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Hong Kong-licensed digital-asset platform offering cryptocurrency trading, custody and brokerage services to institutional and professional investors.
Hong Kong-licensed digital-asset platform offering cryptocurrency trading, custody and brokerage services to institutional and professional investors.
Earns fees and spreads on crypto trades executed for clients, plus custody fees, so revenue rises and falls with trading activity in digital assets. It was among the first platforms licensed by Hong Kong's securities regulator, and Japan's SBI Group is a shareholder.
In one line: Asia's licensed Coinbase-style crypto exchange.
Moat: narrow (regulatory licence). One of few licensed virtual-asset trading platforms in Hong Kong, a regulatory barrier to new entrants.
Headquarters: Hong Kong · Founded: 2018 · Employees: 391
Size OSL (0863.HK) is a Hong Kong Financials company (Investment Banks/Brokers) with a market value of $1.19B, the 554th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$10.36 on 6 Nov 2026.
Performance Over six months the shares fell 19.7%, against -7.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 12,274.0% over the last twelve months (peer median +15.0%); the operating margin is -2.1% (peer median 30.6%).
Valuation It trades at 2.34× book value against a peer median of 1.37× (9th most expensive of 21).
Price implies The share price implies a return on equity of about 14.9%; OSL delivers -47.7%, so the price asks more than the business earns today.
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$56.1B | HK$489M | HK$375M | HK$210M | HK$71.5M |
| Revenue growth | — | +30% | +79% | +194% | — |
| Gross profit | -HK$111M | -HK$69.9M | HK$121M | -HK$59.0M | HK$30.5M |
| EBITDA | -HK$1.17B | -HK$398M | HK$39.1M | -HK$152M | -HK$520M |
| Net income | -HK$1.21B | -HK$387M | HK$47.7M | -HK$264M | -HK$541M |
| Free cash flow | -HK$2.58B | -HK$1.52B | -HK$307M | -HK$695M | HK$149M |
| Capital expenditure | HK$9.10M | HK$12.5M | HK$3.05M | HK$0 | HK$1.84M |
| Total debt | n/a | HK$12.9M | HK$58.8M | HK$17.3M | HK$140M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| OSL 0863.HK | $1.19B | -20% | +12,274% | -48% | 2.34× | 14.9% |
| Coinbase COIN | $35.7B | -33% | -48% | -5% | 2.56× | 46.1% |
| Futu Holdings Ltd. Sponsored ADR FUTU | $13.7B | -32% | +44% | 31% | 2.77× | 17.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0863.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.2% | -8.6% | 7th highest of 21 |
| 6-month return | -19.7% | -7.8% | 6th lowest of 21 |
| Return on equity | -47.7% | 13.7% | lowest of 21 |
| Price / book | 2.34× | 1.37× | 9th most expensive of 21 |
| ROE the price implies | 14.9% | 11.3% | 10th most demanding of 21 |
| ROE delivered | -47.7% | 15.3% | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| OSL 0863.HK | Hong Kong | $1.19B | -20% | +12,274% | -48% | 2.34× | 14.9% | -47.7% |
| IIFL Capital Services IIFLCAPS.NS | India | $1.17B | 0% | +8% | 20% | 3.19× | 48.5% | 19.5% |
| Ruida Futures 002961.SZ | China | $1.22B | -21% | -51% | 18% | 1.97× | 22.2% | 18.4% |
| Tokai Tokyo Financial 8616.T | Japan | $1.14B | +2% | +16% | 11% | 0.91× | 7.3% | 10.5% |
| JM Financial JMFINANCIL.NS | India | $1.13B | -22% | +1% | 9% | 0.97× | 16.0% | 9.5% |
| Flow Traders FLOW.AS | Netherlands | $1.13B | -20% | -4% | 15% | 1.06× | 5.0% | 15.3% |
| Edelweiss Financial Services EDELWEISS.NS | India | $1.28B | +6% | +16% | 12% | 2.61× | 39.1% | n/a |
| Nihon M&A Center 2127.T | Japan | $1.28B | -7% | +5% | 25% | 3.80× | 31.9% | 25.0% |
| Bright Smart Securities & Commodities 1428.HK | Hong Kong | $1.28B | -51% | -2% | 36% | 4.64× | 22.5% | 36.5% |
| JSW JSWHL.NS | India | $1.29B | -16% | +55% | 1% | 0.34× | 8.0% | 0.6% |
| Gold.com GOLD | United States | $1.09B | -17% | +132% | 11% | 1.25× | 9.5% | 10.8% |
| Canaccord Genuity CF.TO | Canada | $1.08B | +17% | +32% | -11% | 2.59× | 26.5% | -11.2% |
| Yuanta Futures 6023.TWO | Taiwan | $1.07B | -9% | +10% | 15% | 1.49× | 4.7% | 15.3% |
| Okasan Securities 8609.T | Japan | $1.33B | +5% | +36% | 12% | 0.78× | 7.6% | 11.8% |
| Gielda Papierow Wartosciowych w Warszawie GPW.WA | Poland | $1.04B | +19% | +22% | 20% | 3.64× | 25.9% | 19.9% |
| Indian Energy Exchange IEX.NS | India | $1.03B | -18% | +13% | 39% | 6.67× | 99.9% | 38.6% |
| Japan Securities Finance 8511.T | Japan | $1.02B | -6% | +73% | 9% | 1.16× | 6.7% | 8.9% |
| Oppenheimer OPY | United States | $963M | -5% | +14% | 9% | 0.98× | 10.2% | 9.1% |
| AMTD IDEA Group Sponsored ADR AMTD | United States | $1.50B | -52% | +14% | 2% | 0.01× | 3.1% | 1.6% |
| DAOU TECHNOLOGY 023590.KS | South Korea | $919M | -35% | +134% | 21% | 0.33× | 4.3% | 21.4% |
| Matsui Securities 8628.T | Japan | $1.61B | +7% | +47% | 23% | 2.92× | 12.5% | 23.3% |