Puxing Energy (00090.HK) Hot Market Trend and Correlation Impact Analysis

Puxing Energy (00090.HK) is a power sector company listed on the Hong Kong Stock Exchange [0]. The core reason it has become a hot stock recently is its indirect connection with HashKey Group: HashKey, a leading licensed digital asset trading platform in Asia, listed on the Hong Kong Stock Exchange on December 17, 2025 (ticker: 03887.HK), and Puxing Energy indirectly holds shares in HashKey through the control of Lu Weiding, Chairman of Wanxiang Group [0].

In terms of price and trading volume, as of December 29, 2025, the stock closed at HK$1.27, falling 5.224% on the day [0]; the company’s market capitalization is approximately HK$600 million, which falls into the small-cap category and usually has low trading volume [0]. From the perspective of market sentiment, HashKey’s successful listing brought positive associated sentiment to Puxing Energy, but HashKey’s closing price on its first day fell slightly by 0.15%, which may have put short-term pressure on Puxing Energy’s stock price [0].

1. Correlation Impact Driven by Sentiment
   : The connection between Puxing Energy and HashKey is an indirect shareholding relationship with no direct financial收益 linkage, so stock price fluctuations are mainly affected by market sentiment [0].
2. Small-Cap Attribute Amplifies Volatility Risk
   : A market capitalization of approximately HK$600 million makes the stock vulnerable to speculative funds, leading to high price volatility [0].
3. Investors Need to Distinguish Between Concept and Fundamentals
   : The popularity stems from the associated concept rather than changes in the fundamentals of the company’s own power business, so it is necessary to carefully evaluate the actual impact [0].

• Limited Returns from Indirect Shareholding
  : Through the controlling shareholder’s indirect shareholding in HashKey, Puxing Energy is difficult to directly share HashKey’s business income [0].
• Transmission of Performance Fluctuations from Associated Assets
  : If HashKey’s subsequent performance is poor, the sentiment-driven stock price increase may fall back quickly [0].
• Liquidity Risk of Small-Cap Stocks
  : Low trading volume may lead to transaction difficulties and exacerbate price volatility [0].

• Associated Asset Performance Drives Sentiment
  : If HashKey’s subsequent business development exceeds expectations, market sentiment may push up Puxing Energy’s stock price again [0].
• Valuation Repair Potential
  : If the fundamentals of the company’s power business improve, the current valuation level may have room for repair [0].

Puxing Energy (00090.HK) recent popularity comes entirely from the indirect association concept with HashKey rather than substantive changes in its own business [0]. The short-term stock price trend is obviously affected by HashKey’s market performance after listing [0]. While paying attention to the associated concept, investors need to combine factors such as the fundamentals of the company’s power business and market liquidity to conduct a comprehensive evaluation and judgment [0].