Haitong International has initiated coverage on HashKey (3887.HK) with an 'Outperform' rating and a target price of HK$8.8. The report highlights HashKey's strong market position in Asia's cryptocurrency sector, driven by an institution-focused revenue model and significant growth potential. HashKey holds over 75% of Hong Kong's onshore digital asset trading market and possesses 13 core licenses across six jurisdictions. The valuation is based on a forward price-to-sales ratio of 13x for 2027, reflecting a 21% premium over the industry average due to HashKey's expanding product offerings and regional presence. Institutional trading, which accounted for 68% of total trading volume in the first half of 2025, is a key revenue driver. Haitong International projects a 59% CAGR in revenue from 2025 to 2028, with profitability expected by 2028, reaching a net profit of HK$92 million. HashKey is also poised to benefit from its inclusion in the Stock Connect program and the approval of Hong Kong's first stablecoin license.