Group 1 - The company, Boya Interactive (00434), announced the issuance of 59.973 million shares based on a placement agreement dated August 21, 2025 [1] - The issuance date for the shares is set for September 12, 2025 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 博雅互動國際有限公司 呈交日期： 2025年9月12日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00434 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | | | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，不構成收購、購買或認購本公司任何證券的邀請或要約。 Boyaa Interactive International Limited 博雅互動國際有限公司 （於開曼群島註冊成立的有限公司） （股份代號：0434） –1– 不少於六名承配人配售合計59,973,000股配售股份。配售的淨收益（扣除配售佣金及配售 事項的其他費用後）約為港幣4.1億元，將用於公告所載的用途。 配售股份約佔緊接配售完成前本公司已發行股份總數的8.43%，約佔配售完成後本公司擴 大後的已發行股份總數的7.78%。經所有合理查詢後，據董事所知、所悉及所信，承配人 及其各自的最終實益擁有人均為獨立第三方。概無承配人於配售完成後成為本公司之主 要股東（定義見上市規則）。 對本公司股權架構的影響 完成根據一般授權配售新股份 聯席整體協調人及配售代理 茲提述，博雅互動國際有限公司（「本公司」）於2025年8月21日、2025 ...

Core Insights - The article discusses the rising trend of Digital Asset Treasury (DAT) in Hong Kong, where companies like Yunfeng Financial and Boya Interactive are investing in cryptocurrencies like Ethereum and Bitcoin, leading to significant stock price increases [1][5] - DAT is described as an innovative financial strategy allowing companies to raise funds through traditional means to purchase and hold cryptocurrencies as reserve assets [1][2] Group 1: DAT Model Overview - The DAT model offers convenience and compliance, allowing investors to gain exposure to digital assets without needing to open cryptocurrency accounts [2] - Companies adopting the DAT model are evaluated based on the market value of their held cryptocurrencies relative to their total shares, known as the net asset value multiple (mNAV) [3] - The DAT model is seen as a proactive approach compared to traditional ETFs, which are more passive in nature [3][4] Group 2: Market Dynamics and Comparisons - As of August 21, 2025, companies have raised over $15 billion through DAT strategies, while global crypto ETF assets under management stand at $168.3 billion, indicating that DAT is still in its early stages [4] - Boya Interactive was one of the first companies in Hong Kong to adopt the DAT model, significantly increasing its stock price from HKD 0.56 to HKD 7.85 since announcing its cryptocurrency purchases [5] - The interest in the DAT model is growing among traditional financial institutions, which are looking for compliant and efficient ways to invest in digital assets [6] Group 3: Challenges and Regulatory Landscape - Despite the rapid development of DAT in Hong Kong, it still lags behind the U.S. market due to less efficient At-The-Market (ATM) mechanisms [7] - The sustainability of the DAT model is questioned, with concerns about its long-term viability in the face of market volatility and regulatory changes [10][11] - Regulatory trends are shifting, with Nasdaq planning to implement new rules for companies looking to raise funds for cryptocurrency purchases, emphasizing transparency and risk management [11][12]

Core Insights - The article discusses the rising trend of Digital Asset Treasury (DAT) in Hong Kong, where companies are increasingly investing in cryptocurrencies like Bitcoin and Ethereum as part of their asset reserves, following the example set by MicroStrategy in the U.S. [1][2] Group 1: DAT Model Overview - DAT is an innovative financial strategy where listed companies raise funds through traditional means to purchase and hold cryptocurrencies as reserve assets [1][2] - The core advantages of the DAT model include convenience and compliance, allowing investors to gain exposure to digital assets without needing to open cryptocurrency accounts [2][3] - Companies adopting the DAT model are evaluated based on their market value relative to the total circulating shares, known as the net asset value multiple (mNAV) [2][3] Group 2: Market Dynamics and Performance - As of August 21, 2025, companies have raised over $15 billion through DAT strategies, indicating significant market interest [3] - The stock price of companies like 博雅互动 (Boyaa Interactive) has surged dramatically, reflecting investor enthusiasm for the DAT model [4] - The liquidity of DAT transactions is significantly higher than traditional cryptocurrency ETFs, with transactions potentially completed in minutes compared to days for ETFs [3][6] Group 3: Institutional Interest and Regulatory Environment - Traditional financial institutions, including regional brokers and asset managers, are showing increasing interest in the DAT model, focusing on compliance and liquidity [5][6] - The article notes that while the DAT model is gaining traction in Hong Kong, it still lags behind the U.S. market due to differences in the efficiency of the At-The-Market (ATM) offering mechanism [6][10] - Regulatory developments, such as Nasdaq's new rules for companies planning to issue new shares for cryptocurrency purchases, indicate a tightening of oversight in the sector [10][11] Group 4: Future Outlook and Challenges - Despite the rapid expansion of the DAT model, its sustainability remains uncertain, with concerns about the long-term viability of companies relying solely on cryptocurrency holdings [9][10] - The article highlights potential risks associated with the DAT model, including custody risks and price discrepancies in secondary markets [9][10] - Hong Kong's regulatory approach is expected to balance innovation with risk management, potentially adopting elements from Nasdaq's new regulations while maintaining local flexibility [11]

Group 1 - Hong Kong mobile game stocks collectively rose, with Blueport Interactive, Flying Fish Technology, and Bilibili all increasing over 4%, while Tencent and NetEase rose over 2% [1] - NetEase reached a historical high, and other companies like IGG, NetDragon, Boyaa Interactive, and Xindong also saw gains [1] - Sensor Tower released a ranking of Chinese mobile game products' revenue and download volumes in overseas markets for August 2025, highlighting significant growth in the sector [1] Group 2 - DotDot Interactive's game "Kingshot" saw a revenue increase of 26% in August, topping the overseas mobile game revenue growth chart [1] - NetEase launched its first sci-fi shooting mobile game "Destiny: Rising" on August 28, which quickly gained popularity globally, dominating the U.S. iOS download chart [1] - Tencent's "PUBG MOBILE" maintained its position as the runner-up in the overseas mobile game download rankings [1]

Core Viewpoint - Boyaa Interactive (00434) has engaged in a significant investment in Bitcoin, purchasing approximately 290 Bitcoins for a total consideration of about HKD 257 million (approximately USD 32.91 million) using its own funds [1] Group 1: Company Actions - Boyaa Interactive's stock price increased by over 4% during trading, with a current price of HKD 7.65 and a trading volume of HKD 14.87 million [1] - The company completed the Bitcoin purchase between August 5 and August 25, 2025, bringing its total Bitcoin holdings to approximately 3,670 Bitcoins [1] - The average purchase cost for the Bitcoins acquired is USD 62,878 each [1]

Core Viewpoint - The company plans to raise funds through a share placement at HKD 6.95 per share to expand its cryptocurrency reserves and support its Web3 business development [1][2]. Group 1: Fundraising and Use of Proceeds - The company intends to place up to 63.51 million shares, with approximately 90% of the proceeds earmarked for purchasing Bitcoin to enhance its Web3 operations [2]. - The remaining 10% of the funds will be allocated for general corporate purposes and working capital [2]. Group 2: Web3 Strategy and Cryptocurrency Reserves - The board believes that the company's strategic shift towards Web3 and its Bitcoin reserve strategy have proven successful, establishing a foundation for sustainable growth in the Web3 sector [1]. - The company aims to maintain a leading position in the competitive Web3 digital landscape and contribute to Hong Kong's advantageous position in this field [1]. - The long-term holding and continuous increase of Bitcoin reserves are viewed as a crucial strategic pillar for the company [2]. Group 3: Market Position and Future Plans - The company is committed to complying with relevant laws and regulations while developing its traditional and Web3 businesses [2]. - It aims to solidify its market position in the gaming sector by investing in suitable third-party Web3 games and developing its own Web3 gaming infrastructure [2]. - Recently, the company spent HKD 257 million to acquire approximately 290 Bitcoins, indicating its commitment to expanding its cryptocurrency holdings [3].

Group 1 - The core announcement is that Boyaa Interactive (stock code: 0434) plans to raise approximately HKD 440 million through the placement of up to 63,510,000 new shares [1][2] - The placement price for the new shares is set at HKD 6.95, with the proportion of the new shares to the existing issued share capital not specified [2] - The company is primarily engaged in the internet gaming business and is advancing its Web3 strategic transformation, which includes Web3 gaming and infrastructure development [2] Group 2 - Approximately HKD 390 million of the raised funds will be allocated for purchasing Bitcoin to enhance the company's Web3 business development, while around HKD 50 million will be used for general corporate purposes and working capital [2]

Group 1 - The company plans to issue up to 63.51 million shares at a price of HKD 6.95 per share to expand its reserves in the rapidly growing Web3 industry [1] - The competition in the Web3 sector is intensifying, with cryptocurrencies, particularly Bitcoin, being recognized as strategic assets by several countries [1][2] - The company's strategy to transform into the Web3 space and increase its Bitcoin reserves has been validated as correct and successful, serving as a foundation for sustainable development in the Web3 field [2] Group 2 - The board believes that expanding cryptocurrency reserves aligns with the best interests of shareholders and will help maintain a competitive edge in the international Web3 market [2] - The company's actions are expected to contribute positively to Hong Kong's position as an international financial center, attracting significant investment and interest from global institutional investors [2] - Recently, the company spent HKD 257 million to acquire approximately 290 Bitcoins as part of its strategy [3]