PANews reported on December 13 that Hong Kong-listed company Xinhuo Technology released a positive profit forecast for the period ending September 30, 2024, disclosing that it expects to turn losses into profits for the full year ending at the end of September, and is expected to record a net profit of approximately HK$60 million. The company recorded a net loss of approximately HK$289 million in the same period of 2023. Xinhuo Technology pointed out that the expected net profit mainly comes from the sale of FTX claims and the reversal of impairment provisions after the completion of the sale of FTX claims in June this year, which generated a gain of approximately HK$96.3 million; continued strengthening of cost management has led to a reduction in administrative expenses of approximately 44% compared with last year; and benefiting from the rise in virtual asset prices and the continued increase in the total value of fund management assets, the fund performance fee income and management fee income increased, and led to a gross profit growth of approximately HK$34 million.