BRIEF: Yunfeng invests $44 million for 10,000 ether tokens
Yunfeng Financial Group Ltd. (0376.HK) said on Tuesday it purchased 10,000 ether tokens on the open market for $44 million. Funds for the purchase came from the company’s internal reserves, and the ether will be recorded on its balance sheet as an investment asset.
Plans for such cryptocurrency investment were included in a strategic blueprint announced by Yunfeng in July, outlining its expansion into Web3, real-world assets (RWA), cryptocurrency, ESG Net Zero Assets and artificial intelligence.
Yunfeng said the ether purchase aligns with the strategic blueprint, enabling exploration of ether’s potential applications in its insurance business and innovative Web3-adapted business scenarios. It added that holding ether as a reserve can also improve its asset structure and reduce its reliance on traditional currencies.
Shares of Yunfeng opened higher on Wednesday, but then fell and were down 6.5% in afternoon trading. The stock has more than tripled since the beginning of this year.
By Lau Chi Hang
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