Puxing Energy Makes Hong Kong Stock Exchange Hot List Amid HashKey IPO and Order Boom

Comprehensive Analysis

Tushare dc_hot (East Money App Surge List, Hong Kong stock market) recorded Puxing Energy (00090.HK) as a hot stock at 16:30:02 on December 17, 2025 (UTC+8), directly reflecting market attention from the combination of HashKey’s listing-related events and order factors. [0]
HashKey (3628.HK) listed on the Hong Kong Stock Exchange on December 17, 2025. As one of its controlling shareholders, Puxing Energy’s stock price was driven by market sentiment around the first listed platform for crypto assets. [2]
The company disclosed three orders totaling over $42 million, covering applications of graphite anode raw materials in drones, energy storage, and communication tower backup power. The order volume accounts for more than 50% of its current market capitalization, providing short-term fundamental support. [3][4][5]
Despite a 4.76% intraday gain in Hong Kong stocks and a trading volume of 212,000 shares (indicating concentrated capital and limited liquidity), the order data and HashKey events jointly fueled speculative fervor. [1]
The trend of US stock EPOW reflects long-term profit pressure: it fell 11.19% on December 15, with negative gross profit margin and a net profit margin of -18.12%, highlighting that the current main profit drivers are still insufficient. [6][7]

Key Insights

HashKey Correlation Driven by Sentiment and Speculation
: The perceived benefits from its controlling shareholder status are mainly based on equity-related speculative imagination rather than business synergy; subsequent fluctuations in HashKey’s market capitalization may quickly feed back to Puxing Energy. [2]
Significant Order Density but Profitability Remains Unverified
: Short-term orders exceeding HK$330 million (accounting for over 50% of market capitalization) support the market value, but negative gross profit margin and sustained losses indicate uncertainty in converting these into profits. [3][4][5][6][7]
Price Volatility Stemming from Low Liquidity and Event-Driven Factors
: A trading volume of 212,000 shares, nearly 10% amplitude, and intraday range of HK$1.260/HK$1.390 remind investors to pay attention to the risk of amplified volatility. [1]

Risks and Opportunities

Risks
: After HashKey sentiment fades, it may lead to a rapid pullback; insufficient liquidity amplifies selling pressure; sustained losses and negative gross profit margin may restrict long-term value; a P/E ratio of 15.71 based on negative EPS leads to distorted valuation. [1][2][6][7]
Opportunities
: The HashKey platform concept brings short-term popularity; large orders concentrated in 2026 can provide revenue flexibility; the intersection of crypto assets and new energy concepts attracts short-term capital chasing. [2][3][4][5]
Timeliness Note
: The timing of HashKey’s listing and order announcements is concentrated in mid-December 2025; if the catalysts continue, the market trend will extend, but it is also more likely to fade quickly in the absence of new stimuli. [2][3][4][5]

Key Information Summary

Event-Driven
: HashKey’s listing during the Hong Kong stock market closing phase on December 17, 2025, made controlling shareholder Puxing Energy a speculation focus. [0][2]
Order Support
: Three recent orders totaling over $42 million provide performance support for short-term business, but profit conversion needs to be observed. [3][4][5]
Fundamentals
: Negative gross profit margin, sustained losses, and high liabilities require balancing the gap between “concept + orders” and the company’s long-term profitability. [6][7]
Market Structure
: Both liquidity and market capitalization are limited; prices are prone to rapid amplified volatility when sentiment changes, suitable for short-term participants with higher risk appetites.

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