Xinhuo Technology's interim financial report accounted for 95.21% of virtual asset revenue, and revoked license applications in Singapore and Hong Kong

According to the Financial Associated Press, the Hong Kong stock Xinhuo Technology released its interim financial report as of March 31, 2023. During the reporting period, the company achieved revenue of HK$2.506 billion, a year-on-year increase of 612.3% from HK$352 million in 2022. Among them, virtual asset transactions and lending contributed HK$2.386 billion, accounting for 95.21%. Behind the rapid growth of performance, losses are also further expanding. During the reporting period, the net profit was a loss of 232 million Hong Kong dollars, and the loss in the same period in 2022 was 49 million Hong Kong dollars. In addition, Xinhuo Technology, which has been seeking a license for a virtual asset trading platform, has successively withdrew its license applications in Singapore and Hong Kong, China, on the grounds that it was “due to business focus and planning adjustments.”