Sinohope Tech (1611.HK) - December 2025 Monthly Update

Company News

Sinohope Tech’s Total Revenue in 2025 Reaches HKD 8.661 Billion, a Year-on-Year Increase of 451.8%

On December 30, 2025, Sinohope Tech Holdings Limited (Stock Code: 1611.HK), a Hong Kong-listed company, officially disclosed its annual earnings announcement for the fiscal year ended September 30, 2025. The announcement shows that the company achieved total revenue of approximately HKD 8.661 billion during the reporting period, representing a significant year-on-year increase of 451.8%, primarily driven by the expansion of its over-the-counter (OTC) cryptocurrency trading business. Meanwhile, the attributable loss for the year was HKD 9.212 million. The change in financial performance is related to strategic transformation investments and the absence of large impairment reversals as seen in the same period last year.

This earnings release comes amid the company's deepening strategic transformation. In August 2025, the company initiated a strategic upgrade to become a 'globally leading private banking-level digital asset manager,' offering high-net-worth clients comprehensive digital asset services including concierge account opening, companion trading, institutional-grade custody, full-range asset management, premium investment advisory, and encrypted trust services. The board has resolved not to distribute a final dividend for this fiscal year.

Industry Trends

In December, the cryptocurrency market concluded its 2025 trading amid the combined effects of a critical shift in macro policies and tightened year-end market liquidity. The overall market exhibited a 'high open, low close, and sideways consolidation' pattern, contrasting sharply with the intense volatility of November’s 'deep V' reversal. At the start of the month, as the Federal Reserve officially ended Quantitative Tightening (QT), the market experienced sharp fluctuations akin to 'buying the rumor, selling the fact,' with Bitcoin plunging over 5% intraday on December 1. For the remainder of the month, the market lacked clear direction, with Bitcoin fluctuating within a narrow range of $85,000 to $92,000. Investor sentiment turned cautious, and trading activity significantly declined. By the end of December, Bitcoin was trading near $87,000. Ethereum faced a severe downturn, having fallen over 28% in the fourth quarter. In stark contrast, traditional safe-haven asset gold reached new highs due to expectations of interest rate cuts and central bank purchases, highlighting that cryptocurrencies, as high-risk assets, were being heavily reduced by investors amid concerns over tightening liquidity.

In terms of trading volume, the market continued its subdued trading that began in late November, further contracting due to year-end effects and the sideways price movement. According to The Block data, the total spot trading volume on global centralized exchanges (CEX) in December dropped to approximately $1.13 trillion, significantly lower than in November, marking a multi-month low. Activity on decentralized exchanges (DEX) also declined in tandem, with total monthly trading volume decreasing by about 20% month-over-month. The contraction in market liquidity reflects that investors are generally opting to remain on the sidelines amid macroeconomic uncertainty, waiting for new policy and economic signals in the new year.

On the macro front, the policy moves of global central banks in December dominated the market. On December 1, the Federal Reserve formally ended its Quantitative Tightening (QT) program, which began in June 2022. This anticipated move provided a baseline of long-term liquidity support for the market. However, at the same time, market expectations grew that the Bank of Japan might end its negative interest rate policy, with analysts warning that this could lead to a global unwinding of carry trades, tightening financial market liquidity. This concern weighed on risk assets like cryptocurrencies, forming the core downward pressure in the market this month.

Key developments in the crypto space

Global stablecoin regulation enters substantive implementation phase

In December, stablecoin regulation in major jurisdictions accelerated from legislative frameworks towards practical implementation. In the United States, Circle, the issuer of USDC, received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking the beginning of mainstream stablecoins being incorporated into the federal banking regulatory system. The UK Financial Conduct Authority's (FCA) stablecoin payment regime officially came into effect, while the Monetary Authority of Singapore (MAS) also published the final guidelines for its stablecoin framework. Global rules are converging on core requirements such as reserve custody, redemption rights, and disclosure.

Altcoin ETFs show significant divergence post-listing

Following the U.S. SEC’s adoption of a universal listing standard in November, the first batch of altcoin spot ETFs based on the new rules began trading in December. Market funds showed selective inflows, with Solana (SOL) spot ETFs attracting significant capital inflow, and their Assets Under Management (AUM) quickly surpassing $1 billion post-listing. In contrast, other ETFs listed during the same period, such as Litecoin (LTC) and Ripple (XRP), performed modestly. This indicates that as a financial tool, ETFs have expedited the process by which market funds screen projects based on fundamentals rather than offering blanket benefits.

Upbit hack exposes vulnerabilities in risk management

In response to the security incident at South Korea's Upbit exchange in late November, where over $30 million was stolen, subsequent investigations in December revealed significant issues with risk management in centralized institutions. According to a survey by the Financial Supervisory Service (FSS) of South Korea, Upbit delayed reporting the hacking incident to regulators for more than seven hours after detecting it, triggering widespread doubts about its internal risk control and compliance processes.

Tether announces the launch of a new stablecoin, USAT, compliant with U.S. regulatory requirements

In December 2025, Tether, the world’s largest stablecoin issuer, officially announced the upcoming release of a new product, USAT, compliant with U.S. regulatory requirements. This move is considered a key strategic step by mainstream institutions to capture a compliant market share amid increasingly clear regulatory frameworks.

Solana initiates quantum-resistant upgrade strategy

In December, the Solana Foundation announced the successful deployment of post-quantum digital signatures on its testnet, marking an important first step toward quantum-resistant upgrades. This initiative aims to proactively address potential threats that future quantum computers may pose to blockchain cryptography, ensuring the network’s long-term security and resilience.。

Key strategic moves by major players

Stripe opens Tempo payment blockchain testnet, joined by MasterCard, UBS Group, and other giants

Tempo, a blockchain developed by payment giant Stripe in collaboration with Paradigm and focused on stablecoin payments, opened its testnet to the public on December 9. The network also announced heavyweight early partners, including MasterCard, UBS Group, and Klarna, which had previously announced plans to issue stablecoins. Tempo provides native payment features such as guaranteed block space and the ability to pay gas fees directly with stablecoins, aiming to build next-generation financial infrastructure for global payments, remittances, and tokenized deposits.

JPMorgan introduces bank deposit tokens to public blockchain, entering financial infrastructure phase

In December 2025, banking giant JPMorgan put its bank deposit-based token product, JPM Coin, into actual operation on Coinbase’s Ethereum Layer 2 network, Base. This move marks the first time that deposits from a major bank’s balance sheet have been used for real institutional-grade payments and margin settlements in a public blockchain environment, signaling the transition of blockchain technology from 'tokenization experiments' to 'financial infrastructure.' Concurrently, JPMorgan Asset Management launched MONY, a tokenized money market fund issued on the public Ethereum network, forming, together with the deposit token, an institutional-grade on-chain financial pathway.

HashKey Group listed on the Hong Kong stock market, becoming Asia's first licensed digital asset platform to go public

In mid-December 2025, HashKey Holdings, Asia’s leading digital asset financial services group, successfully listed on the Main Board of the Hong Kong Stock Exchange. This IPO was nearly 400 times oversubscribed, raising approximately HK$1.607 billion, with a valuation close to HK$19 billion. HashKey holds Type 1 (securities trading) and Type 7 (automated trading services) licenses issued by the Hong Kong Securities and Futures Commission. Its trading platform commands over 75% market share in Hong Kong and is the largest regional onshore digital asset platform in Asia. This listing marks the first time a licensed virtual asset trading platform has been accepted by mainstream capital markets, delivering a landmark return for its early industry backers, including the Lu Weiding family of the Wanxiang Group.

Tether-linked executives acquire Northern Data mining business, deepening computing power strategy

In December, senior executives from Tether, the world’s largest stablecoin issuer, completed the acquisition of Peak Mining, a division of Bitcoin mining company Northern Data, in a deal valued at $200 million. The acquisition was carried out by entities controlled by Tether co-founder Giancarlo Devasini and CEO Paolo Ardoino, as part of Tether Capital's intensive efforts to expand in cryptocurrency mining and AI infrastructure. Previously, Rumble, a video platform backed by Tether, also announced plans to acquire Northern Data.

Robinhood accelerates global expansion through Bitstamp acquisition

In December, Robinhood, the trading platform known for catering to retail investors, completed the acquisition of Bitstamp, a long-established European cryptocurrency exchange. Valued at approximately $200 million, this deal enabled Robinhood to gain Bitstamp’s compliance licenses and customer base across multiple global markets, marking a shift away from its reputation as the “home base for U.S. retail investors” and accelerating its strategic push for global expansion.

Regulatory Updates

Europe and North America

United States clarifies specific procedures for stablecoin regulation

In December, the Federal Deposit Insurance Corporation (FDIC) approved a proposed rule that sets out specific application and evaluation procedures for regulated banking institutions seeking to become 'licensed payment stablecoin issuers.' This move is considered a key step in implementing the stablecoin regulatory provisions of the GENIUS Act, aiming to establish a tailored and time-bound approval process.

U.S. bipartisan coalition introduces targeted legislation to combat crypto fraud

In December, U.S. Senator Elissa Slotkin (Democrat) and Jerry Moran (Republican) jointly introduced the Strengthening Crypto Enforcement Framework Act. The bill proposes the creation of an inter-agency federal task force, integrating resources from the Treasury Department, Department of Justice, Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC), along with private-sector experts, to enhance capabilities in combating cryptocurrency-related fraud and scams.

The EU reaches a preliminary agreement on the allocation of regulatory responsibilities for DeFi activities

In December, EU member states and the European Parliament reached a preliminary political agreement on the amendment to the 'Distributed Ledger Technology (DLT) Pilot Regime,' aiming to clarify regulatory responsibilities in decentralized finance (DeFi) activities. The agreement preliminarily specifies that in fully decentralized protocols without clear responsible parties, the 'main builders' may need to assume corresponding compliance obligations, marking a step forward in the EU's exploration of substantive DeFi regulation.

The UK releases a proposal for a comprehensive regulatory framework for crypto-assets

On December 16, the UK Financial Conduct Authority (FCA) issued three comprehensive consultation papers proposing a full regulatory framework covering activities such as crypto-asset trading, lending, staking, and market abuse. The proposal follows the principle of 'same risk, same regulatory outcome,' intending to bring a wide range of crypto activities under a regulatory framework consistent with their traditional financial counterparts.

Canada introduces central bank-led 'Stablecoin Act'

In December, Canada introduced the proposed 'Stablecoin Act' within its budget implementation bill. The core of this act is led by the Bank of Canada, requiring stablecoin issuers to register and strictly enforce rules like 1:1 full reserve backing, use of qualified custodians, and clear redemption rights. The goal is to incorporate payment-type stablecoins into the national payment system framework for prudent regulation.

Asia-Pacific Region

China’s central bank explicitly characterizes stablecoins for the first time and reiterates strict prohibitions

At the beginning of December 2025, the People's Bank of China convened a coordination meeting on combating cryptocurrency trading speculation, explicitly stating for the first time that 'stablecoins are a form of virtual currency' and noting that they cannot meet compliance requirements such as customer identification and anti-money laundering. The meeting reiterated that all business activities related to virtual currencies constitute illegal financial activities, demonstrating that mainland China will maintain a stringent regulatory stance.

Japan’s Financial Services Agency proposes changes to the crypto-asset regulatory framework and restrictions on overseas ETF derivatives

In December 2025, Japan's Financial Services Agency (FSA) released a significant regulatory proposal. Its core content includes the suggestion to shift the primary regulatory law for cryptocurrencies from the Payment Services Act to the Financial Instruments and Exchange Act. This indicates a regulatory mindset shift from viewing them as 'payment methods' to considering them as 'investment products,' with the aim of enhancing disclosure and cracking down on unregistered platforms. At the same time, the FSA explicitly restricts the offering of derivatives linked to overseas spot cryptocurrency ETFs, arguing that such products lack sufficient investor protection frameworks in Japan.

MAS updates stablecoin regulatory guidelines, clarifies compliance pathway

In December, the Monetary Authority of Singapore (MAS) issued updated guidelines for its stablecoin regulatory framework, further clarifying core requirements such as issuer eligibility, reserve asset management, and redemption processes. These guidelines provide a clear compliance path for institutions interested in issuing stablecoins bearing the 'MAS-regulated stablecoin' designation, reinforcing Singapore's leading position in digital asset regulation.

Disclaimer: This information is not an offer to sell or a solicitation of an offer to purchase any securities, options, futures, or other derivatives related to securities. It does not constitute any document required under securities laws. Any information, statements, or comments herein should not be regarded as advice to buy, sell, or hold such securities, nor an offer to sell such securities. This information does not consider or provide any tax, legal, or investment advice or opinions regarding the specific investment objectives or financial situation of any person. While this information is believed to be accurate and reliable, neither Sinohope Tech Holdings Limited ('Sinohope Tech') nor its agents, advisors, directors, officers, employees, or shareholders make any express or implied representations or warranties regarding its accuracy. Sinohope Tech expressly disclaims all liability arising from this information or any errors or omissions therein.

Company Introduction: Sinohope Tech Holdings Limited (referred to as 'Sinohope Tech', stock code: 1611.HK) is a Hong Kong Main Board-listed company. Its subsidiary, Sinohope Asset Management (Hong Kong) Limited, holds licenses issued by the Hong Kong Securities and Futures Commission for Type 1 (securities trading), Type 4 (advising on securities), and Type 9 (asset management). It is the first licensed entity in Hong Kong to provide discretionary account management services for virtual assets and has been approved to manage portfolios fully invested in virtual assets. Sinohope Trust Limited, another subsidiary under Sinohope Tech, holds a TCSP trust license issued by the Hong Kong Companies Registry. In 2025, Sinohope Tech acquired BitTrade, a compliant exchange in Japan, accelerating its global market expansion. Sinohope Tech is committed to building a 'private banking-grade digital asset manager,' pioneering concierge-style crypto purchasing services, and providing high-net-worth clients with comprehensive digital asset services including fiat on-ramp, discounted token purchases, and industry-leading digital asset custody solutions.

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