Failure to Improve Results Due to Zero-Fee Trading and Discount Promotions
First written in FY2020-Q1. 1 of 4 entries say "Restated". Latest entry: FY2020.
No other company in this theme has enough history to compare yet.
- FY2020DroppedAnnual reportThis annual securities report contains no direct disclosure confirming that free and discounted trading-fee promotions failed to improve performance.
- FY2020-Q3MitigatedAnnual report
「Against this backdrop, the group’s cryptocurrency exchange in Hong Kong saw a sharp increase in new user registrations from May 2019 due to continuous promotions. Trading volume at the exchange also increased to some extent and revenue began to rise, but performance did not recover.」
Continuous promotions brought about some increase in trading volume and revenue, moving the business from a situation in which higher registrations had not translated into higher trading volume. However, performance has still not recovered. - FY2020-Q2RestatedAnnual report
「From May 2019, continuous promotions led to a sharp increase in new user registrations. However, the increase in registrations did not lead to higher trading volume and was not reflected in performance.」
Although promotions led to a sharp increase in new user registrations, the monetization problem has continued, as the increase did not lead to higher trading volume or improved performance. - FY2020-Q1First statedAnnual report
「New user registrations and trading volume increased from May 2019, but promotions offering free or discounted trading fees did not improve performance sufficiently.」
The cryptocurrency exchange in Hong Kong saw increases in user registrations and trading volume, but the disclosure identifies an actual monetization problem: free and discounted promotions did not lead to improved performance.