HK Stock Market Move | YUNFENG FIN (00376) rose more than 6%. The company has reached a strategic cooperation with Ant Group, purchasing 10,000 ETH as strategic reserve assets.

YUNFENG FIN (00376) rose more than 6% in early trading, up 5.93% as of the time of writing to 3.57 Hong Kong dollars, with a trading volume of 36.3388 million Hong Kong dollars. On the news front, on September 1st, YUNFENG FIN announced a strategic cooperation agreement with Ant Group's Ant Digital Technology, and announced strategic investment in the next generation Layer1 public chain Pharos, which focuses on tokenizing real world assets (RWAs). On September 2nd, YUNFENG FIN announced that its board of directors had approved the purchase of 10,000 Ethereum (ETH) on the open market as strategic reserve assets, with a total investment cost of $44 million, funded by internal cash reserves of the group. The announcement stated that YUNFENG FIN and Ant Digital Technology will jointly expand compliance in tokenizing real world assets (RWAs) and frontier areas such as the next generation internet (Web3) through the high-performance public chain platform Pharos. The company's purchase of ETH this time aims to align with the group's layout in Web3, tokenization of real world assets (RWAs), digital currency, ESG zero carbon assets, artificial intelligence, and provide infrastructure support for RWA tokenization, while exploring the application scenarios of ETH in the insurance business.