Hong Kong Stock Market Update | SINOHOPE TECH surges over 7% during trading, news suggests that the US SEC may approve the Bitcoin ETF on Tuesday or Wednesday.

SINOHOPE TECH rose more than 7% during the trading session, and as of the time of writing, it has increased by 5.26% to HKD 2.2, with a trading volume of HKD 2.1255 million. On the news front, market reports suggest that the U.S. Securities and Exchange Commission (SEC) may make a decision on approving the Bitcoin exchange-traded fund (ETF) as early as Tuesday or Wednesday. In addition, according to Coin Guides, the price of Bitcoin has surpassed $45,000, with an intraday gain of over 5%. SINOHOPE TECH recently announced its annual performance for the period ending September 30, 2023, with a net loss of approximately HKD 2.87 per share, representing a YoY increase of 43.92%. The increased loss was mainly due to the increased expenses in developing new business and the inability to withdraw cryptocurrency assets from the FTX cryptocurrency exchange, resulting in impairment loss provisions of approximately HKD 86 million.