Summary by Futu AI
Satzhi Group Holdings Limited acquired 971.7691 Ethereum (ETH) coins (ETH) through the CoinUnited.io platform from 4 July to 25 October 2022 for a total cost of approximately HK$1,120 million. In addition, the company acquired 146 PETS WORLD PETS NFTs at the same time on the OpenSea platform at a total cost of approximately HK$1,109.6 million, paid in ETH. Such transactions are conducted by third parties independently of the Group and its affiliates. The Board of Directors believes that earning returns by trading PETS NFTs is critical to the continued growth and sustainability of the Group's business. However, the Company acknowledges failure to comply with the GEM Listing Rules and has taken remedial measures to prevent a similar event from occurring again in the future.