Summary by Futu AI
Ying Universe Group Co., Ltd. (Ying Universe) plans to seek shareholder approval at its Annual General Meeting to grant the Board of Directors the purchase of no more than $100 million in cryptocurrencies over the next twelve months. The move is designed to support the company's Web3.0 business development strategy and asset allocation strategy. The Universe will primarily purchase Bitcoin, Ethereum, Tedam, and USD, and plans to buy Bitcoin with about $60 million, Ethereum for about $20 million, and about $10 million each for Tedcoin and USD. The scheme will be conducted through regulated and licensed trading platforms to mitigate risk. The company believes that cryptocurrency investments will help diversify asset allocations and address the potential devaluation risks of cash assets. The circular is expected to be sent to shareholders on or before May 22, 2024, providing further details of the purchase authorization and potential cryptocurrency purchases.