(Hong Kong – 25 August 2020) The leading cybersecurity company in Hong Kong, Edvance International Holdings Limited (“Edvance International” or the “Company”, together with the Company’s subsidiaries, collectively the “Group”) (SEHK stock code: 01410.HK), is pleased to announce that Axion Global Holdings Limited(“Axion Global”), a wholly owned subsidiary of the Group, has entered into a MOU (“Memorandum of Understanding”) with a target company that wholly owns Hong Kong Digital Asset Ex Limited (“HKbitEX”), a regulated virtual asset platform, for the possible subscription of US$3 million of share capital of Series A2 Preferred Shares as the lead investor of the corresponding Series of Shares. It marks the Group’s first investment under the Axion Global’s investment and incubation arm, to capture the ample growth potential in the market.
Considering the increasing popularity of digital asset trading platforms in various economic sectors and the accelerated development in the related technology, the Group has been looking to seize the opportunities to invest business of financial technology. Upon the satisfaction of due diligence results, the Group will consider subscribing for 6% to 6.25% of the estimated enlarged issued share capital of the target company after the investment of Series A2 Preferred Shares by all investors.
Headquartered in Hong Kong, HKbitEX is a pioneer in regulated virtual asset platforms which focuses on one-stop virtual asset solution including automatic trading, OTC trading, custody, tokenization (Security Token Offerings “STO”) and research for global professional and institutional investors. It is one of the first organizations in Asia-Pacific to apply for a ‘virtual asset trading platform license’ from Hong Kong’s Securities and Futures Commission (SFC), which will enable them to offer compliant, secure and reliable digital asset trading services.
Mr. Raymond Liu, Chairman and executive Director of Edvance International commented, “We are delighted about this collaborative initiative with HKbitEX, it allows the Group to capture the ample growth potential in financial technology. With HKbitEX’s strong management background and top standard of regulatory and compliance set-up, we are confident that the Group will be benefited from the substantial business growth of HKbitEX in future, as in revenue growth and the potential IT security need driven by the entire STO market. This investment also echoes the Group’s strategy to diversify investment in quality technology projects with its strength in extensive technology knowledge.”