JPMorgan has released a research report upgrading its rating on HASHKEY HLDGS (03887) to "Overweight" while maintaining a target price of HK$5. Following recent meetings with HashKey's management, the firm expressed increased confidence in the company's near-term upside potential and medium-term profit development. The report noted that HashKey benefits from the still-low market penetration in Hong Kong and a continuously expanding user base, with trading volume year-to-date recording year-on-year growth. Management aims to expand gross margin by approximately 10 percentage points this year and plans to launch perpetual futures contracts within the year, alongside developing cryptocurrency options products.