HashKey's IPO Progress: HashKey has successfully passed the listing hearing for its Hong Kong IPO and published its A1 application document, indicating a potential listing on the HKEX within the next 2-3 months if investor interest is strong.

Market Position: As the largest compliant cryptocurrency trading platform in Hong Kong, HashKey holds a 75% market share in trading volume, significantly ahead of its competitor OSL GROUP, which has approximately 25% market share.

Impact on OSL GROUP: Following HashKey's IPO news, Daiwa has reduced its target price for OSL GROUP from $20 to $18.8 while maintaining a Buy rating, reflecting concerns about competition in the market.

Short Selling Data: As of December 1, 2025, OSL GROUP has reported short selling of $25.16 million with a ratio of 39.818%, indicating a notable level of market skepticism.

Bitcoin and Ethereum Price Drop: Bitcoin fell below USD100,000, dropping 2.9% to USD99,203, while Ethereum decreased by 6.6% to USD3,226 amid rising risk aversion and a tech stock sell-off.

Impact on Hong Kong Cryptocurrency Stocks: Hong Kong-listed cryptocurrency stocks like BOYAA and OSL GROUP experienced significant declines, with BOYAA down 4.87% and OSL GROUP down 4.65%.

Market Sentiment Analysis: Analysts from 10x Research indicated that the cryptocurrency market has entered a bear phase, citing reduced ETF fund flows, ongoing selling by long-term holders, and low retail participation.

Future Price Predictions: The next critical support level for Bitcoin is projected to be USD93,000, as the market continues to face downward pressure.

Citi's Coverage on OSL GROUP: Citi has initiated coverage on OSL GROUP (00863.HK) with a Buy/High Risk rating and a target price of HKD21.8, indicating a forecasted P/S ratio of 22 times for 2025.

Positive Outlook: The report emphasizes OSL's strategy to create a compliant digital asset exchange and payment gateway, leveraging its first-mover advantage in Hong Kong's cryptocurrency OTC market and a diversified product portfolio focused on stablecoin opportunities.

China's RMB Development: China is expected to approve a new roadmap for the development of the Renminbi (RMB) later this month, potentially including the launch of an RMB-pegged stablecoin to enhance its global usage.

Market Reaction: The news has led to a rally in stablecoin concept stocks, with notable increases in share prices for companies like ZA ONLINE and GUOTAI JUNAN I.

Stock Performance: ZA ONLINE saw a significant rise, trading at HKD20.1, while GUOTAI JUNAN I also experienced gains, closing at HKD5.44.

Short Selling Data: Various stocks showed substantial short selling activity, indicating investor speculation on future price movements amidst the anticipated developments in RMB policy.

Hong Kong Stock Market Performance: The HSI opened 152 points higher, closing at 25,716 with a turnover of $103.902 billion, while several cryptocurrency-related stocks saw significant gains due to Bitcoin reaching a new high above US$124,000.

Cryptocurrency Stocks Surge: Notable increases were observed in Hong Kong-listed cryptocurrency concept stocks, such as SINOHOPE TECH (+16.92%) and OKG TECH (+8.62%), alongside positive movements in Bitcoin-related ETFs.