PANews reported on December 17 that Hong Kong-listed company Xinhuo Technology released its annual performance announcement for the year ending September 30, 2024, which disclosed:
1. Based on the latest net book value of FTX available as of September 30, 2024, and with reference to the transaction price claimed by FTX, a reversal of impairment loss of HK$85,897,000 has been recognised and included in profit or loss for the year ended September 30.
2. As of September 30, 2024, the gross profit was approximately HK$44.2 million, and the net profit was approximately HK$56.3 million.
3. In addition to the compliant virtual asset fund business under the original No. 9 license, in 2025, we will add the business of distributing virtual asset (VA) related products to professional investors, including but not limited to virtual asset funds, Bitcoin and Ethereum ETFs, and virtual asset structured products. In addition, after the No. 4 license is approved for upgrade, it is planned to provide virtual asset (VA) consulting services only to professional investors.
According to previous news, 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 September, and is expected to record a net profit of approximately HK$60 million .
