[Haitong International Initiates Coverage on HashKey, Assigns 'Outperform' Rating] Deep Tide TechFlow reports that on March 4, Haitong International released its initial coverage report on March 2, assigning HashKey (3887.HK) an 'Outperform' rating with a target price of HK$8.8. The valuation is based on a projected 13x price-to-sales ratio for 2027, approximately 21% higher than the industry average. The report highlights HashKey as a leading compliant crypto asset firm in Asia, holding over 75% market share in Hong Kong's onshore digital asset trading market and possessing 13 core licenses across six jurisdictions. In the first half of 2025, institutional trading accounted for 68% of total trading volume, serving as a key revenue driver. Benefiting from improved regulatory environments, increased user penetration, and optimized fee structures, Haitong International forecasts the company's revenue compound annual growth rate (CAGR) to reach 59% from 2025 to 2028, with the company expected to achieve breakeven by 2028 and an estimated net profit of HK$92 million. In terms of short-term catalysts, HashKey is likely to benefit from its inclusion in the Stock Connect program and the issuance of Hong Kong's first stablecoin license. RD InnoTech, an investment of HashKey and a key participant in Hong Kong's stablecoin sandbox initiative, may provide new growth momentum for the company.