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Huobi Tech Released Annual Financial Report:From Surplus to Deficit

Huobi Tech (formerly known as Pantronics Holdings Limited) released its first financial report after changing its name on December 16. According to the financial report, by September 30, 2019, the annual revenue of Huobi Tech fell by 9.6% year on year to HK $312 million; the net profit loss attributable to shareholders was HK $6.076 million, while the profit gain for the same period last year was HK $6.591 million; the loss per share was about HK 1.989 cents. In addition, Huobi Tech had 672 employees in 2019, a decrease of 139 employees, or about 17%, compared with 811 last year.

According to the analysis of insiders, 99% of the current revenue source of Huobi Tech is still the OEM and electronic manufacturing service business of power supply and electronic parts inherited from Pantronics Holdings Limited.

By September 30, 2019, the revenue of solenoid coil, electric tool charger, PCB assembly, parts assembly, data center service, cloud service and other business respectively amounted to HK $162 million, HK $39.442 million, HK $49.153 million, HK $27.349 million, HK $2.461 million (two-month revenue) and HK $31.788 million.

On Sept. 10, Pantronics Holdings Ltd announced to change the company’s English name “Pantronics Holdings Limited” to “Huobi Technology Holdings Limited”. Huobi Group founder Leon Li has been appointed CEO, chairman of the board and executive director of the board of Pantronics Holdings Ltd. On July 19, Leon Li indirectly held 65.24% of the issued shares of the company, so Li was the controlling shareholder of the company. The acquisition was completed on July 30.

In the acquisition agreement, Huobi stated that “We will make full use of abundant financial reserves. On the one hand, on the basis of actively maintaining the long-term cooperative relationship with the core customers of the current manufacturing business, we will further strengthen the expansion of new customers and new markets, and further promote the transformation of manufacturing business to high-quality and high margin products; on the other hand, we will grasp the development trend of the world’s financial technology”.

Huobi promotes blockchain technology to different institutions or government organizations through joint school and training. Focusing on financial licensed institutions, Huobi is creating a new generation of financial infrastructure based on blockchain for the virtual industry. Now Huobi has built a positive relationship with the global market including Hong Kong, Singapore, Japan, Europe, Thailand and Malaysia to meets the local compliance requirements.

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