HashKey (3887.HK): Initiate on Asia’s Leading Onshore Crypto Exchange at Buy/High Risk

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HashKey (3887.HK): Initiate on Asia’s Leading Onshore Crypto Exchange at Buy/High Risk

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03 Aug 2026 06:33:12 ET │ 46 pages

HashKey (3887.HK)

Initiate on Asia’s Leading Onshore Crypto Exchange at Buy/High Risk

CITI'S TAKE

HashKey Group is Asia's leading regulated digital asset platform, spanning

exchange operations, on-chain financial services, and institutional asset

management. In 2025, the company generated HK$723mn in revenue and Buy / High Risk

processed HK$591bn in trading volume — the highest of regulated onshore Price (31 Jul 26 16:10) HK$1.85

digital asset exchanges in Hong Kong and Asia. We see three structural

Target price HK$5.60growth drivers: (1) accelerating migration from offshore to onshore trading

amid rising regulatory clarity; (2) the convergence of crypto and AI, where Expected share price return 202.7%

HashKey's Layer-2 blockchain infrastructure positions it to capture share of Expected dividend yield 0.0%

the emerging agentic payment economy; and (3) early-mover advantage in

Expected total return 202.7%real-world asset (RWA) tokenization, with ~HK$2bn deployed on-chain. We

initiate at Buy/HR with a HK$5.6 DCF-based TP, implying ~18x 2026E P/S. Market Cap HK$5,117M

US$653M

Asia’s leading onshore digital asset platform — HashKey is the largest regulated

onshore digital asset trading venue in HK/broader Asia. We view it as well

positioned to benefit from the ongoing institutionalization of digital assets globally,

with a full-stack architecture allowing it to capture value across multiple layers of Price Performance

the digital asset value chain. We attribute its significant share price decline (-74%

(RIC: 3887.HK, BB: 3887 HK)YTD) largely to cooled investment sentiment on crypto names and liquidity drain to

AI names.