The parent company of OSL, a virtual asset exchange licenced in Hong Kong, BC Technology Group, has announced the sale of 90% of its wholly-owned subsidiary, Shanghai Jingwei Enterprise Development Co., Ltd., for RMB 23 million. 15 business days after the prerequisites are met, the cash payment will be made. Additionally, in light of insider information, BC Technology Group has requested a temporary suspension of its share trading on the Hong Kong Stock Exchange, awaiting an announcement about the issuing of new shares.
Founded on December 24, 2014, Shanghai Jingwei Enterprise Development Co., Ltd. primarily provides business park management services, among other services. The business leased linked buildings to a single tenant who runs a shared office under the WeWork name after leasing them from owners. Since 2019, blockchain platform and digital asset companies have accounted for the majority of BC Technology Group’s revenue. Beginning in 2022, the company has progressively scaled back its other business operations in order to focus more of its resources on its core industries, which are the digital asset and blockchain platform companies, as strategic growth priority.
The transaction, according to BC Technology Group, gives the company the chance to realise cash proceeds and reallocate its money and personnel to concentrate on the digital asset industry.
