Citi Research has released its first coverage report on Asian leading compliant digital asset platform HashKey Holdings Limited (“HashKey” or “the Company,” 3887.HK). Citi has given HashKey a “Buy/High Risk” rating, setting a target price of HKD 5.60. At the time of the report's release, the stock price was HKD 1.85, with a projected potential increase of up to 202.7%.

The Citi report points out that HashKey, as the largest compliant digital asset trading platform in Asia, has a tripartite ecosystem covering transaction facilitation, on-chain services, and asset management. Its long-term structural growth logic as a core infrastructure provider for digital assets remains clear, and the current valuation presents a highly attractive allocation opportunity.

As a full-stack platform spanning the entire digital asset industry chain, HashKey aims to achieve total revenue of HKD 723 million by 2025, with transaction facilitation services contributing 72% of the revenue, maintaining a market share of over 75% in the compliant trading market in Hong Kong. On-chain services and asset management business also remain robust, with the Company’s AUM reaching HKD 7.2 billion by the end of 2025. Additionally, the group has secured 11 core compliance licenses and qualifications in key jurisdictions such as Hong Kong, Singapore, Japan, Bermuda, and the UAE (Dubai), establishing a high compliance barrier.

Citi emphasizes three core logical pillars supporting HashKey’s medium- to long-term growth: First, the enhancement of global regulations drives funds from offshore to compliant onshore markets, with Hong Kong’s onshore trading scale predicted to grow at a compound annual growth rate of up to 63% from 2024 to 2029, and HashKey will benefit significantly. Second, the group has developed its own Ethereum L2 network, HashKey Chain (HSK Chain), which deeply penetrates the AI agentic payment sector and has joined the Google AP2 alliance, with this business expected to generate approximately HKD 1.59 billion in incremental annual revenue by 2030. Finally, HashKey is leading the tokenization of real-world assets (RWA), with the on-chain deployment scale reaching approximately HKD 2 billion by 2025, continuously capturing growth opportunities in Hong Kong's trillion-dollar RWA market.

In terms of financial forecasts, Citi expects HashKey's operating revenues for 2026, 2027, and 2028 to be HKD 880 million, HKD 1.225 billion, and HKD 2.049 billion respectively, with operational leverage being released and AI reducing costs and increasing efficiency. It is expected to achieve a core net profit of HKD 9.683 million by 2028, marking a historic profitability turning point, with gross margins steadily rising to 60.1%.

About HashKey Holdings Limited (3887.HK):

HashKey Holdings Limited (“HashKey Group,” stock code: 3887.HK) was established in 2018 and listed on the Hong Kong Stock Exchange on December 17, 2025. HashKey Group is a leading integrated digital asset company in Asia, with operations worldwide. We are building a new generation of global financial infrastructure, serving institutions, retail investors, and blockchain ecosystem partners, helping traditional institutions and blockchain projects efficiently access global resources and achieve compliant expansion and growth of products and businesses. The group’s business covers three core areas: transaction facilitation, on-chain services, and asset management.

HashKey Group is committed to promoting the scalable implementation of blockchain technology, providing trusted and accessible digital asset services to one billion users worldwide.