HK Stock Market Move | OSL GROUP (00863) rose by over 7% in the afternoon, expecting annual performance to turn losses into profits, with the company disclosing progress on the European acquisition.

OSL GROUP (00863) rose by over 7% in the afternoon, reaching a gain of 7.73% by the time of writing, at 8.82 Hong Kong dollars, with a trading volume of 18.2896 million Hong Kong dollars. On the news front, OSL GROUP announced a profit update, expecting a profit of between 47 million to 52 million Hong Kong dollars from continuing operations in 2024, compared to a loss of around 250 million Hong Kong dollars in the same period in 2023, turning losses into profits. Revenue is expected to be between 337 million to 375 million Hong Kong dollars, a 60% - 79% increase year-on-year. This is mainly due to the growth in demand for digital asset trading and institutional business, the continuous expansion of management teams, accelerated execution of business plans, effective measures to improve operational efficiency, and the appreciation of digital assets held. In addition, OSL GROUP disclosed progress in acquiring European digital asset and blockchain platform businesses this morning, with the company entering into revised and restated agreements regarding the acquisition of European digital assets. According to the revised and restated European Stock Acquisition Agreement, the new buyer will first directly purchase Lithuania, Hong Kong, and Canadian subsidiary companies from the seller (first completion), and upon obtaining the necessary permits and meeting other conditions or waivers, purchase Lithuania subsidiary company 1 (second completion). The new buyer will not be required to pay any price at the first completion, and will pay the full European acquisition price at the second completion. The first completion is expected to take place in January 2025.