China Financial Leasing Group to Raise $11M for Crypto Investment
China Financial Leasing Group plans to raise approximately 86.5 million Hong Kong dollars ($11.1 million) to develop a cryptocurrency investment platform.
The capital will be raised through a new share subscription, issuing over 69 million shares at 1.25 Hong Kong dollars each.
94% of the proceeds are earmarked for investments in sectors focusing on crypto, blockchain, and artificial intelligence (AI).
The company aims to establish a "crypto and AI digital asset investment platform."
Hong Kong is advancing its regulation of the crypto industry, with plans to oversee exchanges, custodians, stablecoins, and other digital asset service providers.
Following this announcement, China Financial's stock rose by 34%, closing at 1.72 Hong Kong dollars, while the Hang Seng Index fell by 0.67%.
