Hong Kong-listed firm China Monetary Leasing Group (2312) says it plan to lift round 86.5 million Hong Kong {dollars} ($11.1 million), from which it’s going to construct a cryptocurrency funding platform.
China Monetary will increase the capital by means of a brand new share subscription, issuing over 69 million new shares at a value of 1.25 Hong Kong {dollars} every, in accordance with a submitting with the Hong Kong Inventory Change.
Roughly 94% of the online proceeds from the increase will probably be used for funding in securities of firm in varied sectors, with a give attention to the crypto and blockchain industries and synthetic intelligence (AI).
The corporate added that it intends to give attention to “establishing a crypto and AI digital asset funding platform,” within the announcement on Sunday.
Hong Kong has been on the forefront of jurisdictions advancing their regulation of the crypto trade, having set out plans in June to determine a regime to supervise exchanges, custodians, stablecoins and different digital asset service suppliers.
China Monetary jumped some 34% on Monday, closing at 1.72 Hong Kong {dollars}, in comparison with the Cling Seng Index closing 0.67% decrease.
