---
title: "Daiwa: OSL GROUP's competitor goes public, still maintains target price of HKD 18.8 as the preferred choice for cryptocurrency concepts"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/270102993.md"
description: "Daiwa released a research report stating a target price of HKD 18.8 for OSL GROUP and a \"Buy\" rating. OSL is Daiwa's preferred cryptocurrency company in Hong Kong. Daiwa noted that HashKey is set to be listed on December 17, raising HKD 1.6 billion through its IPO, with its listing progress faster than major banks' expectations. HashKey's IPO pricing is approximately 13 times the projected revenue for 2026 based on the price-to-sales ratio (P/S), which is basically consistent with OSL's current trading valuation. Given the recent weakness in the cryptocurrency market and the continuous decline in global exchange trading volumes, Daiwa believes that investor confidence in HashKey and OSL may remain low in the short term. However, Daiwa holds an optimistic outlook for the cryptocurrency industry in the first quarter of 2026, mainly benefiting from Hong Kong's expected approval of the first stablecoin license and improvements in U.S. market liquidity due to a shift in Federal Reserve policy"
datetime: "2025-12-18T04:18:05.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/270102993.md)
  - [en](https://longbridge.com/en/news/270102993.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/270102993.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/270102993.md) | [繁體中文](https://longbridge.com/zh-HK/news/270102993.md)


# Daiwa: OSL GROUP's competitor goes public, still maintains target price of HKD 18.8 as the preferred choice for cryptocurrency concepts

According to the Zhitong Finance APP, Daiwa released a research report stating that it has set a target price of HKD 18.8 for OSL GROUP (00836) and assigned a "Buy" rating. OSL is Daiwa's preferred cryptocurrency company in Hong Kong. Daiwa noted that HashKey (03887) is set to list on December 17, raising HKD 1.6 billion through its IPO, which is progressing faster than major banks' expectations. HashKey's IPO pricing is approximately 13 times the projected revenue for 2026 based on the price-to-sales ratio (P/S), which is basically consistent with OSL's current trading valuation.

Given the recent weakness in the cryptocurrency market and the continuous decline in global exchange trading volumes, Daiwa believes that investor confidence in HashKey and OSL may remain low in the short term. However, Daiwa holds an optimistic outlook for the cryptocurrency industry in the first quarter of 2026, mainly benefiting from the expected approval of the first stablecoin license in Hong Kong and the improvement in U.S. market liquidity as the Federal Reserve shifts its policy

### 相关股票

- [OSL GROUP (00863.HK)](https://longbridge.com/zh-CN/quote/00863.HK.md)

## 相关资讯与研究

- [Osl Group FY adjusted non-IFRS income HK$534.1 million](https://longbridge.com/zh-CN/news/281223382.md)
- [OSL Substantial Shareholder Liu Shuai Lifts Stake to Nearly 29%](https://longbridge.com/zh-CN/news/279171432.md)
- [XRP draws $15.8M inflows as 401(k) s open door to crypto](https://longbridge.com/zh-CN/news/281148393.md)
- [OSL Group Swings to Loss in 2025](https://longbridge.com/zh-CN/news/281303346.md)
- [Elon Musk talks Bitcoin (BTC USD) again — is a new crypto rally on the horizon?](https://longbridge.com/zh-CN/news/281256244.md)