{"id":14072,"date":"2022-12-02T21:15:00","date_gmt":"2022-12-02T21:15:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3953772_AE53772_0"},"modified":"2022-12-02T21:15:00","modified_gmt":"2022-12-02T21:15:00","slug":"lion-announces-unaudited-first-half-2022-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=14072","title":{"rendered":"Lion Announces Unaudited First Half 2022 Financial Results"},"content":{"rendered":"
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HONG KONG<\/span>, Dec. 3, 2022<\/span> \/PRNewswire\/ — Lion Group Holding Ltd. (“Lion” or “the Company”) (NASDAQ: LGHL), operator of an all-in-one trading platform that offers a wide spectrum of products and services and developer of new growth products that include SPAC sponsorship, NFT, and metaverse-related initiatives, today announced its unaudited financial results for the six months ended June 30, 2022<\/span>.<\/p>\n

Mr. Chunning (Wilson) Wang<\/span>, CEO of Lion, commented, “Our various business lines continued to be negatively impacted by persisting headwinds in 2022, especially the sudden and rapid decline in economic activity, triggering volatile global financial markets combined with the continued effects of COVID-19. We suffered losses in CFD (contract for difference) and TRS (total return swap) trading business due to unpredictable market events, including China’s<\/span> stringent zero-Covid policy, the Russia<\/span> and Ukraine<\/span> conflict, the energy crisis, and tense China-US relations. On the positive side, our futures and securities brokerage services expanded during this period, as a result of an increase in the number of executed futures contracts.”<\/p>\n

“TRS and CFD trading are major focus areas for Lion, and given the nature of TRS and CFD trading, we understand our business can benefit from gains in good times and risk losses during more difficult times.At the same time, we are prudently managing resources, while focusing on risk management, strategically reducing costs, and trimming less meaningful business areas to help mitigate the impacts of the more difficult business environment. On the other hand, we are pleased to say that given current visibility and assuming no major macroeconomic surprises, we believe that we have seen the bottom in the first half and are seeing positive signs of improvement in our TRS and CFD income for the remainder of the year.”<\/p>\n

“As we focus on our core business, we are also being responsive to changing business conditions by working closely with our customers, while remaining laser-focused on our strategy and long-term opportunities. We have evolved to incorporate NFT and Metaverse into our core business, and we are pleased to see revenue from the sale of MetaWords NFTs achieve US$0.4 million<\/span> in the first half of 2022. In addition, we aim to secure new cooperation agreement in our TRS trading business in the second half of 2022, which can bring in new customers as a result of new synergies. We have also added 83 ETFs to the basket of securities eligible for customers to trade.”<\/p>\n

FINANCIAL RESULTS<\/u><\/b><\/p>\n

For the Six Months Ended June 30, 2022<\/span><\/u><\/b><\/p>\n

Revenues<\/b><\/p>\n

Total revenue for the six months ended June 30, 2022<\/span> was severely affected by trading losses in CFD and TRS trading services, resulting in negative revenues of US$(4.3) million<\/span>, compared to total revenues of US$3.6 million<\/span> for the six months ended June 30, 2021<\/span>. Total number of revenue-generating customer accounts decreased to 4,522 as of June 30, 2022<\/span>, from 5,261 as of December 31, 2021<\/span> due to the decline in Lion’s insurance business.<\/p>\n