Analysis of Puxing Energy (00090.HK) Becoming a Hot Hong Kong Stock Driven by HashKey IPO

Puxing Energy (00090.HK) became a hot stock in the Hong Kong stock market on December 11, 2025 [0], with the core catalyst being its status as one of the controlling shareholders of HashKey Holdings (proposed listing code: 03887.HK). HashKey is conducting a global offering from December 9 to 12, 2025, and is expected to list on the Hong Kong Stock Exchange on December 17 [2]. As a well-known digital asset trading platform in Hong Kong, HashKey has achieved significant performance growth: trading volume was HK$4.2 billion in 2022, HK$328 billion in 2023, and HK$638.4 billion in 2024; this IPO has introduced well-known institutions such as UBS Asset Management and Fidelity Funds as cornerstone investors, with a total subscription amount of US$75 million [2]. Stimulated by this news, Puxing Energy’s share price rose 5.19% from yesterday’s closing price of HK$1.350 to HK$1.420, with a trading volume of 32,000 shares and a turnover rate of 0.01% as of 10:07 UTC+8 [1].

1. Puxing Energy’s gain is not based on direct positive news about its own business, but an indirect impact from HashKey’s IPO expectations, reflecting the market’s short-term enthusiasm for digital asset-related targets.
2. HashKey’s institutional endorsement (cornerstone investors like UBS and Fidelity) brings indirect confidence to Puxing Energy, but attention should be paid to the actual investment proportion of institutions in HashKey and the lock-up period.
3. From the perspective of trading volume (32,000 shares, turnover rate 0.01%), the market participation in this rise is low, which may加剧后续股价的波动性.

• Risks
  :
  1. Volatility risk: The share price rise relies on market expectations of HashKey’s IPO; if HashKey performs poorly after listing, Puxing Energy’s share price may correct.
  2. Valuation risk: The current TTM P/E ratio is 16.90; if market expectations for HashKey are too high, there may be a valuation bubble [1].
  3. Information asymmetry: Investors need to clarify Puxing Energy’s specific shareholding ratio in HashKey and future profit distribution mechanism to avoid blind following.
• Opportunities
  :
  1. If HashKey’s share price performs strongly after listing, Puxing Energy as a controlling shareholder may gain investment income.
  2. The growth potential of the digital asset industry may bring long-term synergistic effects to Puxing Energy.

Puxing Energy (00090.HK) became a hot Hong Kong stock driven by HashKey’s IPO news, with its share price rising 5.19% to HK$1.420. Its gain is driven by HashKey’s IPO expectations; HashKey has achieved significant performance growth and received institutional endorsement. Risks such as HashKey’s listing performance, valuation level, and shareholding details need attention, along with the current situation of share price volatility and low market participation.