A securities firm has issued a research report stating that OSL GROUP (00863) is projected to generate revenues of HK$6.7 billion, HK$11.9 billion, and HK$18.1 billion for 2025, 2026, and 2027 respectively, with a target price of HK$21 and an initial "Buy" rating coverage.

The company's revenue structure primarily consists of digital asset trading income, which accounted for 51% of total revenue in H1 2025. During H1 2025, the company achieved a trading volume of HK$68.2 billion, representing a year-over-year increase of 200%. As of the end of H1 2025, custodial assets reached HK$5.7 billion, up 50% year-over-year. In H1 2025, the company's continuing operations recorded a loss of HK$20 million, primarily due to increased headcount and operating expenses related to the company's global expansion plans.

The report notes that the company is Hong Kong's first compliant digital asset exchange. OSL GROUP obtained the first digital asset trading platform license issued by the SFC, leading in regulatory compliance. Under the major trend of Hong Kong's Web3.0 ecosystem continuing to prosper, the company will directly benefit. The company is the only platform in the Hong Kong market capable of providing comprehensive customizable solutions for both RFQ and Orderbook services.

OSL has established deep partnerships with over 50 licensed brokers and banks in Hong Kong, maintaining a leading market share in trading volume. As of December 31, 2024, ETFs partnered with OSL account for approximately 64% of assets under management in Hong Kong's digital asset spot ETF market.

The firm indicates that the company's development is driven by both organic growth and strategic acquisitions. 1) The new business OSLPay was officially launched in April 2025. During H1 2025, OSLPay generated revenue of HK$55.9 million, accounting for 29% of total revenue, primarily from Europe. Payment services will become one of the company's key focus areas in the future, covering deposit and withdrawal channels, cross-border payments, and more. 2) Global exchange expansion: OSL has obtained licenses in Australia, Japan, Italy, and other regions. Additionally, in June 2025, OSL plans to acquire Banxa, which holds 40+ licenses/registration qualifications globally. In August 2025, OSL formally obtained the Class F full digital asset business license issued by the Bermuda Monetary Authority and launched its global exchange.