Guotai Haitong Securities has initiated coverage on HashKey HLDGS (03887.HK) with an "Outperform" rating and a target price of HKD 10.14. The rating is based on HashKey's strong compliance position, holding full licenses No. 1/7/9 from the Hong Kong SFC, and a market share exceeding 75%. The company's institutional business, which constitutes 85.5% of its operations, has seen a fivefold increase in Omnibus customer trading volume, with institutional revenue projected to rise to 68% by the first half of 2025. The development of digital asset ETFs is further boosting institutional demand, enhancing HashKey's competitive edge through its integrated ecosystem of trading, on-chain services, and asset management. Financial projections estimate revenues of HKD 782 million, 1.211 billion, and 2.338 billion for 2025-2027, with net losses expected to narrow significantly. Using a 12x PS multiple, the company's market capitalization is estimated at HKD 28.1 billion, drawing comparisons to firms like Coinbase.