ITC PROPERTIES additionally allocated nearly 148 million yuan to develop Web-3

ITC PROPERTIES (00199.HK) announced that after completing the issuance of new shares and warrants to Ruikai Group and Legislative Council member Eddie Wu, it plans to allocate an additional nearly HKD 147.55 million for Web-3 development from the second quarter of this year to the second quarter of next year. Among the planned additional funds, HKD 60 million will be used for application layer projects and asset empowerment arrangements, HKD 55 million to apply system capabilities to suitable assets, projects, or cooperation scenarios, and HKD 32.55 million for limited application layer trials or collaborations with external technology suppliers and licensed institutions.

ITC PROPERTIES stated that the total expected capital expenditure required for Web-3 development is approximately HKD 185.4 million, with system and data architecture development costs around HKD 51.3 million; third-party technology services and professional fees approximately HKD 41 million. Expenditures for cybersecurity and cloud infrastructure are about HKD 31 million; investments in asset-oriented projects directly or potentially related to Web3 development, minority equity participation, and project incubation plans are approximately HKD 62.1 million