Hong Kong Virtual Asset Exchange Stake Sold for HKD 15 Million

The $15 Million Stake Sale in HKVAX

In a significant development for the virtual asset market, Hong Kong Exchanges and Clearing Limited has reported that the family of Tang Chengbo has divested a 6.8% stake in the Hong Kong Virtual Asset Exchange (HKVAX) for an impressive HKD 15 million. This move highlights the growing interest and investment in digital currencies and trading platforms.

Details of the Transaction

The stake sale involved two buyers: Jingyi Group and the businessman Leung Tak-fai. Jingyi Group acquired approximately 3.8% of HKVAX for HKD 8.4 million, while Leung Tak-fai purchased around 3% of the exchange for HKD 6.6 million.

Impact of Virtual Asset Trading License

Adding to the excitement, HKVAX was granted a virtual asset trading platform license by the Hong Kong Securities and Futures Commission (SFC) on October 3. This license enables HKVAX to operate legally and expand its services to investors within Hong Kong's dynamic financial landscape.

What Does This Mean for Investors?

The acquisition by Jingyi Group and Leung Tak-fai signals a robust confidence in the future of virtual asset trading in Hong Kong. With the recent licensing, HKVAX can now enhance its reliability and attract more investors looking to dive into the world of digital assets.

Conclusion

This sale and subsequent licensing represent a pivotal moment for HKVAX and the broader virtual asset market in Hong Kong. As more investors enter the arena, the region is poised to become a key player in the global digital currency landscape.

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Source: PANews, Hong Kong Exchanges and Clearing Limited, and the Hong Kong Securities and Futures Commission.