According to the Zhitong Finance App, Lingzhi Financial (08163) announced that the board of directors has decided to end the business of Lingzhi Securities Limited (“securities brokerage service”). Lingzhi Securities is a wholly-owned subsidiary of the company and has been licensed to engage in Class 1 (securities trading) regulated activities under the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong.

The securities brokerage service is scheduled to end operations on July 31, 2023. Lingzhi Securities Limited will comply with all applicable laws, rules and regulations relating to the termination of securities brokerage services, and will notify the Hong Kong Securities and Futures Commission seven (7) business days (7) days before the proposed end date as soon as is reasonable and in any case in accordance with section 135 (1) of the Securities and Futures Ordinance, requesting the revocation of the license to engage in Class 1 (securities trading) regulated activities under the Securities and Futures Ordinance.

The company believes that terminating the securities brokerage service will enable the Group to make better use of its resources for the Group's existing business, particularly the digital platform business and entertainment business. On the date of this announcement, the company has jointly hosted two successful concerts in Hong Kong and Macau, respectively. Through NoizChain Limited, a wholly-owned subsidiary of the company, the Group plans to widely use blockchain technology in various businesses to promote large-scale popularization and commercialization of blockchain. The company will continue to explore different business opportunities in this field, including the use of blockchain technology expertise and experience to create immersive and unique entertainment experiences for viewers.