HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hashkey-holdings-limited" target="_blank" data-smartkarma-citation="entities:40847:1" rel="noopener">HashKey (3887 HK)</a> confirmed its IPO price at HK$6.68, 3.9% below the top end. Despite favourable subscription and placement levels, this suggests some concerns. </li>
<li>Digital asset-related names, BTC and ETH, have retreated by an average of 11.6% last week, implying a challenging environment for the debut. </li>
<li>It is priced at 14.5x FY26 P/S, vs. 10.5x (peer average) and only a 23% discount to <a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">Robinhood Markets (HOOD US)</a>. It is only attractive at the low-end price.</li>
</ul>



HashKey (3887 HK) confirmed its IPO price at HK$6.68, 3.9% below the top end. Despite favourable subscription and placement levels, this suggests some concerns. 
Digital asset-related names, BTC and ETH, have retreated by an average of 11.6% last week, implying a challenging environment for the debut. 
It is priced at 14.5x FY26 P/S, vs. 10.5x (peer average) and only a 23% discount to Robinhood Markets (HOOD US). It is only attractive at the low-end price.


HashKey Holdings (3887 HK): A Challenging Debut Despite Oversubscription

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bc-technology-group-ltd" target="_blank" data-smartkarma-citation="entities:704:1" rel="noopener">BC Technology Group (863 HK)</a> is looking to raise around US$157m from a primary placement.</li>
<li>The deal is a large one to digest, representing 20.2 days of the stock’s three month ADV, and 11.3% of total shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



BC Technology Group (863 HK) is looking to raise around US$157m from a primary placement.
The deal is a large one to digest, representing 20.2 days of the stock’s three month ADV, and 11.3% of total shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


OSL Group Placement: Momentum Is Strong but Is Opportunistic

<ul>
<li>At the top end of the price range (HK$6.95), <a href="https://www.smartkarma.com/entities/hashkey-holdings-limited" target="_blank" data-smartkarma-citation="entities:40847:1" rel="noopener">HashKey (3887 HK)</a>'s IPO equals a FY26F P/S of 14.9x, and this is not a particularly appealing level. </li>
<li>While it is the industry leader in the region and Hong Kong, it is expected to stay in the red for FY25-27, making a PER comparison meaningless. </li>
<li>Tiny public shareholder base, cryptocurrency volatilities, and the increasingly competitive environment heightened risks. Only a low-end IPO price, or 12.7x FY26F P/S, is attractive.</li>
</ul>


At the top end of the price range (HK$6.95), HashKey (3887 HK)'s IPO equals a FY26F P/S of 14.9x, and this is not a particularly appealing level. 
While it is the industry leader in the region and Hong Kong, it is expected to stay in the red for FY25-27, making a PER comparison meaningless. 
Tiny public shareholder base, cryptocurrency volatilities, and the increasingly competitive environment heightened risks. Only a low-end IPO price, or 12.7x FY26F P/S, is attractive.


Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hashkey-holdings-limited" target="_blank" data-smartkarma-citation="entities:40847:1" rel="noopener">HashKey (3887 HK)</a> is looking to raise up to US$215m in its upcoming Hong Kong IPO.</li>
<li>It operates the largest licensed crypto exchange in Hong Kong.</li>
<li>In this note, we examine the IPO dynamics, and look at the firm’s valuation.</li>
</ul>



HashKey (3887 HK) is looking to raise up to US$215m in its upcoming Hong Kong IPO.
It operates the largest licensed crypto exchange in Hong Kong.
In this note, we examine the IPO dynamics, and look at the firm’s valuation.


HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Thematic (Sector/Industry)

<ul>
<li>Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. </li>
<li>Stablecoins, like <a href="https://www.smartkarma.com/entities/tether" target="_blank" data-smartkarma-citation="entities:35208:1" rel="noopener">Tether (USDT CURNCY)</a>, are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).</li>
<li>Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. </li>
</ul>


Hong Kong's Stablecoins Ordinance issued by the Hong Kong Monetary Authority on the 1st August 2025, is the world’s first dedicated legislation targeting stablecoins. 
Stablecoins, like Tether (USDT CURNCY), are considered a less volatile type of cryptocurrency as they are pegged to fiat currencies (like the US$/euro), short-term treasuries, and commodities (such as gold).
Proponents of stablecoins, backed by real currency, just need to espouse how they can be a surrogate/improvement on just using ... the real currency. 


Hong Kong Ratifies Stablecoin Legislation

China

OSL Group Ltd operates as a technology and digital asset company. The Company provides software-as-a-service, brokerage, exchange, and insured custody services for institutions and professional investors. BC Technology Group also engages in China-focused advertising and business park area management services.

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OSL Group (863 HK)

HashKey Holdings (3887 HK): A Challenging Debut Despite Oversubscription

HashKey's IPO is priced at HK$6.68, 3.9% below the top end, signalling concerns despite strong demand. Digital assets were down 11.6% last week...

Osbert Tang, CFA

OSL Group Placement: Momentum Is Strong but Is Opportunistic

OSL Group is looking to raise around US$157m from a primary placement. In this note, we will talk about the placement and run the deal through our...

Nicholas Tan

Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively

HashKey's IPO at HK$6.95 equals 14.9x FY26F P/S, unappealing due to a tiny public shareholder base, crypto volatilities, and a competitive...

Osbert Tang, CFA

HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive

HashKey Holdings (3887 HK) plans to raise up to US$215m in its Hong Kong IPO, boasting the largest licensed crypto exchange in the region. This...

Nicholas Tan

Hong Kong Ratifies Stablecoin Legislation

It's easy to be dismissive. But IF regulated well, stablecoins hold the potential for much-needed innovations in the world’s payment systems.

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HashKey Holdings (3887 HK): A Challenging Debut Despite Oversubscription

​HashKey's IPO is priced at HK$6.68, 3.9% below the top end, signalling concerns despite strong demand. Digital assets were down 11.6% last week...

Osbert Tang, CFA

OSL Group Placement: Momentum Is Strong but Is Opportunistic

OSL Group is looking to raise around US$157m from a primary placement. In this note, we will talk about the placement and run the deal through our...

Nicholas Tan

Hashkey Holdings (3887 HK) IPO: Pricing Uncertainties Expensively

​HashKey's IPO at HK$6.95 equals 14.9x FY26F P/S, unappealing due to a tiny public shareholder base, crypto volatilities, and a competitive...

Osbert Tang, CFA

HashKey Holdings Pre-IPO: Ok-Ish Cornerstones but Too Expensive

​HashKey Holdings (3887 HK) plans to raise up to US$215m in its Hong Kong IPO, boasting the largest licensed crypto exchange in the region. This...

Nicholas Tan

Hong Kong Ratifies Stablecoin Legislation

It's easy to be dismissive. But IF regulated well, stablecoins hold the potential for much-needed innovations in the world’s payment systems.

David Blennerhassett

HashKey's IPO is priced at HK$6.68, 3.9% below the top end, signalling concerns despite strong demand. Digital assets were down 11.6% last week...

HashKey's IPO at HK$6.95 equals 14.9x FY26F P/S, unappealing due to a tiny public shareholder base, crypto volatilities, and a competitive...

HashKey Holdings (3887 HK) plans to raise up to US$215m in its Hong Kong IPO, boasting the largest licensed crypto exchange in the region. This...