HK Asia stock soars amid crypto-focused UTXO, Sora Ventures acquisition
Ad UTXO Management, in collaboration with Sora Ventures, has acquired 70.26% of HK Asia Holdings Limited on the Hong Kong Stock Exchange, planning to rebrand it as Moon Inc. This shift emphasizes Bitcoin, Web3 initiatives, and financial technology. Following the announcement, the stock became the second-best performer on the exchange, trading at 1.380 HKD with a 23.21% daily increase and a year-to-date rise of 366.67%. The acquisition includes issuing convertible notes totaling 33,750,000 HKD, potentially increasing the stake to around 74%. The company aims to leverage Hong Kong's market environment, particularly following the Bitcoin ETF launch. The rebranding will proceed upon approval, focusing on digital asset market exposure while remaining active on the exchange. Market capitalization stands at 448 million HKD with a price-to-earnings ratio of 18.3x. Historical data shows a 52-week low of 0.212 HKD and a high of 1.63 HKD, indicating strong upward trends.
