YUNFENG FIN: Has accumulated the purchase of 10,000 ETH
YUNFENG FIN announced that it has cumulatively purchased 10,000 ETH in the open market, with an investment cost of 44 million USD, funded by internal cash reserves. This purchase classifies ETH as an investment asset, aligning with the group's strategic layout in areas such as Web3, and supports the tokenization of real-world assets. The group will continue to monitor market and financial conditions, adjust the scale of reserve assets as appropriate, and explore the application of ETH in insurance business. This move will optimize the asset structure and reduce reliance on traditional currencies
According to the Zhitong Finance APP, YUNFENG FIN (00376) announced that the board of directors has approved the purchase of ETH as a reserve asset in the open market. As of the date of this announcement, the group has cumulatively purchased 10,000 ETH in the open market, with a total investment cost (including fees and expenses) of USD 44 million. The funds for this purchase come from the group's internal cash reserves, and the purchased ETH is classified as investment assets in the group's financial statements. The group will continue to closely monitor market developments, regulatory environments, and the company's financial condition, adjusting the scale of reserve assets as appropriate.
The board believes that incorporating ETH into the company's strategic reserve assets aligns with the group's layout in cutting-edge fields such as Web3 and can provide critical infrastructure support for real-world asset (RWA) tokenization activities. This initiative will also promote the group's technological innovation in the Web3 field, achieving a comprehensive organic integration of finance and technology for customers, effectively enhancing customer service experience and financial autonomy. On the other hand, the company will explore potential application models of ETH in the group's insurance business and innovative business scenarios compatible with Web3. In addition, using ETH as a reserve asset can optimize the asset structure and reduce reliance on traditional currencies
