TechFlow news, September 17 — According to disclosures by Qianxun Technology Limited, a company listed on the Hong Kong stock exchange, the company signed a non-binding memorandum of understanding on a potential acquisition with Punk Code Technology (Hong Kong) Limited on September 16. The proposed acquisition involves 100% equity interest in the target company, with consideration not exceeding HKD 25 million, to be paid via share issuance and/or cash.
Punk Code Technology is a Hong Kong-based Web3 fintech firm. Its founder, Cai Yige, previously served as General Manager of Tencent's blockchain business, where he led the incubation of projects including WeEnterprise Chain, Blockchain Electronic Invoice System, and Zhixin Chain, and participated in establishing Tencent's Hong Kong virtual bank, Fusion Bank.
Qianxun Technology stated that leveraging its overseas second-hand digital device trading operations, it intends to explore new fintech products such as blockchain wallets and develop customized blockchain payment solutions using compliant stablecoins as settlement media, aiming to address pain points in cross-border trade including payment efficiency, exchange rate volatility, and settlement costs. The company will complete due diligence within two months, and the final purchase price will be determined based on an independent valuer's report.
