Puxing Energy (00090.HK) Heat Analysis: Catalyzed by HashKey IPO

Puxing Energy (00090.HK) is a Hong Kong-based renewable energy utility company that has recently become a market hotspot due to being one of the shareholders of HashKey Group [1]. HashKey Group is a well-known crypto asset and blockchain investment institution in Hong Kong, and its IPO plan has sparked investor attention on Puxing Energy.

From a fundamental perspective, Puxing Energy has a market capitalization of approximately $609.94 million, with a closing price of $1.33 as of December 28, 2025 [0]. The company’s valuation indicators show a P/E ratio of 15.85x, P/B ratio of 0.63x, while ROE is only 4.00%, reflecting relatively weak profit growth capability.

In terms of price and trading volume, the company’s share price rose 3.91% in the past month, with a significant YTD increase of 114.52% [0]. Recent trading volume data shows:

• December 22: Share price rose 3.82% to $1.36, trading volume 240,000 shares
• December 23: Share price fell 1.47% to $1.34, trading volume 20,000 shares
• December 24: Share price remained flat at $1.34, trading volume 282,000 shares
• December 28: Share price slightly fell 0.75% to $1.33, trading volume 276,000 shares (higher than the average volume of 255,600 shares)

1. Catalyst-driven speculative attention
   : Puxing Energy’s popularity is mainly driven by expectations of HashKey’s IPO, rather than significant improvements in its own fundamentals. The contrast between the high YTD increase and low ROE indicates strong speculative sentiment in the market.
2. Double impact of sector and event
   : As a member of the renewable energy sector, the company benefits from global green energy policy support; meanwhile, the external event of HashKey’s IPO further amplifies market attention.
3. Signal from increased trading volume
   : Recent trading volume is higher than the average level, showing increased market interest in the stock, but attention needs to be paid to whether this popularity can be sustained, especially if there are changes in the IPO process.

1. IPO uncertainty
   : HashKey’s IPO plan may face delays or failure risks, which will directly weaken Puxing Energy’s catalytic factors [1].
2. Valuation fluctuation risk
   : The share price has increased by over 114% YTD, which may have already reflected optimistic expectations for HashKey’s IPO, and there is a risk of overvaluation [0].
3. Weak fundamentals
   : ROE is only 4.00%, with limited profit growth space, unable to support long-term high valuations [0].
4. Industry competition
   : The renewable energy industry is highly competitive, and Puxing Energy’s market position needs to be improved.

1. Successful HashKey IPO
   : If HashKey successfully completes its IPO and obtains a good valuation, Puxing Energy may benefit from investment returns and further improvement in market sentiment.
2. Renewable energy policy dividends
   : Global continuous support for green energy provides a policy foundation for the company’s long-term development.

Puxing Energy (00090.HK) has become a hotspot in Hong Kong stocks due to being a shareholder of HashKey Group (which plans an IPO). The company’s share price has increased by 114.52% YTD, with recent trading volume higher than the average level, but its fundamentals are weak (ROE only 4.00%) and there is IPO uncertainty. Investors should pay attention to the progress of HashKey’s IPO, the improvement of the company’s fundamentals, and the industry competition situation.