Shenchao TechFlow News, on December 13, the Hong Kong listed company New Fire Technology announced a positive profit forecast for the period ending September 30, 2024, disclosing an expectation to turn a profit for the entire year by the end of September, with a projected net profit of approximately HKD 60 million. The company recorded a net loss of approximately HKD 289 million for the same period in 2023.

New Fire Technology pointed out that the expected net profit mainly comes from the gain of about HKD 96.3 million generated from the sale of FTX claims completed in June this year; continuous cost management has led to a reduction in administrative expenses of about 44% compared to last year; and benefiting from the rise in virtual asset prices and the continued increase in total assets under fund management, income from performance fees and management fees has risen, driving a gross profit increase of about HKD 34 million.