Xinhuo Technology: The recoverable ratio of FTX claim funds is expected to rise to approximately 70%

Xinhuo Technology, a Hong Kong-listed company, issued an announcement stating that the market price of the recoverable amount of FTX deposits is based on the valuation of the exclusive agent’s written offer received by the company in early October 2023, minus agency fees and other professional expenses. The net amount is approximately 39.4% of the original amount. As the cryptocurrency market recovers, the company has received several competing offers from potential transferees for the transfer of FTX claims. If the transfer of FTX claims can be implemented by the relevant transferee, the recoverable amount will increase from approximately 39.4% in September 2023. Increase to approximately 70% in January 2024. It is reported that the value of Xinhuo Technology’s frozen assets on the FTX exchange is HK$141.7 million.