YTL LLP is advising Sinohope Technology Holdings Limited (1611.HK) (“Sinohope“), whose shares are listed on the Main Board of The Hong Kong Stock Exchange Limited, on its acquisition of a Japan-based cryptocurrency trading business, BitTrade Inc. (“BitTrade“). The transaction constituted a very substantial acquisition and connected transaction involving issuance of consideration shares under specific mandate for Sinohope. The aggregate amount of consideration for the acquisitions was approximately HK$260 million.
Sinohope and its subsidiaries (the “Group“) are principally engaged in the provision of technology solutions and services within the virtual asset ecosystem, including asset management, trust and custodian services and cryptocurrency trading. Cryptocurrency trading business has emerged as the Group’s primary revenue driver, generating approximately HK$2.81 billion in the last financial year.
BitTrade, incorporated in Japan, is a licensed and regulated cryptocurrency trading platform and an active member of several self-regulatory and industry associations in Japan’s crypto-asset sector. The acquisitions are expected to diversify Sinohope’s operations and business layout, enhancing its over-the-counter virtual asset trading, blockchain multi-party computation wallet services and asset management business.
YTL LLP provides Sinohope with comprehensive legal assistance on all aspects (from structuring the transaction, negotiations with all the parties invovled, and obtaining approvals from the relevant regulators). The matter is being led by our Partner, Alfred Leung, with support from our Of Counsel, Gloria Sung and Associate, Andy Kwan.
As blockchain technology and virtual assets continue to gain global momentum, YTL LLP remains at the bleeding edge of advising clients seeking to capitalize on opportunities in the virtual asset space. In addition to advising on the legal and regulatory aspects, we are able to utilise our M&As and corporate finance skills to advise clients on capitalising this space.
For further details about the transaction, please refer to Sinohope’s announcement.
To find out more about our experience and proven track records in advising clients on Hong Kong and cross-border corporate finance, M&As, blockchain and data matters, please contact us.
Alfred Leung, Partner (E: alfredleung@hkytl.com; T: +852 3468 7202)
Gloria Sung, Of Counsel (E: gloriasung@hkytl.com; T: +852 3468 7292)
Andy Kwan, Associate (E: andykwan@hkytl.com; T: +852 3468 7261)
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