Hong Kong SIM Card Retailer Sees Stock Surge After Bitcoin Purchase

According to Odaily, Hong Kong SIM card retailer Hong Ya Holdings recently announced the acquisition of one Bitcoin. Prior to this disclosure, the company's stock price had already surged, rising 32.8% last Thursday and an additional 67.7% on Friday, resulting in a cumulative increase of 123% over two days. Market reports indicate that last month, Hong Ya Holdings' founder and former major shareholder, Xiao Mulong, sold his 70.26% stake for HKD 1.26 billion to several investors with cryptocurrency backgrounds. These investors include 210K Capital, Sora Valkyrie, Top Legend, and Hengda Investment. The new shareholders have also appointed several related personnel to the board of Hong Ya Holdings.Hong Ya Holdings primarily engages in the wholesale and retail of SIM cards and prepaid cards, operating seven self-owned retail stores in Hong Kong. As of the end of September last year, the company's interim revenue was HKD 98.54 million, marking a year-on-year decline of 23.6%. The net profit was HKD 690,000, a significant drop of 93.6%, with bank balances and cash holdings amounting to HKD 62.3 million.