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

Puxing Energy (00090.HK) is a utility (renewable energy) company listed on the Hong Kong Stock Exchange. Recently, it has become a hot Hong Kong stock driven by two main factors: first, HashKey Holdings (a digital asset company), in which it holds a 65.42% stake, was listed in Hong Kong on December 17, 2025, becoming the first publicly listed digital asset company in Asia via Hong Kong public offering. Although HashKey fell slightly on its first day of listing, it gave Puxing Energy’s indirect investment higher exposure [1]; second, its stock price has performed strongly over the long term, rising 112.70% in the past 6 months, 116.13% for the full year, and 27.62% in one month [0]. In terms of price and trading volume: on December 22, the closing price was HK$1.36, up 3.82%, with a trading volume of 240,000 shares; on December 23, it fell 1.47% to HK$1.34, with trading volume dropping sharply, indicating short-term profit-taking [0].

1. Linkage Effect Between Digital Assets and Traditional Clean Energy
   : Puxing Energy focuses on clean energy as its main business, but has gained market attention due to its investment in the digital asset sector, reflecting the potential impact of cross-industry investments on the valuation of traditional enterprises.
2. Divergence Between Short-Term Popularity and Long-Term Fundamentals
   : Despite strong stock price performance, the company’s ROE is only 4.00% and net profit margin is 6.16%, with average fundamental profitability. Investors need to be alert to the disconnect between short-term speculative gains and long-term value.

1. Short-term volatility risk: The stock price has risen sharply recently, and a pullback already occurred on December 23. Selling pressure from short-term profit-taking may intensify volatility.
2. HashKey business risk: As a digital asset enterprise, HashKey faces risks such as regulatory policy changes and market fluctuations, which directly affect Puxing Energy’s investment returns.
3. Average fundamental profitability: Both ROE and net profit margin are at low levels [0].

1. Expected investment premium from HashKey’s listing: If HashKey performs well in business, Puxing Energy is expected to obtain long-term investment returns.
2. As a leading clean energy supplier in Zhejiang Province, business stability may attract the attention of theme investors.

Puxing Energy (00090.HK) has recently become a hot Hong Kong stock due to the listing of its associated company HashKey and its explosive stock price growth. The short-term support level is about HK$1.30, and the resistance level is HK$1.37. Investors need to pay attention to its short-term volatility risk, HashKey’s business risk, and fundamental profitability, while seizing potential investment return opportunities.

Citation sources: [0] Jinling Analysis Database; [1] The Paper - HashKey listed on HKEX, down 0.15% on first day