Hong Kong listed company Guofu Innovation plans to invest 5 million Hong Kong dollars in purchasing cryptocurrency and virtual asset funds

News on March 28, Guofu Innovation (0290.HK) announced on the Hong Kong Stock Exchange that its board of directors has approved a budget of HK$5 million for investments related to cryptocurrency and virtual asset funds within the next year from the date of this announcement. This budget will mainly be used to purchase cryptocurrencies (primarily Bitcoin (BTC)) on regulated and licensed trading platforms; and subscribe to compliant virtual asset funds in Hong Kong (i.e., fund managers are recognized for engaging in Type 9 regulated activities under the Securities and Futures Ordinance, and are approved to invest more than 10% of the total asset value in their portfolios into virtual assets or indirectly into virtual asset funds).

The board believes that investing in cryptocurrencies and virtual assets aligns with the group's strategic goal of actively laying out its business in the Web 3.0 field. It will enable the group to better adapt to changing market conditions, and assist it in transitioning from traditional finance industry towards innovative finance and technology finance.