On March 26, GLONGHUI (03700.HK) issued an announcement. On March 26, 2024, the board of directors approved a budget of 100 million US dollars for the Group to purchase cryptocurrencies on any regulated and licensed trading platform within the next five years from the date of this announcement. The Group will be funded from its existing cash reserves for cryptocurrency purchases. Regarding the purchase of cryptocurrencies, the Group will act as appropriate according to market conditions. As of the date of this announcement, the Group has not purchased any cryptocurrencies on any regulated and licensed trading platform.
The board of directors believes that the Web3 industry and blockchain technology have the potential to disrupt the current financial and technology industry. The Web3 industry is still actively developing, and cryptocurrencies have room for long-term value appreciation. As a financial center in Asia and the world, Hong Kong has achieved remarkable results in the development of the Web3 industry, and the Hong Kong Government believes that virtual assets have become indispensable in the market. The Group is confident about the future of the Web3 industry, and investing in cryptocurrency is an important part of the Group's Web3 business development strategy and asset allocation strategy.