BC Technology Group Sells 90% Stake in Subsidiary for 23 Million RMB

According to Foresight News, BC Technology Group, the parent company of Hong Kong-licensed virtual asset exchange OSL, has announced the sale of a 90% stake in its wholly-owned subsidiary, Shanghai Jingwei Enterprise Development Co., Ltd., for 23 million RMB. The cash payment will be made within 15 business days after the fulfillment of the preconditions. BC Technology Group has also applied for a temporary suspension of trading its shares on the Hong Kong Stock Exchange, pending an announcement regarding the issuance of new shares, which constitutes insider information. Shanghai Jingwei Enterprise Development Co., Ltd. was established on December 24, 2014, and is mainly engaged in business park management and other services. The company leases related properties to owners and subleases them to a single tenant, who operates a shared workspace under the WeWork brand. Since 2019, BC Technology Group's main revenue has come from digital asset and blockchain platform businesses. From 2022, the company has gradually reduced the scale of other business operations, allocating more resources to digital asset and blockchain platform businesses as strategic growth priorities and core businesses. BC Technology Group stated that the sale provides an opportunity for the group to realize cash proceeds and reallocate its resources and capital to focus on the digital asset business.