HK Stock Market Move | QIAN XUN TECH (01640) Soars by Over 7% Midday, Company Plans to Invest HK$25 Million to Acquire 100% Equity of Punk Code Technology.

QIAN XUN TECH (01640) rose more than 7% during intraday trading, up 5.29% at the time of writing to 4.98 Hong Kong dollars, with a trading volume of 10.24 million Hong Kong dollars. On the news front, QIAN XUN TECH announced that it has signed a non-legally binding memorandum of understanding on a potential acquisition, to acquire 100% of the equity of Web3 FinTech company Punk Code Limited for a price not exceeding 25 million Hong Kong dollars. It is reported that QIAN XUN TECH, based on its overseas second-hand digital trading business, plans to explore new financial technology products based on blockchain technology blockchain wallets, to create a customized blockchain payment solution for the second-hand digital industry. The announcement stated that the target company is a Hong Kong-based Web3 FinTech company founded by a team mainly from Tencent. The board believes that the potential acquisition will enable the group to develop new business in the field of blockchain wallets, as the application of blockchain wallets in the global market is growing rapidly. Additionally, it can expand the group's customer base and strengthen its leading position in the industry. The board believes that if the potential acquisition is realized, it will effectively strengthen the group's core competitive advantage and create strategic leverage and returns for long-term shareholder value enhancement.