WEBX INTL HLDGS is affiliated with Hong Kong to open virtual asset accounts

According to the Zhitong Finance APP, WEBX INTL HLDGS (08521) announced that as part of the development of its cloud computing and internet traffic service business, its wholly-owned subsidiary, Zhiyun Kuangshi Limited, has completed the opening of a Bitcoin account with a regulated virtual asset trading platform service provider in Hong Kong. To this end, the subsidiary has also purchased more than one Bitcoin through internal resources of the group, at an average price of approximately USD 118,000 (equivalent to about HKD 918,000). Since all applicable percentage rates for the purchase of Bitcoin are below 5%, this purchase does not constitute a transaction that requires disclosure under Chapter 19 of the GEM Listing Rules of The Stock Exchange of Hong Kong Limited.

Prior to the aforementioned purchase, the board of directors established an investment committee aimed at enhancing operational efficiency and strengthening investment decision-making and risk management processes, especially considering the group's strategic focus on cryptocurrencies and related technologies. The task of the investment committee is to review and propose appropriate transactions involving virtual assets to the board of directors, as well as strategies for managing these assets to minimize potential risks associated with holding relevant virtual assets. In addition, the investment committee will also evaluate, approve, and provide recommendations on various risks proposed by the group's management team