Acquiring Tencent's 🐧Web3 team, Qianxun Technology accelerates the layout of blockchain financial territory
Qianxun Technology signed a memorandum of understanding in September 2025 to acquire Web3 fintech company Punk Code. The key information, strategic intent, and its position in Qianxun's overall layout can be quickly understood through the table below.$Qian Xun Technology(01640.HK)
| Aspect | Details |
|---|---|
| Acquisition Target | 100% equity of Punk Code Technology Hong Kong Limited (Punk Code Limited) |
| Deal Status | A non-binding memorandum of understanding was signed on September 16, 2025. The final deal is subject to due diligence and formal agreements |
| Acquisition Consideration | Not exceeding HKD 25 million. Payment may be in cash, issuance of equivalent shares, or a combination |
| Target Company Background | The founding team is mainly from Tencent. Founder Cai Yige served as General Manager of Tencent's blockchain business, leading projects such as Tencent's blockchain e-invoice, Zhixin Chain, Weiqi Chain, and Hong Kong virtual bank Fusion Bank |
| Strategic Intent | To acquire blockchain technology capabilities and develop a blockchain wallet for its overseas second-hand digital trading business, creating industry-specific payment solutions |
🧭 The Strategic Vision Behind the Acquisition
The proposed acquisition of Punk Code is a key step in Qianxun's blockchain finance strategy, with clear strategic intent:
- Addressing business pain points: Qianxun plans to leverage Punk Code's technology to develop a blockchain wallet for its overseas second-hand digital trading scenario. The goal is to use compliant stablecoins as a settlement medium to address core pain points in cross-border trade, such as low payment efficiency, exchange rate volatility, and high settlement costs.
- Acquiring core team and technology: The background of Punk Code founder Cai Yige and his team is a highlight of this acquisition. During their time at Tencent, they incubated blockchain e-invoices, the judicial evidence platform "Zhixin Chain," the supply chain finance platform "Weiqi Chain," and participated in the establishment of Tencent's virtual bank Fusion Bank in Hong Kong. These experiences are critical for Qianxun to expand its "blockchain + finance" business.
🔗 A Larger Strategic Puzzle
In fact, the acquisition of Punk Code is only part of Qianxun's blockchain strategy. As early as July 2025, the company signed a strategic cooperation agreement with Luhua Securities to explore three directions:
- Apply for a virtual asset trading license: Aiming to enter the rapidly growing virtual asset trading market.
- Innovate RWA (Real World Asset) business: Plan to innovate the mobile phone and tablet leasing business through asset tokenization.
- Promote stablecoin settlement: Explore the application of Hong Kong stablecoins in its core second-hand 3C electronics trade settlement.
Therefore, this acquisition will provide Qianxun with key blockchain wallet technology capabilities, synergizing with its previously laid-out virtual asset trading and RWA businesses to systematically build its blockchain finance ecosystem.
💎 Summary
Overall, this potential acquisition is a typical combination of industry and technology. In the short term, it aims to optimize the efficiency of its core business with technology; in the long term, it serves as a pivot to enter the Web3 payment track and create a new growth engine. The market responded positively to the news, with Qianxun's stock price rising more than 7% intraday on the announcement day.
Access to virtual asset trading: $GUOTAI JUNAN I(01788.HK) , $Futu(FUTU.US), $FOSUN INTL(00656.HK)$CM BANK(03968.HK) , $VICTORY SEC(08540.HK), etc.;
Stablecoin issuance applicants: Related to Round Dollar Technology ($ZA ONLINE(06060.HK) , $GOFINTECH QUANT(00290.HK) , $Z FIN(01168.HK), etc.), $JD-SW(09618.HK) , $STANCHART(02888.HK) , and state-owned enterprise applicants;
Hong Kong virtual asset exchanges (with VATP licenses):$OSL GROUP(00863.HK) , $HKE HOLDINGS(01726.HK)$LIANLIAN(02598.HK) , $Futu(FUTU.US) , $PUXING ENERGY(00090.HK) (Hashkey shareholder);
Stablecoin downstream applications:$YEAHKA(09923.HK) , $GOLDSTREAM INV(01328.HK) , $LIANLIAN(02598.HK)
RWA-related:$CRYPTO FLOW(08198.HK) , $SENSETIME-W(00020.HK) , $ETHK LABS INC.(01931.HK) , $PHANCY(06682.HK) , $LINEKONG(08267.HK) , $RUIFENG RENEW(00527.HK) , $FOSUN INTL(00656.HK), $GOFINTECH QUANT(00290.HK) , $SYNAGISTICS(02562.HK), $YUNFENG FIN(00376.HK) , $DL HOLDINGS GP(01709.HK), $EASOU TECH(02550.HK) , $VOBILE GROUP(03738.HK), $CMGE(00302.HK) , $GCL TECH(03800.HK) , $LINKLOGIS-W(09959.HK), $COOLPAD GROUP(02369.HK) , $GREENLAND HK(00337.HK) , $DMALL(02586.HK)
US-listed stablecoin issuers: $Circle(CRCL.US)
US-listed trading platforms and ecosystem partners: $Coinbase(COIN.US), $Robinhood(HOOD.US)
US-listed traditional financial institutions in stablecoin: $JPMorgan Chase(JPM.US), $Bank of America(BAC.US) , $Interactive Brokers(IBKR.US) , $Citigroup(C.US)
US-listed innovative tech and infrastructure firms: $Mega Matrix(MPU.US)
US-listed payment and fintech companies: $Paypal(PYPL.US) , $SoFi Tech(SOFI.US) , $Visa(V.US)
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