New Fire Technology announced the acquisition of Avenir Asset Holding for US$30.4621 million, and wholly owned the cryptocurrency trading platform BitTrade

Hong Kong-listed company Xinhuo Technology announced that it would acquire the entire issued share capital of Avenir Asset Holding for approximately US$30.4621 million (approximately HK$238 million), and plans to pay by issuing up to nearly 110 million new shares. Avenir Asset Holding indirectly holds approximately 84.62% of BitTrade's share capital. After the transaction is completed, it will become a wholly-owned subsidiary of Xinhuo Technology, and BitTrade will become its indirect subsidiary. BitTrade is mainly engaged in cryptocurrency trading business. In addition, the company also acquired approximately 7.69% of BitTrade's share capital from Goldenway for a transaction amount of US$2.7694 million (approximately HK$21.6016 million), also paid by issuing up to 9.909 million new shares. The above-mentioned consideration shares will account for approximately 20.33% of the company's enlarged share capital. As a licensed virtual currency exchange service provider in Japan, BitTrade has joined the three self-regulatory associations recognized by the Japanese Financial Services Agency. These associations have the ability to formulate and enforce Japanese cryptocurrency trading rules and standards and promote the development of Japan's security token system. BitTrade is also a member of two associations in the Japanese crypto asset industry. (Yahoo Finance)