Citi Initiates Coverage on HashKey with Buy Rating, HK$5.6 Target Price

Hong Kong, Aug. 4, 2026 – Citi Research has initiated coverage of HashKey Holdings Limited (3887.HK), Asia’s leading regulated onshore digital asset trading platform, assigning a Buy/High Risk rating and setting a target price of HK$5.60. Based on the stock’s closing price of HK$1.85 at report release, the implied upside potential stands at 202.7%.

Citi reports that HashKey operates an all-in-one integrated ecosystem spanning exchange operation, on-chain financial services and institutional asset management. As a core digital assets infrastructure provider with solid long-term structural growth drivers, HashKey creates a current valuation as a highly attractive opportunity for entry.

As a full-stack player across the digital asset value chain, HashKey generated HK$723 million in revenue in 2025, with transaction facilitation services accounting for 72% of topline. HashKey holds 75% market share of Hong Kong’s regulated onshore digital asset trading volume. Its on-chain services and asset management services delivered steady performance, with assets under management (AUM) reaching HK$7.2 billion as of end-2025. HashKey holds 11 core licenses across major jurisdictions including Hong Kong, Singapore, Japan, Bermuda and Dubai, establishing robust compliance barriers.

Citi highlights three key long-term growth drivers underpinning HashKey’s growth. First, HashKey accelerates migration from offshore to onshore digital asset trading. Frost & Sullivan projects a 63% compound annual growth rate (CAGR) for Hong Kong’s onshore digital asset trading volume in 2024- 2029, of which HashKey is a key beneficiary.

Second, HashKey’s Layer-2 blockchain infrastructure, HashKey Chain (HSK Chain), strategically positions it to capture share of the agentic payment economy. Besides, HashKey has joined the Agent Payment Protocol (AP2) alliance by Google. Citi estimates this segment could deliver approximately HK$1.59 billion in annual revenue by 2030.

Third, HashKey is an early-mover in real-world asset (RWA) tokenization, with around HK$2 billion of real-world assets deployed on-chain as of 2025. The company is well-placed to capture massive growth from multi-trillion-dollar RWA market in Hong Kong.

On the financial front, Citi forecasts HashKey’s revenue growth to HK$880.2 million, HK$1.225 billion and HK$2.049 billion in 2026, 2027 and 2028 respectively. Driven by operating leverage and efficiency enhancement brought by AI, Citi forecasts HashKey will deliver core net profit of HK$9.683 million in 2028, turning to profit with gross margin set to climb steadily to 60.1%.

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About HashKey Holdings Limited

HashKey Holdings Limited ("HashKey" or the "Company", Stock Code: 3887.HK) is a mature, comprehensive digital asset company in Asia with a global footprint, building a digital asset ecosystem by providing end-to-end financial infrastructure, technology, and investment management. The Company provides trading facilitation services, on-chain services, and asset management services through licensed digital asset platforms.