrastructure construction, and plans to launch perpetual futures contracts within this year, while also developing cryptocurrency options products, expanding its new sources of revenue.