TSX lower after index logs fresh record closing high
Investing.com-- Jack Ma-backed Yunfeng Financial Group (HK:0376) shares hit a seven-week high on Monday, building on sharp gains from last week after the company said it has purchased $44 million worth of Ether.
The step, announced on Tuesday last week, marked Yunfeng’s first major move into digital assets as Hong Kong pushes to develop its virtual asset sector.
The Hong Kong-listed firm acquired 10,000 ETH using internal cash resources and will classify the holding as a long-term investment, according to an exchange filing. Yunfeng said the Ether will support its expansion into Web3, including tokenisation of real-world assets and potential applications in its insurance business.
Shares of the company traded 3.1% higher at HK$4.04 as of 04:30 GMT, reaching their highest level since July 22.
The stock jumped more than 20% last week and marked its fourth consecutive week of gains.
The company, backed by Yunfeng Capital co-founded by Alibaba (HK:9988) founder Ma, said the investment reflects its strategy to diversify into emerging technologies such as blockchain and artificial intelligence.