Group 1 - Daiwa has set a target price of HKD 18.8 for OSL Group (00836) and maintains a "Buy" rating, identifying OSL as its preferred cryptocurrency company in Hong Kong [1] - HashKey (03887) is set to list on December 17, raising HKD 1.6 billion through its IPO, which is faster than expected by major banks [1] - The IPO pricing for HashKey is approximately 13 times the projected revenue for 2026, aligning closely with OSL's current trading valuation [1] Group 2 - Despite the recent weakness in the cryptocurrency market and declining trading volumes globally, investor confidence in HashKey and OSL may remain low in the short term [1] - However, there is an optimistic outlook for the cryptocurrency industry in Q1 2026, driven by the potential approval of the first stablecoin license in Hong Kong and improved liquidity in the U.S. market due to a shift in Federal Reserve policy [1]