Puxing Energy (00090.HK) Becomes a Hot Stock in Hong Kong Due to HashKey IPO Subscription Frenzy

Puxing Energy (00090.HK) is a company in the Hong Kong Stock Exchange’s Utilities - Renewable Energy sector with a market capitalization of approximately HK$651 million. The core catalyst for it becoming a hot stock is the Hong Kong IPO boom of its associated company HashKey Holdings: As the parent company of HashKey Exchange, a licensed virtual asset trading platform in Hong Kong, HashKey’s public offering during the prospectus period from December 9 to 12, 2025, was oversubscribed by about 148 times, reflecting strong market interest in compliant digital asset platforms. As one of HashKey’s indirect shareholders, investors expect Puxing Energy to benefit from this. [1]

In terms of price and trading volume, as of December 11, 2025, Puxing Energy’s closing price was HK$1.42, with a daily increase of 5.19% and an intraday fluctuation of HK$1.42-HK$1.48. However, the trading volume that day was only 18,000 shares, far below the historical average of 235,700 shares, indicating that the upward momentum may be driven by short-term speculative funds. [2]

1. Cross-sector linkage: Puxing Energy, a traditional utility company, has gained attention due to the HashKey IPO in the digital asset sector, reflecting the spillover effect of the digital asset industry’s popularity onto traditional listed companies.
2. Speculation vs. fundamental divergence: Despite the short-term price increase, Puxing Energy’s mid-2025 net profit fell by 67.23% year-on-year, with no obvious fundamental improvement yet. The current rise relies more on market sentiment than performance support. [3]
3. Limited equity association: Puxing Energy directly holds only 0.02% of HashKey’s equity, and the indirect shareholding association is also relatively weak. The actual benefit level may be lower than market expectations. [2]

• Limited associated profit: Direct shareholding ratio is only 0.02%, and the actual financial impact may be overestimated by the market. [2]
• Volatility in digital asset market: HashKey’s business is greatly affected by regulatory policies; if subsequent regulations become stricter, it may impact its valuation.
• Speculative correction risk: Price increases supported by low trading volume are prone to profit-taking, with high volatility risk.
• Weak fundamentals: Mid-term performance decline, lack of long-term growth momentum. [3]

• If HashKey’s stock price performs strongly after listing, it may bring short-term valuation improvement space for Puxing Energy.

Puxing Energy (00090.HK) became a hot stock on the Hong Kong Stock Surge List due to the HashKey IPO boom. As of December 11, 2025, it closed with a 5.19% increase to HK$1.42, but the trading volume was significantly lower than the historical average. The current rise is mainly driven by market sentiment in the digital asset sector; factors such as low associated equity ratio and weak fundamentals limit long-term support. Investors need to pay attention to short-term speculative risks and potential volatility in the digital asset market.