NewHuo Tech Releases Interim Financial Reports, Withdraws License Applications in Singapore and Hong Kong

According to reports, NewHuo Tech, controlled by Li Lin, released its interim financial report as of March 31, 2023, during which the company achieved revenue of HKD 2.506 billion, a year-on-year increase of 612.3% compared to HKD 352 million in 2022. In particular, virtual asset trading and lending contributed HKD 2.386 billion, accounting for as high as 95.21%.

Behind the rapid growth in performance, losses have also been further expanded. The net loss for this reporting period is HKD 232 million, compared with HKD 49 million in the same period last year.

In addition, NewHuo Tech, which has been seeking licenses for virtual asset trading platforms, has withdrawn its license applications in Singapore and Hong Kong, citing "business priorities and planning adjustments."