BOYAA (00434) invest in Web3 track project MTT Esports

BOYAA (00434) announced that on September 17, 2024, the company entered into a subscription agreement (the Agreement) with MTT ESports Limited (MTT ESports) to invest in MTT ESports with 100 units of Bitcoin (BTC) as consideration, calculated based on the market price of Bitcoin one day before the announcement date, equivalent to a total value of approximately 5.8193 million US dollars (Investment). Upon completion of the investment, the company will acquire a 25% equity stake in MTT ESports. MTT ESports will not become a subsidiary of the company as a result of the investment, and its financial performance will not be consolidated into the group's financial statements. Based on all reasonable inquiries made by the directors, MTT ESports and its beneficial owners are all independent third parties and have no connection to the company or its related parties. MTT ESports is a limited liability company registered in the British Virgin Islands, focusing on the development and operation of Web3 infrastructure and Web3 games. It develops and owns the MTT Sports gaming platform and MTT Network. The MTT Sports gaming platform is an Esports application that supports both PC and mobile devices, launched in 2024 with the goal of creating a top international competitive gaming brand. By offering free entry to tournaments, the MTT Sports gaming platform allows players to enjoy high-quality gaming experiences without having to invest money, promoting healthy competition participation. MTT Network is a high-performance Cosmos ecosystem blockchain compatible with EVM (Ethereum Virtual Machine, which can execute smart contracts written in Solidity or other programming languages), serving as the technical backbone of the MTT Sports gaming platform to enhance the competitiveness, fairness, and security of the tournaments. The MTT Sports gaming platform complements the group's traditional gaming business. The group aims to deepen its presence in the Web3 gaming sector through the investment in MTT ESports. The board believes that this investment will further promote the group's business development and presence in the Web3 sector, demonstrating the group's commitment to deepening its involvement in Web3 and leveraging its rich experience in the internet gaming industry and the favorable policies for Web3 in Hong Kong to establish a leading Web3 public company.