Yuneng Holdings’ HK$100 million acquisition blends cash and convertible bonds, signaling its expansion into Hong Kong’s regulated digital asset exchange market.
Yuneng Holdings has signed an agreement to acquire a 5.56% stake in HKVAX, a Hong Kong-licensed cryptocurrency exchange, for HK$100 million. The acquisition comprises HK$24 million in cash and HK$76 million in three-year zero-coupon convertible bonds, convertible at HK$2.5 per share. This move marks Yuneng Holdings’ entry into the city’s licensed digital asset trading sector.