Times Global Group plans to sell all cryptocurrencies and will no longer engage in cryptocurrency investments

ChainCatcher news, Hong Kong listed company Times Universal Group (02310.HK) announced that on November 30, 2022, the company intends to sell 100% equity of the target company and related loans of HKD 8.9579 million to the buyer Huang Minqing for HKD 1.2908 million. The main assets of the target group are cryptocurrencies. The group is expected to recognize a profit of approximately HKD 9 million from the sale. After completion, the group will no longer engage in cryptocurrency investments.

The announcement stated that since 2022, the cryptocurrency market has experienced a downturn. The company has been actively seeking opportunities to sell the cryptocurrencies held by the group. After considering the current cryptocurrency market, the board believes that selling all cryptocurrencies to avoid further fluctuations in the market price of the cryptocurrencies on hand is in the best interest of the group.

In addition, after considering the risks of cryptocurrencies and market price fluctuations, in order to more effectively utilize the net proceeds from the rights issue and promote the effective allocation of the company's financial resources, the board meeting decided to reallocate approximately HKD 3.4 million of the remaining unutilized net proceeds originally intended for the purchase of document coins, along with the net proceeds from the sale, to pay off the group's bond repayments, which are expected to take place in the first quarter of 2023. (Source link)