Guofu Innovation Allocates HKD 5 Million for Cryptocurrency and Virtual Asset Investments

According to Foresight News, Guofu Innovation announced on March 27 that its board of directors has approved a budget of HKD 5 million for investments in cryptocurrency and virtual asset funds over the next year. The budget will primarily be used for purchasing cryptocurrencies, mainly Bitcoin, on regulated and licensed trading platforms, and for subscribing to compliant virtual asset funds in Hong Kong. These funds have managers approved to engage in Type 9 regulated activities under the Securities and Futures Ordinance and are authorized to invest more than 10% of their total asset value in virtual assets or indirectly in virtual asset funds. The board believes that investing in the cryptocurrency and virtual asset sector aligns with the group's strategic goals of actively deploying in the Web3 business domain. This will enable the group to better adapt to the constantly changing market conditions and facilitate its business transformation from traditional finance to innovative finance and technology finance. Cryptocurrencies still have ample room for appreciation, and allocating part of the financial resources to cryptocurrencies at this time can help diversify the risk of holding cash in the group's capital management, thereby addressing the risks of exchange rate fluctuations and currency depreciation of the Hong Kong dollar and US dollar it holds.