Latest news with #SherinSunny
Zawya
28-03-2025
- Business
- Zawya
Hong Kong's HashKey, Bosera to offer tokenised money market ETFs in April
Hong Kong-based cryptocurrency exchange HashKey Group and asset manager Bosera International will launch the world's first tokenised money market exchange-traded funds (ETFs) in April, the companies said in a joint statement on Friday. The Hong Kong Securities and Futures Commission (SFC) has approved two new tokenised share classes - the Bosera HKD Money Market ETF and the Bosera USD Money Market ETF, according to the statement. The products will allow investors allow exposure to high-quality money market instruments via blockchain-based tokens, enhancing asset allocation and risk management capabilities, the firms said. "Under the current market trend of compliance, we expect more traditional financial institutions to actively enter the crypto finance sector through innovative tokenisation products," said Dr. Xiao Feng, chairman and CEO of HashKey Group. The ETFs will be issued on HashKey Chain, the company's proprietary blockchain platform. HashKey Exchange, which became Hong Kong's first licensed crypto trading platform to serve retail investors in August 2023, is currently the largest regulated virtual asset trading venue in the territory. The launch aligns with Hong Kong's push to position itself as a center for Web3 - the blockchain-based evolution of the internet - and digital asset innovation through crypto-friendly regulatory measures designed to attract global cryptocurrency businesses. (Reporting by Sherin Sunny in Bengaluru; Editing by Sonia Cheema)
Yahoo
14-02-2025
- Business
- Yahoo
Australia's Treasury Wine drops planned sale of cheaper brands, cuts profit guidance
By Byron Kaye and Sherin Sunny (Reuters) - Penfolds wine producer Treasury Wine Estates pulled the sale of its cheap drinks division after failing to find an attractive offer and cut its prediction for annual profit, sending its shares tumbling. The division's weak results and outlook soured an otherwise upbeat first-half result for Australia-listed Treasury as exports to China roared back to life after the end to three years of crippling tariffs imposed by Beijing. Treasury had planned to offload budget labels including Wolf Bass and Lindeman's last year amid a global trend of young drinkers turning away from alcohol. But "the offers received for these brands did not represent compelling value and therefore their retention is the best course", it said on Thursday. Net profit excluding one-off items jumped 33% to A$239.6 million ($150 million) in the six months to end-December, just short of the average analyst forecast from data aggregator Visible Alpha. That owed much to the first full reporting period of exports to China since 2020 and the contribution of recently-bought U.S. winery business DAOU. But pre-tax profit from its "premium brands" unit, which includes its cheaper wine labels, halved, partly "reflecting softness in consumer demand for wine at lower price points". Citing reduced expectations for the unit, the company now expects pre-tax profit of about A$780 million for the financial year ending in June. That compares with an earlier estimate of A$780 million to A$810 million. Treasury shares lost 4% by midsession, having fallen as much as 8% at one point as analysts downgraded their forecasts in line with the new guidance. The overall market was flat. "With the company deciding not to sell its commercial portfolio, (the premium brands business) might be a drag on group earnings for some time," Citi said in a note. UBS said the guidance downgrade was "disappointing but somewhat reflected in share price". The stock is down 4% compared to a year ago while the broader market has gained 12%. Treasury declared an interim dividend of 20 Australian cents per share, compared with 17 Australian cents last year. ($1 = 1.5929 Australian dollars) Sign in to access your portfolio
