Hong Kong Listed Company Coolpad Group Adopts Investment Plan for Crypto-Related Securities

According to PANews, Hong Kong listed company Coolpad Group (02369) has announced an investment plan in early May 2024. Under this plan, the group can acquire up to $28 million (equivalent to about HK$219 million) of listed securities in the United States that are related to the cryptocurrency industry through open market transactions. From April 16, 2024, to May 8, 2024 (Eastern Standard Time), Digital Tech, a wholly-owned subsidiary of the company, acquired a total of 1.5 million CLSK shares at a total cost of approximately $23.84 million (equivalent to about HK$186 million) excluding stamp duty and related expenses. This is equivalent to about $15.89 per CLSK share (equivalent to about HK$124.26). Additionally, from April 19, 2024, to May 8, 2024 (Eastern Standard Time), Digital Tech acquired a total of 113,000 IBIT shares at a total cost of approximately $4.03 million (equivalent to about HK$31.51 million) excluding stamp duty and related expenses. This is equivalent to about $35.64 per IBIT share (equivalent to about HK$278.70). The announcement stated that the group is actively seeking opportunities to enter the digital currency field. After considering the main business, future prospects, and development potential of CLSK and IBIT, the directors believe that these acquisitions are opportunities for the group to acquire attractive investments, improve investment returns, and allow the group to expand into the digital currency industry.