Hong Kong stock Linekong Interactive plans to make potential cryptocurrency purchases, with a maximum limit of US$5 million

Odaily Planet Daily News Linekong Interactive issued an announcement stating that according to the company’s announcements on June 15, 2023, July 7, 2023, August 8, 2023 and August 17, 2023, the group publicly A total of 92.4712 units of Bitcoin were purchased in market transactions for a total cash consideration of approximately US$2.66 million. During the 12-month period immediately preceding the date of this announcement, the Company purchased an aggregate of 93.85 units of Bitcoin in open market transactions for a total cash consideration of approximately US$2.7 million. As the group is actively exploring the Web3 industry and entering the cryptocurrency investment market, potential cryptocurrency purchases are part of the group's Web3 business development and asset allocation strategy. After careful consideration, the Board of Directors recommends seeking prior shareholder approval to grant a purchase authorization to authorize and empower the Directors to make potential cryptocurrency purchases during the authorization period for an aggregate consideration not exceeding US$5 million. In addition, the company stated that potential cryptocurrency purchases are part of the group's Web3 business development and asset allocation strategy. Allocating part of the group's funds to cryptocurrencies can also diversify cash holdings in treasury management. The group also noted that the price of cryptocurrency may fluctuate significantly, so the board of directors intends to invest in the largest cryptocurrency by market capitalization (such as Bitcoin and Ethereum), which will enhance shareholder value in the long run. The board of directors also believes that this move will provide sufficient preparation for entering the blockchain industry. (China Securities Network)