Hong Kong Hot Stock Analysis: Puxing Energy (00090.HK)

Puxing Energy (00090.HK) is an energy company listed on the Hong Kong Stock Exchange, mainly engaged in power generation business. As of December 4, 2025, the company’s stock price was HK$1.420, an increase of 9.231% from the previous closing price of HK$1.300. The key driver of the stock price surge is its identity as the controlling shareholder of HashKey [1]. HashKey recently passed the Hong Kong Stock Exchange’s listing hearing and intends to become Hong Kong’s first “crypto asset stock”, an event that has attracted widespread market attention to Puxing Energy.

The listing expectation of HashKey has had a significant catalytic effect on Puxing Energy’s stock price. As the controlling shareholder, Puxing Energy will directly benefit from the increase in equity value and market attention brought by HashKey’s listing. Hong Kong’s regulatory environment for crypto assets is gradually maturing, and HashKey’s listing may set a new benchmark for this field, further enhancing Puxing Energy’s market influence.

1. HashKey Listing Dividend
   : HashKey’s potential status as Hong Kong’s first “crypto asset stock” may bring equity appreciation and investment returns to Puxing Energy.
2. Increased Market Attention
   : The connection to the crypto asset field has gained more investor attention for Puxing Energy, which may drive the stock price to rise further.
3. Maturation of Crypto Asset Regulation
   : Hong Kong’s gradual improvement of crypto asset regulation provides a stable environment for HashKey’s operation and development, indirectly benefiting Puxing Energy.

1. Crypto Asset Market Volatility
   : HashKey’s business is related to crypto assets, and market volatility may affect its valuation, which in turn will be transmitted to Puxing Energy’s stock price.
2. Uncertainty in Listing Process
   : Although HashKey has passed the listing hearing, there is still some uncertainty about the final listing. If the process is blocked, it may affect Puxing Energy’s stock price performance.
3. Energy Business Risks
   : Puxing Energy’s own energy business may be affected by industry policies, market demand and other factors, which will have an impact on the company’s overall performance.

Puxing Energy (00090.HK) has become a hot stock in the Hong Kong stock market due to its identity as the controlling shareholder of HashKey. The expectation that HashKey will become Hong Kong’s first “crypto asset stock” is the core catalyst for the stock price rise. Investors should pay attention to HashKey’s listing process, the regulatory environment of the crypto asset market, and the operation of Puxing Energy’s own energy business to fully evaluate the company’s investment value.