UTXO Management, in collaboration with Sora Ventures and others, proudly announces the acquisition of a majority stake in HK Asia Holdings Limited (1723.HK), a company listed on the Hong Kong Stock Exchange (HKSE). The acquisition marks a transformative moment for the company as it proposes to rebrand itself as Moon Inc. and signals an intention to explore cryptocurrency investments and Web 3.0 innovation.
Key Highlights of the Acquisition:
- Majority Stake Secured: UTXO Management, alongside Sora Ventures and others, has acquired 70.26% of the issued share capital of HK Asia Holdings Limited. This positions the new controlling shareholders to lead the company’s strategic evolution.
- Proven Expertise in Market Strategy: The acquisition group includes UTXO Management and Sora Ventures, key players who pioneered the success of Japan’s Metaplanet (3350:Tokyo), often referred to as “Asia’s MicroStrategy.” The group also includes local partners Top Legend SPC and Allied Top Investments who have deep experience in Hong Kong’s public markets. This expertise will now guide Moon Inc.’s trajectory in Hong Kong.
- Investment in Bitcoin and Web 3.0: The new leadership team intends to leverage its resources and expertise to explore Bitcoin and cryptocurrency investments, Web 3.0 opportunities, and other innovative ventures, with a clear focus on generating superior returns for the company and the shareholders.
- Convertible Notes Issuance: The Company will issue convertible notes amounting to HK$33,750,000, which will boost the group’s ownership stake to around 74% upon full conversion of the convertible notes by the acquiring parties. Proceeds will be used for general working capital for the purchase of pre-paid products such as SIM and top-up vouchers and for capturing potential investment opportunities which may arise, further solidifying the new shareholders’ commitment to the company’s future
- Rebranding to Moon Inc.: Reflecting its renewed mission, the company proposes to change its name from “HK Asia Holdings Limited” to “Moon Inc.” This rebranding underscores its aspiration to become a leading force in Hong Kong’s dynamic ecosystem.
Strategic Vision and Broader Implications:
As the 9th largest public market globally by market capitalization, HKSE provides a robust platform for the Company to pioneer new opportunities and drive financial innovation.
“This acquisition is more than a transaction; it’s a bold step toward creating value for shareholders,” said Tyler Evans, Managing Partner at UTXO Management. “Our partnership with Sora Ventures builds on a proven track record, and we’re excited to lead Moon Inc. into a future where Hong Kong will continue to play an outsized role in global markets.”
“We are extremely excited to see the launch of Hong Kong’s Bitcoin ETF and Hong Kong being the host for Asia’s largest Bitcoin conference last year. These are all signals that Hong Kong is ready for a more innovative product in their capital market”, said Jason Fang, Managing Partner and Founder at Sora Ventures.
Details of the acquisition, including the Sale and Purchase Agreement and terms of the convertible notes, have been jointly announced by the Company and the acquiring parties. That announcement can be found on the HKEX website here.
About UTXO Management: UTXO Management is a pioneering investment firm with a focus on the Bitcoin ecosystem. With a proven history of strategic investments in more than 60 public and private companies, UTXO aims to shape the future of financial technology.
About Sora Ventures: Sora Ventures is Asia’s leading venture capital firm dedicated to investing in the Bitcoin ecosystem and blockchain technology. Sora Ventures has more than 30 portfolio companies in the Bitcoin ecosystem and is one of the most active investors in Web3 media.
This press release is for informational purposes only and does not constitute an invitation or a solicitation of an offer to acquire, purchase or subscribe for securities.
For further information, please contact team@utxo.management
