Blueport Interactive plans to purchase up to 6 million USD in cryptocurrency

ChainCatcher news, Hong Kong-listed company Lan Kwai Fong Interactive (08267) announced that, according to the purchase authorization, the board of directors is authorized and empowered to purchase cryptocurrencies in the open market for a maximum amount of up to 5 million USD. The nature of cryptocurrencies is typically highly volatile and subject to sudden large price fluctuations. Since the approval of the purchase authorization on November 22, 2023, the value of cryptocurrencies has surged, making the purchase authorization less clear in its intended goals and ultimately limiting potential shareholder value enhancement.

In light of these circumstances, the company believes it is necessary to revise the maximum amount to 6 million USD for purchasing cryptocurrencies in the open market and further amend the unit price ceiling for Bitcoin and Ethereum to not exceed 10% above the market price.

The board believes that revising the purchase authorization can provide the board with the flexibility to seize fleeting opportunities. Other terms of the purchase authorization will remain unchanged.