Xinhuo Technology: Affected by FTX, annual net loss is expected to increase to HK$280 million

Odaily News Xinhuo Technology Holdings (01611.HK) issued a profit warning. The net loss for the year ending September 30, 2023 is expected to be no less than approximately HK$280 million, compared with a net loss of HK$200 million in the same period last year. The group said that the expected increase in net loss is mainly due to the companys inability to withdraw cryptocurrency assets from the cryptocurrency exchange FTX, resulting in an impairment loss provision of approximately HK$86 million; as well as employment and termination expenses and one-time company personnel restructuring, related cost management plans The expenditure is approximately HK$15 million.