A 90% Stake In a Subsidiary Is Sold By BC Technology Group For 23 Million RMB

As per the findings of Foresight News, BC Technology Group, the parent organisation of OSL, a virtual asset exchange licenced in Hong Kong, has disclosed the transaction of 23 million RMB to acquire a 90% ownership interest in its wholly-owned subsidiary, Shanghai Jingwei Enterprise Development Co., Ltd. The cash payment is due within fifteen (15) business days of the preconditions being satisfied. BC Technology Group has additionally submitted an application for a provisional halt to the trading of its shares on the Hong Kong Stock Exchange, pending the disclosure of confidential information pertaining to the issuance of new shares.

Established on December 24, 2014, Shanghai Jingwei Enterprise Development Co., Ltd. specialises in the administration of business parks and provides additional services. The organisation sublease associated properties from proprietors to a single tenant, who manages a collaborative workspace operating under the WeWork brand. BC Technology Group has generated the majority of its revenue from digital asset and blockchain platform enterprises since 2019. Since 2022, the organisation has progressively downsized its non-core operations in order to devote more resources to digital asset and blockchain platform enterprises, which are regarded as strategic growth drivers and core businesses.

BC Technology Group declared that the transaction affords the organisation the chance to generate cash on hand and reallocate capital and resources in order to concentrate on its digital asset business.