SINOHOPE TECH announced its annual performance for the year ending September 30, 2024. The company recorded total revenue of approximately HKD 1.569 billion, a year-on-year decrease of 44.6%; however, net profit turned from a loss of HKD 0.289 billion in the same period last year to a profit of HKD 56.34 million. Basic earnings per share were HKD 0.1166, compared to a loss of HKD 0.9194 per share for the same period last year.The decline in revenue was mainly due to a 45.9% decrease in revenue from Cryptos trading business, amounting to HKD 1.52 billion. However, the Asset Management business performed outstandingly, with revenue soaring by 495.3% to HKD 25.63 million. The company successfully turned a profit mainly due to the reversal of HKD 85.9 million in impairment provisions for...Show More

SINOHOPE TECH announced its annual performance for the year ending September 30, 2024. The company recorded total revenue of approximately HKD 1.569 billion, a year-on-year decrease of 44.6%; however, net profit turned from a loss of HKD 0.289 billion in the same period last year to a profit of HKD 56.34 million. Basic earnings per share were HKD 0.1166, compared to a loss of HKD 0.9194 per share for the same period last year.The decline in revenue was mainly due to a 45.9% decrease in revenue from Cryptos trading business, amounting to HKD 1.52 billion. However, the Asset Management business performed outstandingly, with revenue soaring by 495.3% to HKD 25.63 million. The company successfully turned a profit mainly due to the reversal of HKD 85.9 million in impairment provisions for FTX deposits and an increase in virtual asset prices that boosted Asset Management revenue growth.Looking ahead, the company will focus on developing compliant Asset Management business, innovating MPC custody products, and operating compliant virtual asset Exchange business. SINOHOPE Asset Management plans to expand its product line to provide more diversified virtual asset investment options for professional investors. The company will also improve the acquisition of Bit Trade and enter the Cryptos Exchange market in regions such as Japan.