KVB Kunlun says Hong Kong Stock Exchange considering its proposed listing transfer

Maria Nikolova

The application for KVB Kunlun’s listing transfer to the Main Board is being considered by the Stock Exchange, the broker said today, as it published its results for the third quarter of 2017.

Hong Kong-focused retail FX broker KVB Kunlun Financial Group Ltd (HKG:8077) has just provided us with an update on its plans about its listing transfer. As a part of the announcement of its results for the third quarter of 2017, the company highlighted its intentions to transfer of listing of its shares from GEM to Main Board of the Stock Exchange. The formal application for the change was submitted on August 30, 2017.

The application is currently being considered by the Stock Exchange, the broker said today.

KVB Kunlun stressed that its shareholders and potential investors should be aware that the implementation of the proposed transfer of listing is subject to, inter alia, the granting of relevant approval by the Stock Exchange. Hence, there is no assurance that permission will be obtained from the Stock Exchange for the proposed transfer of listing.

KVB’s Board sees the proposed transfer as a way to enhance the corporate profile of the company. The change is also poised to add competitive strength to the brokerage and bolster the confidence of its investors and stakeholders. The corporate Board also expects that the Main Board trading platform will enhance trading liquidity of the shares of the broker as well as improve its fund raising capabilities. All of these factors are poised to ultimately contribute to increasing value to the KVB’s shareholders.

Regarding the performance metrics revealed today, the broker posted a decrease in its net profit during the first nine months of 2017 compared to the same period a year earlier. The drop was attributed to low volatility in the foreign exchange, commodity and index markets. KVB Kunlun recorded a profit of approximately HK$28.1 million for the nine months ended September 30, 2017 compared to the profit of approximately HK$31.1 million for the same period last year.

On the brighter side, due to an increase in trading volume during the first nine months of 2017, there was an increase in total income. The broker registered a total income of approximately HK$378.6 million for the nine months ended September 30, 2017, representing a rise of approximately 47.8% from approximately HK$256.2 million for the corresponding period in 2016.

Read this next

blockdag

BlockDAG Redefines Crypto Mining as Presale Tops $18.5M, Outshining Ethereum ETF & Dogecoin Dynamics

The recent approval of the first Ethereum ETF in Hong Kong underscores a significant advancement in the cryptocurrency’s mainstream acceptance. While Ethereum continues to attract institutional attention, the Dogecoin price prediction suggests a possible resurgence, despite its current undervaluation from past highs.

Digital Assets

Bitcoin halving is done: ViaBTC mines historic block 840K

The Bitcoin network has confirmed its fourth-ever halving block, mined by the cryptocurrency pool ViaBTC, according to data from Blockchain.com. This significant event in the Bitcoin ecosystem reduced the mining reward by half, a deflationary measure occurring approximately every four years to control the issuance of new bitcoins and curb inflation.

Retail FX

True Forex Funds now offers Match-Trader and cTrader platforms

Proprietary trading firm True Forex Funds today announced the launch of Match-Trader, a multi-asset trading platform developed by California-based FX technology provider Match-Trade Technologies.

Retail FX

CySEC hits FXORO parent with €360,000 fine

The Cyprus Securities and Exchange Commission (CySEC) has fined MCA Intelifunds, trading as FXORO, a total of €360,000 for multiple violations of the Cypriot investment laws.  

Digital Assets

Binance’s CZ in good mood ahead of sentencing, says partner

Yi He, co-founder of cryptocurrency giant Binance, has shared a positive outlook on the legal situation of the exchange’s former CEO, Changpeng Zhao. Zhao is currently awaiting a sentencing hearing scheduled for April 30 in the United States.

Fundamental Analysis, Tech and Fundamental

Global FX Market Summary: USD, FED, Middle East Tensions April 17 ,2024

The Federal Reserve walks a delicate line, addressing high inflation through a hawkish stance while avoiding stifling economic growth.

blockdag

‘Kaspa Killer’ BlockDAG Goes To The Moon With $18.5M Presale, Draws Attention from AVAX and Kaspa Investors

Discover how ‘Kaspa Killer’ BlockDAG’s $18.5M presale and 400% surge positions it as the fastest-growing crypto, amidst AVAX’s anticipated market rally and Kaspa’s performance gains.

Tech and Fundamental, Technical Analysis

Bitcoin Technical Analysis Report 19 April, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 67000.00, top of the previous minor correction ii.

Digital Assets

Crypto.com denies setback in South Korean market entry

Crypto.com has refuted reports from South Korean media that suggested a regulatory hurdle might delay its expansion in South Korea.

<