2026-02-13 14:30Cryptocurrency Transactions - The company acquired a total of 27,996.18 Ether for a total consideration of $80,205,987 from January 2024 to October 2025[5][6]. - The company sold a total of 54,205,987 USDT/USDC and 15,297.58 Ether for a total consideration of $54,205,987 and $51,705,817 respectively[8]. - The company expects to recognize a profit of approximately RMB 121.0 million from the sale of Ethereum, excluding transaction costs, which represents the difference between the proceeds from the sale and the acquisition cost of the sold Ethereum[16]. - The company holds approximately 13,000 units of Ethereum as of the announcement date, indicating a significant investment in this cryptocurrency[15]. - The board views the acquisition and sale of cryptocurrencies as a strategic move to diversify the investment portfolio, particularly with the optimistic outlook on the cryptocurrency market[15]. - The transactions involving the acquisition and sale of cryptocurrencies are considered fair and conducted under normal commercial terms, aligning with the interests of the company and its shareholders[16]. Risk Management and Compliance - The company has a risk management policy that limits exposure to any single cryptocurrency to no more than 10% of total net assets[12]. - The company’s investment policy allows for a maximum risk exposure of 25% of available net assets at any given time[11]. - The company has not fully complied with disclosure requirements regarding certain transactions as per listing rules[4][7]. - The company has implemented immediate remedial actions to ensure compliance with listing rules regarding cryptocurrency transactions, including appointing a compliance department to oversee all related transactions[19]. - The compliance department will calculate applicable percentage ratios for any cryptocurrency transactions before they are executed, ensuring adherence to listing regulations[20]. - The company will seek legal and professional advice as necessary to ensure compliance with relevant listing rules[20]. - The board will report any proposed cryptocurrency transactions exceeding 5% in applicable percentage ratios to ensure prior approval is obtained[20]. - The company acknowledges a previous oversight regarding the timely disclosure of transactions exceeding 5% and has taken steps to prevent future occurrences[17]. Operational Strategy - The company aims to maintain a minimum cash reserve equivalent to at least 12 months of operating funds[12]. - The company does not intend to become a digital asset management company but seeks to provide exposure to digital assets[11]. - The company has established a structured due diligence process for selecting trading platforms, focusing on financial stability and compliance[13]. - The company utilizes the OSL exchange for cryptocurrency transactions due to its robust regulatory credentials[12]. - The company plans to use the proceeds from the Ethereum sale for general operating funds or to make other investments at an opportune time[16]. - The company operates in three main sectors: gaming and application services, overseas education, and property development[10].