November 1, 2011Collaborative Communications (01613.HK) issued an announcement that the company was engaged in activities related to virtual assets ("the business"). After careful consideration, during the review of the group's business operation, in view of the unsatisfactory financial performance of these subsidiaries, Mr. Zhuang Tianren ("Mr. Zhuang") resigned as co-chief executive and executive director of the company. as a result, the company's management team is unable to determine whether it has sufficient expertise and ability to continue to develop any possible development of the business and whether it can obtain the expected return from the business. Therefore, the Board of Directors has resolved to terminate the development of the business and abandon the subsidiaries. The Board is of the view that the termination of the development of the business will enable the Group to make better use of its resources to operate its existing business or other potential new business.
On October 31, 2023, Radio World Holding Limited (the "seller"), a direct wholly-owned subsidiary of the company, entered into two sale and purchase agreements with Mr. Zhuang (as the buyer), whereby the seller agreed to sell and Mr. Zhuang agreed to purchase: (1) the entire issued share capital of Hong Kong Blockchain Development Marketing Limited ("HK Blockchain Marketing") (a limited company incorporated in Hong Kong) ("Sale shares A"). And (2) the entire issued share capital of Hong Kong Blockchain Development Company Limited ("HK Blockchain Development"), a limited company incorporated in Hong Kong ("Sale share B") and all shareholder loans outstanding (the "Sale loan").
As at the date of this announcement, HK Blockchain Development holds the entire issued share capital of Hong Kong Blockchain Development Custody Services Limited ("HK Blockchain Custody", together with HK Blockchain Marketing and HK Blockchain Development collectively referred to as "the subsidiaries"). The purchase and purchase consideration for Sale share A, Sale share B and Sale loan was HK $10,000,1.00 and HK $2.52201 million respectively, which was paid by Mr. Zhuang to the seller upon completion and was executed at the same time as the signing of these agreements.