Qianxun Technology Plans Acquisition of Web3 Fintech Firm

According to Foresight News, Qianxun Technology, a company listed on the Hong Kong Stock Exchange, has announced the signing of a non-binding memorandum of understanding for a potential acquisition. The company plans to acquire 100% equity of the Web3 fintech firm Punk Code for a price not exceeding 25 million Hong Kong dollars. Punk Code's founding team primarily consists of former Tencent employees who were involved in the establishment of Tencent's Hong Kong virtual bank, Fusion Bank, in 2020. The team has been exploring blockchain finance and digital asset scenarios. This acquisition aligns with Qianxun Technology's strategic interests in expanding its footprint in the fintech sector, particularly in areas related to blockchain and digital assets.