HASHKEY HLDGS (03887) surged more than 4%. As of writing, the stock was up 3.92%, trading at HK$7.69, with a turnover of HK$16.6799 million. A research report from JPMorgan stated that, based on industry growth momentum, institutional fund inflows into digital assets in Hong Kong are projected to experience a high compound annual growth rate of approximately 85% from 2024 to 2027. Against this backdrop, HashKey is expected to achieve sustained high growth over the coming years, with its institutional business emerging as the most critical driver for its future expansion. The institution forecasts that the company's revenue growth will reach about 80% by 2026. Furthermore, considering the overall industry environment and the company's positioning, HashKey is anticipated to achieve growth surpassing the industry average in the next few years. The report further noted that, as a licensed virtual asset trading platform in Hong Kong, HashKey commanded a significant 75% local market share in 2024, possessing notable first-mover advantages in brand reputation, compliance capabilities, and product coverage. With the further expansion of Hong Kong's digital asset service scope—including the listing of more crypto assets, potential crypto derivatives, and the advancement of stablecoin-related services—the industry is poised to enter a new phase of development. As a compliant, one-stop digital asset platform, HashKey is well-positioned to capitalize on related opportunities ahead of others, justifying a valuation premium higher than that of local comparable companies.