Sinohope Technology Holdings, formerly known as New Fire Technology Holdings. It released its audited annual results for the year ended September 30. The company reported total revenue of HK$8.66 billion. This marks a 451.8% year over year increase. The surge came mainly from rapid expansion in its cryptocurrency over-the-counter (OTC) trading business. However, despite the strong top line growth. The group swung to a net loss for the year. It highlights pressure on margins as trading volumes scaled up.
OTC Trading Drives Revenue Surge
The crypto asset trading segment remained the company’s core growth engine. Revenue from this business reached HK$8.61 billion, up from HK$1.52 billion a year earlier. OTC trading accounted for more than 99% of total group revenue. This underscores Sinohope Technology’s growing role in institutional crypto liquidity services.
吴说获悉，新火科技控股（01611. HK）发布 2025 年度业绩公告，集团全年总收益约 86.6 亿港元，同比大增约 451.8%，主要受加密货币 OTC 业务规模扩张带动。盈利端由盈转亏，集团录得净亏损约 970 万港元（2024 年同期纯利约 5630 万港元）。https://t.co/F1hO4jLK1G
— 吴说区块链 (@wublockchain12) December 31, 2025
Management attributed the increase to higher client activity and expanded trading scale during the year. Other business lines remained flat, contributing just HK$48.1 million. It went down slightly from 2024. Gross profit rose modestly to HK$47.6 million. But gross margin fell sharply to 0.6%, compared with 2.8% last year. This reflected tighter spreads and higher operating costs tied to large volume OTC transactions.
Profit Turns to Loss as Costs Rise
While revenue jumped, profitability moved in the opposite direction. Sinohope Technology recorded a net loss of HK$9.7 million. It compared with a net profit of HK$56.3 million in the prior year. Loss attributable to shareholders stood at HK$9.2 million. Administrative expenses climbed to HK$111.5 million up from HK$106.2 million. As the company expanded its headcount and compliance operations.
Fair value losses on crypto assets also weighed on results. It is reversing gains seen in the previous year. Basic loss per share came in at 1.72 Hong Kong cents. That compares with earnings of 11.66 cents in 2024. Net cash declined to HK$13.2 million down sharply year over year. Though total equity increased to HK$757.1 million.
Strategy Shift and Market Context
Sinohope’s shares last traded around HK$2.61. It gives the company a market capitalization of roughly HK$1.96 billion. The stock has remained volatile, often moving in line with broader crypto market trends. During 2025, the company repositioned itself as a digital asset services platform focused on compliance and institutional clients. Several former Huobi executives joined the group in August. Which signals a strategic reset. The firm has also clarified that it has no equity or business relationship with Huobi Hong Kong.
Looking ahead, management said it will prioritize “safety and compliance.” While continuing to build services that connect traditional finance with Web3 infrastructure. Still, the latest results show that while the OTC scale can drive revenue quickly. Sustaining profitability remains a key challenge as competition and costs increase.
