Citibank Issues “Buy” Rating for OSL Group, Target Price 21.8 HKD

OSL Group Limited is a licensed crypto exchange and financial services company of Hong Kong that functions under Type 1 and Type 7 Hong Kong Securities and Futures Commission licenses. OSL was founded in 2003 as a conventional financial company and shifted to crypto in the middle of the 2010s. It is competing with international companies such as Coinbase, as well as regional companies such as HashKey, and has a primary client comprising of institutional clients. The trading, custody, and payment solutions are available on the website of OSL (group.osl.com).

吴说获悉，花旗银行于 10 月 9 日发布研究报告，首次给予 OSL 集团（https://t.co/Ud45tPDCBS）“买入”评级，目标价为 21.8 港元。报告指出，OSL 集团旗下的支付品牌 PayFi 有望借助合规数字资产支付与结算业务的扩张推动公司增长。截至 10 月 10 日收盘，OSL 股价报 16.55 港元，市值 131.5…

— 吴说区块链 (@wublockchain12) October 10, 2025

Citibank Research Report

The report issued by Citibank highlights PayFi as a central factor to the development of OSL, especially in the form of regulated digital asset payments and settlements. The report has a target price of 21.8 HKD and is able to suggest that the stock price can increase by 31.7% per the current stock price of 16.55 HKD. The rating given to Citibank depicts institutional trust in the growth capacity of OSL in the compliant crypto payment environment.

PayFi Payment Brand

PayFi (Payment Finance) combines decentralized finance and reality asset tokenization with blockchain-based payments. The platform uses cryptos regulations in Hong Kong, specifically its 2023 Virtual Asset Service Provider framework, and provide solutions that are compliant with payments. There are institutional clients, such as Franklin Templeton and Circle, that operate PayFi to finance with USDC.

On October 10, 2025, OSL shares have a price of 16.55 HKD, and its market capitalization is 131.5billion HKD (equivalent to 16.9billion USD (1 Hkd = 0.1285 USD)). This is a phenomenal rise as compared to February of 2025, when the market cap stood at 5.67 billion HKD which is a growth of approximately 2,218 percent in eight months, owing to crypto market rallies and regulatory encouragement. OSL is also doing better than regional players, such as HashKey (80 billion HKD), but not as successful as international leaders, such as Coinbase (~$50 billion USD).

Financial and Regulatory Environment

The one indicator of institutional trust in the Hong Kong crypto ecosystem is the inclusion of Citibank. At October 2025, the HKEX Index (^HSI) has risen by approximately 10% YTD and is approximately 20,000 points higher than it was previously. Cryptocurrency restrictions in India and taxation in China should be considered by investors, as they might have cross-border implications. However, among the strengths are high growth potentials, regulatory risks, competition with PayPal, Stripe and crypto native such as Ripple, and crypto market volatility that would affect the stock valuation.