HK-listed New Huo Tech slumps as $18.1 mln crypto stuck in collapsed FTX

Bitfire group

14/11/2022 03:07

** Shares of New Huo Technology Holdings Ltd  1611.HK ,
formerly Huobi Technology, fall as much as 21.4% to HK$3.23, the
lowest since Oct 25
    ** Stock last down 17.3%, set for biggest daily pct drop
since July 8 if losses hold; tenth biggest pct loser on the Hong
Kong bourse
    ** The data center and cloud-related services provider says
unit Hbit Ltd has $18.1 mln in cryptocurrencies in FTX, of which
$13.2 mln is clients' asset and $4.9 mln is unit's  urn:newsml:reuters.com:*:nFWN328014
    ** FTX filed for bankruptcy on Friday, one of the highest
profile crypto blowups  urn:newsml:reuters.com:*:nL1N3290DR urn:newsml:reuters.com:*:nL1N32803A
    ** New Huo says may be unable to withdraw crypto from FTX
and that its financial performance might be adversely affected
    ** Hang Seng Tech Index  .HSTECH  climbs 1% and Hang Seng
Index  .HSI  rises 1.8%
    ** As of last close, the stock had fallen 49.9% this year
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))