Odaily Planet Daily News: Hong Kong listed company Xinhuo Technology announced its annual performance for the year ending September 30, 2024. The group achieved a revenue of HKD 1.569 billion, a decrease of 44.6% year-on-year; the profit attributable to the company owners was HKD 54.322 million, compared to a loss of HKD 287 million in the same period last year; the basic earnings per share were HKD 11.66. The group's profit before tax for the year 2024 was approximately HKD 56.4 million, while for the year 2023, the net loss from continuing operations was approximately HKD 282 million. The profit before tax primarily came from the reversal of impairment provisions for FTX deposits of approximately HKD 85.9 million, completed in June 2024 due to the sale of FTX claims. The profit before tax also came from income generated from fund performance fees resulting from the rise in virtual asset prices and effective asset management strategies, as well as increased management fee income due to asset growth in ongoing fund management. Furthermore, in 2025, Xinhuo Asset Management plans to add a business of distributing virtual asset (VA) related products to professional investors (PIs) in addition to its existing compliance virtual asset fund business under License No. 9, including but not limited to VA funds, Bitcoin and Ethereum ETFs, and VA structured products. After the upgrade of License No. 4 is approved, the company plans to provide the following types of virtual asset (VA) consulting services only to PIs: 1) issuing research reports (including regular subscriptions or ad hoc advice upon client request); 2) providing investment advisory services to clients, including virtual asset funds and their managers.

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