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    Assessing HashKey Holdings (SEHK:3887) Valuation After Recent Share Price Swing

    Simply Wall St·01/05/2026 09:21:39
    語音播報

    HashKey Holdings (SEHK:3887) has drawn attention after a 3.1% decline in its latest trading session, following a strong 12.9% gain over the past week. This has prompted investors to reassess the newly listed digital asset platform.

    See our latest analysis for HashKey Holdings.

    The recent 12.9% 7-day share price return, followed by a 3.1% one-day pullback to HK$6.47, suggests short-term momentum has cooled for now, while the year-to-date share price return remains unchanged.

    If HashKey’s moves have caught your eye, this could be a good moment to broaden your watchlist and check out high growth tech and AI stocks as potential next ideas.

    So with HashKey still loss making on HK$620.512 million of revenue and no clear valuation markers like analyst targets or intrinsic value estimates, is the recent pullback opening a potential entry, or is the market already pricing in future growth?

    Price-to-Sales of 28.8x: Is it justified?

    HashKey Holdings last closed at HK$6.47, and the current valuation implies a P/S ratio of 28.8x compared with much lower peer and industry levels.

    P/S compares the company’s market value to its annual revenue, so for a business like HashKey that is still loss making, it focuses attention on what investors are paying for each dollar of sales rather than profits.

    On this measure, HashKey is described as expensive, with a 28.8x P/S against a peer average of 11.1x. This suggests the market is assigning a significantly richer sales multiple than similar companies.

    Compared with the wider Hong Kong Capital Markets industry average P/S of 4.6x, the gap is even wider, pointing to a valuation that is many times higher than the broader group on the same metric.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price-to-sales of 28.8x (OVERVALUED)

    However, that rich P/S sits against a loss of HK$918.33 million and a still developing digital asset platform, so setbacks in adoption or regulation could quickly challenge sentiment.

    Find out about the key risks to this HashKey Holdings narrative.

    Build Your Own HashKey Holdings Narrative

    If you see the numbers differently or prefer to weigh the data yourself, you can shape a fresh view in minutes with Do it your way.

    A great starting point for your HashKey Holdings research is our analysis highlighting 1 key reward and 2 important warning signs that could impact your investment decision.

    Looking for more investment ideas?

    If you are serious about building a stronger portfolio, this is the moment to scan wider and line up your next set of watchlist candidates.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.