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3887.HK — HKEX Blockchain & Cryptocurrency

HashKey Holdings Ltd

HK$2,76
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Mcap
7,6B HKD
P/E
—
EV / Rev
—
Div yield
—
Op margin
-125,6 %
ROE
-38,5 %
Net margin
-150,3 %
Debt / equity
0,01
Beta
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52w range
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Volume
—
Day range
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Prev close
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Open
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Next earnings
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Ex-dividend
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TR 1Y
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About

HashKey Holdings Ltd provides blockchain and cryptocurrency infrastructure services, including digital asset trading, custody, and financial solutions.

Business. HashKey Holdings Ltd (3887.HK) is a financial technology company operating within the blockchain and cryptocurrency industry. The firm generates revenue primarily through a fee-income model associated with its digital asset services. HashKey Holdings is listed on the Hong Kong Stock Exchange under the ticker symbol 3887.HK. Specific details regarding operating segments and geographic presence are not disclosed in the available data.

Classification92 %
SectorTechnology
Business sectorFinancial Technology (Fintech) & Infrastructure
IndustryBlockchain & Cryptocurrency
Generated · model-assisted
Sell-side consensus
BUY2 analysts
1 buy1 hold0 sell
Avg 12m price target8,80

Analyst recommendations

2 analysts · consensus Buy
Buy1
Hold1
Sell0
12-month price target
8,80
Consensus of sell-side coverage.
Upcoming events
— missing data
See all catalysts →

At a glance

Score→
33
composite score
Valuation
—
valuation pending
Analysts→
Buy
2 analysts · indicative
Ownership
—
not yet wired
Profitability→
-38,5 %
return on equity
Quality→
58
quality score (0-100)

News & coverage

0
  • No recent newsroom coverage mentioning 3887.

    • Sector rotation

    Sector1D1Mvs mkt
    Materials+2,1 %+0,7 %+2,5 %
    Energy+1,1 %+5,5 %+1,5 %
    Health Care+0,6 %−0,4 %+1,0 %
    Consumer Discretionary+0,4 %+5,7 %+0,8 %
    Information Technology · THIS SECTOR−0,3 %+4,8 %+0,1 %
    Financials−0,5 %−3,5 %−0,1 %
    Real Estate−0,7 %+10,8 %−0,3 %
    Consumer Staples−0,8 %+4,5 %−0,4 %
    Utilities−1,5 %−21,2 %−1,1 %
    Industrials−1,7 %−2,4 %−1,3 %
    Communication Services———

    Developing storylines

    No tracked sagas currently linked to 3887.HK. Browse all sagas →

    Analysis

    AI analysis
    Generated · analysis pipeline · tier hybrid · as of 2026-06-25 ↑ At a glance

    Opportunity

    — missing data

    Upcoming catalysts

    Scheduled public events. Informational only — not investment advice.

    • Macro
    • Rate decisionSveriges Riksbank rate decision (press conf.)2026-06-25 · SE
    • Rate decisionReserve Bank of Australia rate decision (press conf.)2026-07-08 · AU
    • Rate decisionBank of Canada rate decision (press conf.)2026-07-15 · CA
    • Rate decisionEuropean Central Bank rate decision (press conf.)2026-07-16 · EU
    • Rate decisionBank of Japan rate decision (press conf.)2026-07-16 · JP
    • Rate decisionFederal Reserve rate decision (press conf.)2026-07-29 · US
    • Macro & political
    • ElectionSE Swedish Election2026-09-14 · SE
    • ElectionUS U.S. Midterms2026-11-03 · US
    • ElectionFR French Legislative2027-06-01 · FR

    Pre-earnings brief

    — missing data

    Signals & dispatch

    peak dispatch · —

    Composite-score breakdown

    Composite score33 / 100
    Composite score 0-100 · Data quality 0,58
    Data quality0,58 / 1.00

    Synthesis

    Business

    HashKey Holdings Ltd (3887.HK) is a financial technology company operating within the blockchain and cryptocurrency industry. The firm generates revenue primarily through a fee-income model associated with its digital asset services. HashKey Holdings is listed on the Hong Kong Stock Exchange under the ticker symbol 3887.HK. Specific details regarding operating segments and geographic presence are not disclosed in the available data.

    Classification92 %
    SectorTechnology
    Business sectorFinancial Technology (Fintech) & Infrastructure
    IndustryBlockchain & Cryptocurrency
    AI synthesis
    GENERATED

    HashKey Holdings exhibits a strong liquidity position, with cash and equivalents amounting to HKD 2.81 billion, representing 67% of total assets. The company's liquidity FPT score is high, supported by a current ratio of 3.49 and a debt-to-equity ratio of 0.01, indicating minimal leverage pressure.

    Profitability metrics are negative, with a return on equity of -38.47% and a return on assets of -25.99%, both significantly below industry benchmarks. The company reported a net loss of HKD 1.09 billion, driven by an operating loss of HKD 908 million. Gross profit of HKD 408 million is insufficient to offset operating expenses, highlighting operational inefficiencies.

    Geographic and segment exposure is not disclosed in the available data, but the company's primary business is concentrated in blockchain and cryptocurrency infrastructure. This concentration increases sensitivity to regulatory shifts and market volatility in the crypto sector.

    Growth trajectory is mixed. Revenue for the latest period was HKD 723 million, but the outlook for the current fiscal year shows a negative trend. Analysts have not provided strong buy recommendations, with a mean recommendation of 2.50 (Hold). The company's free cash flow is negative at HKD -1.04 billion, indicating ongoing cash burn.

    Risk factors include liquidity risk, though it is currently rated as low. The company has no immediate filing-based liquidity or dilution flags. However, the negative operating cash flow of HKD -692 million and free cash flow of HKD -1.04 billion suggest potential future liquidity constraints if revenue growth does not accelerate.

    Recent events include the publication of the latest financial results, which show a significant net loss and negative operating income. No major regulatory or legal events were disclosed in the available data. Analysts have issued a mean price target of HKD 8.80, suggesting a potential upside from the current market price of HKD 3.53.

    Key takeaways
    • HashKey Holdings has strong liquidity but is currently unprofitable, with a net loss of HKD 1.09 billion.
    • The company's return on equity and assets are significantly negative, indicating poor capital efficiency.
    • Analysts have not issued strong buy recommendations, with a mean recommendation of 2.50 (Hold).
    • The company's business is concentrated in the blockchain and cryptocurrency sector, increasing exposure to regulatory and market risks.
    • Despite a high current ratio, the company is burning cash, with a free cash flow of HKD -1.04 billion.

    Bull / Bear case

    Generated · model-assisted
    — missing data

    In focus — financials by report

    Valuation

    Market price
    HK$2,76
    Market cap
    HK$9.76B
    Enterprise valueⓘ
    HK$6.98B
    P/Eⓘ
    —
    Non-GAAP P/Eⓘ
    —
    EV / Revenueⓘ
    —
    EV / Op incomeⓘ
    —
    EV / OCFⓘ
    —
    P / Bⓘ
    3.5x
    P / Tangible bookⓘ
    3.5x
    Tangible book
    HK$2.83B
    Net cashⓘ
    HK$2.78B
    Current ratioⓘ
    3.5
    Debt / equityⓘ
    0.0
    ROAⓘ
    -26.0%
    ROEⓘ
    -38.5%
    Cash conversionⓘ
    64.0%
    CapEx / revenueⓘ
    -0.5%
    SBC / revenueⓘ
    —
    Dilution ratioⓘ
    0.0%

    Revenue by segment

    Market share

    — missing data

    Business relationships

    — missing data

    Supply chain

    — missing data

    Peer comparison

    — missing data

    Market position

    Stress test

    — missing data

    Forward curve

    — missing data

    Options

    — missing data

    Short squeeze

    — missing data

    Earnings-call key lines

    — missing data

    Consensus distribution

    sell-side coverage
    Recommendation distribution2 analysts
    Strong buy0
    Buy1
    Hold1
    Sell0
    Strong sell0
    12-month price targetHK$8,80 · Median HK$8,80
    Low HK$8,80High HK$8,80
    Operating income · consensus-652,4M HKD

    Estimate revisions

    consensus EPS · 26-week trend
    — missing data

    Sell-side observations

    LowHK$8,80
    MeanHK$8,80
    MedianHK$8,80
    HighHK$8,80
    SpotHK$2,76
    +218.8 %implied to mean12-month sell-side price targets · ▲ spot

    Themes

    — missing data

    ESG

    — missing data

    Risk factors

    — missing data

    Benchmarks vs cohort

    Op Margin-125,6 %Below median
    Net Margin-150,3 %Below median
    ROE-38,5 %Below median
    Capex / Rev-0,5 %Above median
    D/E0,01Below median
    Cash Conv0,64Above median

    Corporate actions / M&A

    — missing data

    FX exposure

    — missing data

    Comparable transactions

    — missing data

    Derivatives & instruments

    — missing data

    Actions

    Ask Handelsavisen

    — missing data
    Data sources
    • Market data
    • Market data cache
    • Issuer disclosures
    • Public news
    • Earnings transcripts
    • Consensus estimates
    • ESG data
    How metrics are computed
    • Return On Equity
      net_income / total_equity
    • Price To Book
      market_price / (adjusted_book_value / shares_outstanding_diluted)
    • Dilution Ratio
      (shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
    • Market Price
      input from market-data provider (delayed close or quote-shim mid)
    • Market Cap
      market_price * shares_outstanding_diluted
    • Ev To Revenue
      enterprise_value / revenue
    Source documents
    • HashKey Holdings Ltd Market data — financials · 2026-05-26
    • HashKey Holdings Ltd Market data — analyst estimates · 2026-05-26

    Ownership & reference

    Insider activity

    — missing data

    Geographic breakdown

    — missing data
    Listings · one canonical issuer all listings resolve to the canonical
    3887.HKCanonical
    HKEX · HKD

    Intel & risk

    peak dispatch · —
    OSINT findings
    Dilution riskLow
    Liquidity riskLow
    No immediate filing-based liquidity or dilution flags were detected.

    The Thread

    Everything we know, in order
    — missing data
    Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-06-25 Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data Premium coverage