According to Zhitong Finance App News, Bityuan Universe (08645) announced that on April 15, 2024 (after the trading period), the company signed a memorandum of understanding with the seller, which included: Mr. Zhao's proposed sale and the company's intention to acquire shares to be sold; Mr. Li's proposed sale and the company intended to acquire shares to be sold; and Korea Land Trust Company's proposed sale and the company intended to acquire shares for sale C, at the cost of the company (or its designated subsidiary) in cash; or the company procures the allocation and issuance of shares in the accounts for fully paid shares; Using the above method, disbursements were made to Mr. Cho, Mr. Lee, and Korea Land Trust Company according to their respective shares in the technology company at the time of completion.
According to reports, share A to be sold is all of the issued shares of a limited company registered in the British Virgin Islands after the restructuring is completed, and all of its issued share capital is owned by Mr. Zhao; share B to be registered in the British Virgin Islands after the restructuring is completed, and all of its issued share capital is owned by Mr. Lee; and share C to be sold is 34,000 common shares of Korea Land Trust Company.
After completion, the company will hold all of the issued shares of target company A and target company B; and about 2% of Korea Land Trust Company's shares, thereby directly and indirectly holding the technology company HUOBI Co. Ltd has all shares, and target companies and technology companies will become subsidiaries of the company.
The announcement stated that once the proposed acquisition is implemented, it will be in line with the Group's development strategy, so that the Group can further enhance the company's technological reserves and R&D level in virtual asset trading services, thus generating the best synergy benefits within the Group. Technology companies can also provide technical support for the virtual asset platform business that the Group may operate after the necessary licenses described in the announcement are granted.