[Huachuang Securities Initiates Coverage on HashKey, Target Price HK$8.55] On March 4, Huachuang Securities released its initial coverage report, assigning HashKey Holdings (3887.HK) a 'Recommended' rating with a target price of HK$8.55. The valuation is based on a projected 22x price-to-sales ratio for 2026, referencing comparable companies such as Coinbase and Robinhood. The report highlights that HashKey accounts for 75% of Hong Kong's virtual asset trading market share in terms of 2024 transaction volume, building a three-pronged business ecosystem encompassing trading facilitation, on-chain services, and asset management. Huachuang Securities forecasts HashKey's operating revenue to reach HK$696 million, HK$1.075 billion, and HK$1.711 billion in 2025, 2026, and 2027, respectively, with losses gradually narrowing as economies of scale are realized. Hong Kong's 'Stablecoin Ordinance' will take effect in August 2025, with the first batch of stablecoin licenses expected to be issued in March 2026. HashKey has already completed the development of relevant core capabilities.