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Qianxun Technology Plans Acquisition of Web3 Firm Punk Code for Up to HK$25 Million

Qianxun Technology Plans Acquisition of Web3 Firm Punk Code for Up to HK$25 Million

Qianxun Technology has signed a non-legally binding MOU to potentially acquire Punk Code, a Web3 fintech company led by former Tencent executives with expertise in blockchain finance and digital assets.

Fact Check
The statement is strongly corroborated across multiple sources. A primary source document from the Hong Kong Stock Exchange (hkexnews.hk) confirms that Qianxun Technology signed a memorandum for a 'potential acquisition' with Punk Code Technology. Other news sources consistently report the acquisition price as being up to HK$25 million.
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Summary

Qianxun Technology has signed a non-binding memorandum of understanding to acquire 100% of Web3 fintech company Punk Code for up to HK$25 million. Punk Code’s founding team, composed of former Tencent executives, helped establish Fusion Bank in 2020 and specializes in blockchain finance and digital assets. Founder Cai Yige, a Nanjing University computer science graduate, joined Tencent in 2004 and held senior roles, including director of QQ Membership, Reading, and Anime, as well as general manager of Tencent’s blockchain business.

Terms & Concepts
  • Web3: The next generation of internet technology based on decentralized blockchain networks, enabling peer-to-peer interactions without reliance on centralized platforms.
  • Blockchain Finance: The integration of blockchain technology into financial services to enhance transparency, efficiency, and accessibility.
  • Digital Assets: Electronic assets such as cryptocurrencies and tokens that are stored and transacted using blockchain technology.