Market Insight | SINOHOPE TECH surges over 7%, plans to acquire 92.31% stake in BitTrade to enter the virtual asset trading exchange business
SINOHOPE TECH's stock price has risen by over 7%, currently trading at HKD 2.12 with a turnover of HKD 1.0471 million. The company plans to acquire all issued shares of Avenir Asset Holding Limited on August 16, 2024, with a total transaction amount of approximately HKD 237.6 million. Additionally, the company intends to acquire a 7.69% stake in BitTrade owned by Goldenway, with a transaction amount of around HKD 21.6016 million. Upon completion of the acquisition, the company will indirectly hold a 92.31% stake in BitTrade
According to the Wise Finance APP, SINOHOPE TECH (01611) surged over 7%, as of the time of publication, it rose by 7.07% to HKD 2.12, with a turnover of HKD 1.0471 million.
On the news front, SINOHOPE TECH announced that on August 16, 2024, the company plans to acquire all the issued shares of Avenir Asset Holding Limited (a British Virgin Islands company) from the seller in the British Virgin Islands for approximately HKD 237.6 million. The payment must be made to the seller in the British Virgin Islands (or their nominees) at the issuance price through the issuance and issuance price of shares A, at HKD 2.18 per share.
On the same day, the company plans to acquire all the issued shares of BitTrade from Goldenway, accounting for approximately 7.69%, for approximately HKD 21.6016 million. The payment must be made to Goldenway (or their nominees) at the issuance price through the issuance and issuance price of shares B, at HKD 2.18 per share. After the proposed acquisition is completed, the company will indirectly hold 92.31% of BitTrade.
It is reported that BitTrade is one of the 29 virtual currency exchange platform operators registered with the Financial Services Agency of Japan. It is also one of the earliest registered operators in Japan, currently ranking second in the number of encrypted assets processed in Japan
