BOYAA (00434) plans to seek approval from shareholders in advance to grant purchase authorization for a total amount of encrypted currency not exceeding 70 million US dollars.

BOYAA (00434) released an announcement to continue strengthening the company's Web3 strategic layout. During the downturn in the cryptocurrency market, the company plans to utilize its idle cash reserves to expand its cryptocurrency allocation appropriately, in order to further enhance the development of the company's Web3 business. After careful consideration, the Board of Directors recommends seeking shareholder approval in advance to grant purchase authorization. This will empower the Board of Directors to use the idle cash reserves generated from the company's business operations within a 12 month period starting from the date of the ordinary resolution passed by the shareholders' annual general meeting regarding the authorization and potential purchase of cryptocurrency. The total amount of purchases will not exceed USD 70 million in order to support the development and operation of the Group's Web3 business, promoting the construction of the Web3 gaming ecosystem (including but not limited to upgrading existing games and adding new Web3 games and related projects), and ensuring the steady implementation of the Web3 strategy. As of the date of this announcement, the company holds a total of 4092 bitcoins (BTC) with an average price of approximately US$68,211 per coin; 302 ethers (ETH) with an average price of approximately US$1661 per coin; and approximately 7.007 million Tether coins (USDT). The current Web3 industry is rapidly developing globally, with increasing competition. In this context, cryptocurrency has become the most important strategic resource in this field. Especially for Bitcoin, with its limited supply, as the Web3 industry grows and related companies rise, the demand for cryptocurrency in the market will continue to rise, while the available strategic resources will become increasingly scarce. Therefore, whether to meet the daily operational needs of the Group's Web3 business or for the long-term planning considerations of the Web3 strategy, timely and sufficient allocation of cryptocurrency holds significant strategic importance for the Group. This move will help the Group grasp advantages in appropriate windows of opportunity, steadily advance the layout and development of the Web3 business, thus maintaining a leading position in the industry, and creating more value for shareholders.