Puxing Energy (00090.HK) Popular Stock Analysis Report

Puxing Energy (00090.HK) is a new energy company mainly engaged in natural gas power generation and photovoltaic power generation businesses, belonging to the “Utilities - Non-traditional/Renewable Energy” sector in the Hang Seng Industry Classification [1]. On December 31, 2025, the company’s stock price closed at HK$1.27 [0], with a market capitalization of approximately HK$582 million [1].

The stock has recently attracted market attention, driven by three main catalysts: First, the strong performance of the global new energy sector provides industry-level support for the company, aligning with the current trend of energy transition [1]; Second, the company announced on October 20, 2025 that its invested HashKey Holdings passed the Hong Kong Stock Exchange listing hearing on December 1. As a comprehensive virtual asset company under the Wanxiang Group, HashKey’s listing expectation may boost the market’s expectation of Puxing Energy’s future earnings [2]; In addition, the company obtained approval for a new financial services agreement on December 17, which is expected to improve financing conditions and capital status [1].

From the price and volume analysis, Puxing Energy’s year-to-date return in 2025 reached 131.63%, far higher than the Hang Seng Index’s 27.77% [1]. It closed up 0.79% on December 31, with a monthly high of HK$1.37 (December 22) and a monthly low of HK$1.19 (December 17 and 19) [0]. In terms of trading volume, the average over the past 9 trading days was approximately 232,000 shares, reaching a recent high of 856,000 shares on December 17 [0], indicating increased market attention, but overall trading volume remains low, posing liquidity risks.

Regarding market sentiment, investor discussions mainly focus on the impact of HashKey’s listing and the long-term prospects of the new energy sector [1]. There are no obvious signs of large-scale institutional buying or selling; as a small-cap stock, it may be subject to short-term hot money speculation, and there have been few short-selling records recently, with overall sentiment positive [1].

: The long-term growth trend of the new energy industry, potential investment returns from HashKey’s listing, and improved financing after the approval of the new financial services agreement provide development opportunities for the company. If the stock price can effectively break through the resistance level of HK$1.37, it may further challenge the 52-week high of HK$2.28 [1].

: The company has a market capitalization of only about HK$580 million, making it a small-cap stock with prices vulnerable to short-term capital fluctuations; its net profit in the first half of 2025 decreased by 67.2% year-on-year, with a net profit of only RMB 12.073 million, showing general fundamentals [1]; the virtual asset industry where HashKey operates has high regulatory risks, leading to uncertain investment returns; average trading volume is low, exposing investors to insufficient liquidity [1].

As a new energy sector company, Puxing Energy (00090.HK) benefits from industry trends and catalysts such as HashKey’s listing expectation, with strong stock price performance in 2025. However, investors need to note its small-cap nature, weak fundamentals, speculative concept-driven trading, and liquidity risks. Investors should pay attention to the support level of HK$1.20 and the resistance level of HK$1.37, and make decisions based on industry dynamics and changes in the company’s fundamentals.