ChainCatcher news, the Hong Kong listed company New Fire Technology has released its annual performance announcement for the year ending September 30, 2024, which discloses:Based on the latest book net value of FTX available as of September 30, 2024, and referring to the trading price of FTX claims, an impairment loss of HKD 85,897,000 has been confirmed and included in the profit and loss for the year ending September 30.As of September 30, 2024, the gross profit is approximately HKD 44.2 million, with a net profit of approximately HKD 56.3 million.In 2025, in addition to the existing compliant virtual asset fund business under license No. 9, a new business will be added to distribute 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. Furthermore, after the upgrade approval of license No. 4, it is planned to provide virtual asset (VA) consulting services only to professional investors.

ChainCatcher news, according to AASTOCKS, New Fire Technology announced the acquisition of all issued share capital of Avenir Asset Holding for approximately $30.4621 million (about HKD 238 million). The company will pay for this by issuing up to nearly 110 million new shares. Avenir Asset Holding indirectly holds about 84.62% of the issued share capital of BitTrade. Avenir Asset Holding will become a wholly-owned subsidiary of the company, and BitTrade will become an indirect subsidiary of the company. BitTrade is primarily engaged in cryptocurrency trading.The company also acquired approximately 7.69% of the issued share capital of BitTrade from Goldenway for $2.7694 million (about HKD 21.6016 million), and the company will pay for this by issuing up to 9.909 million new shares. The shares mentioned above will collectively account for up to approximately 20.33% of the company's enlarged share capital.It is reported that BitTrade is a licensed virtual currency exchange service provider in Japan. BitTrade has joined the three major self-regulatory associations officially recognized by the Financial Services Agency, which have the ability to formulate and enforce cryptocurrency trading rules and standards in Japan, and can promote the introduction and development of the Japanese security token system. BitTrade is also a member of two associations in the Japanese crypto asset industry.

ChainCatcher news, Hong Kong-listed company New Fire Technology announced that due to the FTX incident being a special situation in the industry, and according to the company's observations, several FTX creditors have recently been restricted in cashing out their FTX claims through the transfer of their FTX deposits. The management believes that the group may also be able to cash out its FTX deposits in the near future through transfers.New Fire Technology stated that the company has received several competitive offers from potential transferees regarding the transfer of FTX claims. If the FTX claims can be transferred by the relevant transferees, the recoverable amount could increase from approximately 39.4% in September 2023 to about 70% in January 2024. It is reported that New Fire Technology's frozen assets on the FTX exchange are valued at HKD 141.7 million.

ChainCatcher news, SINOHOPE Executive Director and CEO Du Jun believes that the approval of the Bitcoin spot ETF means that Bitcoin has better compliance entry conditions. This move provides traditional investors with a more convenient and secure way to invest in Bitcoin. The Bitcoin spot ETF will continue to attract a large amount of institutional funds into the cryptocurrency market, which is not only an important sign of Bitcoin moving towards the mainstream but may also herald a new growth cycle for the cryptocurrency market.Du Jun stated that Hong Kong is the next important potential market to approve the listing and trading of Bitcoin spot ETFs after the United States. In December last year, the Hong Kong Securities and Futures Commission issued a circular regarding the recognition of funds investing in virtual assets and stated that it is "ready to accept applications for the recognition of virtual asset spot ETFs." SINOHOPE's subsidiary, SINOHOPE Asset Management, is preparing the relevant ETF application work.As a local Web3 listed company deeply rooted in Hong Kong, SINOHOPE is a leading global one-stop digital asset service platform with a compliance first-mover advantage. In the future, it will continue to leverage its years of accumulated experience in virtual asset fund management to contribute to the successful listing of virtual asset spot ETFs in Hong Kong.

ChainCatcher news, Du Jun, CEO and Executive Director of New Fire Technology, stated on social media that he is ready to deeply participate in the Bitcoin ecosystem construction, with a preferred track of Layer 2.On the day the project goes live, 50 million U or an equivalent Bitcoin address will be announced, specifically for the development of this project.

ChainCatcher news, Hong Kong licensed virtual asset trading platform HashKey Exchange announced the formal strategic cooperation with New Fire Technology Holdings Limited and signed an MOU agreement. Both parties will carry out in-depth cooperation in various cutting-edge industry sectors such as virtual asset secure storage, custody, OpenLoop clearing and settlement network, virtual asset compliance funds, STO, RWA, and public chain technology.Both parties agreed to leverage their years of experience in Web3 products and solutions related to virtual asset storage, custody, and payment at the product solution level for complementary advantages, helping customers conveniently experience virtual asset services. In the future, they do not rule out jointly developing customized solutions for the market or important clients. Regarding the cooperation on virtual asset compliance funds, New Fire Technology's subsidiary New Fire Asset Management (Hong Kong) Limited, within the scope permitted by relevant regulations, will also conduct compliant virtual asset trading on HashKey Exchange based on the fund strategy of its compliant fund products.

ChainCatcher news, Hong Kong's New Fire Technology has released its interim performance report for the period ending March 31, 2023. During the reporting period, the company achieved revenue of HKD 2.506 billion, a year-on-year increase of 612.3% compared to HKD 352 million in 2022. Among this, virtual asset trading and lending contributed HKD 2.386 billion, accounting for as much as 95.21%.At the same time, the net profit for the reporting period was a loss of HKD 232 million, compared to a loss of HKD 49 million in the same period of 2022. New Fire Technology also stated in the announcement that it recorded a loss of approximately HKD 102.2 million last November due to its inability to withdraw cryptocurrency from FTX.In addition, New Fire Technology, which has been seeking a virtual asset trading platform license, has successively withdrawn its license applications in Singapore and Hong Kong, citing "business focus and planning adjustments." (source link)

ChainCatcher news, the official announcement from New Fire Technology Holdings shows that the company has noted that the cryptocurrency trading platform Huobi tweeted on May 26, 2023, announcing that Huobi Hong Kong is preparing to provide cryptocurrency trading services for users. The company's board hereby clarifies that there is no business or equity relationship between the company and Huobi Hong Kong. (Source link)

ChainCatcher news, in response to rumors about the new cryptocurrency exchange New Huo HK launched by New Huo Technology, the company stated that it has always operated with the principle of compliance and is actively applying for financial and digital asset-related licenses in major countries and regions.The New Huo HK exchange website is a trial operation site during the license application process and is not officially open for business. In 2023, New Huo Technology will undergo a strategic adjustment, and a new one-stop digital asset mixed service platform called Sinohope, which combines centralized and decentralized services, is currently in preparation and is expected to launch in Q1.

ChainCatcher news, New Fire Technology released its 2022 annual report, in which the company's total revenue was HKD 9.453 billion, a year-on-year increase of 1447.8% or HKD 8.842 billion; the company's overall gross profit for the year was HKD 185 million; revenue from the virtual asset ecosystem business grew rapidly, reaching HKD 9.057 billion, accounting for 96% of the group's total revenue; revenue from the virtual asset over-the-counter trading business reached HKD 8.939 billion; cash and cash equivalents amounted to HKD 323 million.In addition, New Fire Technology plans to diversify its business in the near future by launching a new centralized and decentralized mixed-service platform, Sinohope. (Source link)

ChainCatcher message, Sun Yuchen tweeted: Huobi has no risk exposure to FTX or Genesis lending. The listed company New Huo Technology may be related to both, but New Huo Technology has no relationship with Huobi. In the future, please distinguish carefully between the listed company New Huo Technology and Huobi. (source link)

ChainCatcher news, according to Jinshi reports, New Fire Technology (formerly Huobi Technology) announced on the Hong Kong Stock Exchange that its subsidiary Hbit Limited has approximately 18.1 million equivalent US dollars in cryptocurrency stored on the cryptocurrency exchange FTX, of which about 13.2 million dollars are assets from customer trading requests. Since FTX's group entities (including FTX) filed for bankruptcy protection in the United States on November 11, 2022, it may not be possible to withdraw the aforementioned cryptocurrency assets from FTX.On November 13, New Fire Technology reached an agreement with Mr. Li Lin, the company's controlling shareholder and non-executive director, under which Mr. Li agreed to provide the group with additional unsecured financing of up to 14 million dollars. The company will utilize shareholder financing as needed to cover the liabilities arising from this event. (Source link)