On August 9th, GeLongHui announced that Guanglian Engineering Holdings (01413.HK) plans to register and establish a wholly-owned subsidiary (namely Zhudi Digital Technology Co., Ltd.) to carry out virtual currency mining business, including virtual currency mining farm construction and operation hosting services ("New Business Activities").

The Group will conduct virtual currency mining farms and mining businesses in countries where virtual currencies are legal. The Group believes that in response to the development of virtual currency and the increasing acceptance of investors, governments in various regions have launched corresponding supportive or cooperative policies. Virtual currency still has sufficient room for development. At this time, by allocating some financial resources of the company to virtual currency mining and other related businesses, it can be used as part of the risk of cash holdings in fund management to cope with exchange rate fluctuations. The Group will conduct appropriate research to ensure that New Business Activities are carried out in compliance with relevant local laws and regulations.

In addition, the Board of Directors believes that the New Business Activities provide an opportunity for the Group to achieve diversified sources of business and income, and ultimately enhance the Group's business performance and profit-making ability. The board of directors believe that conducting new business activities will not only expand the Group's main business but also be in line with the overall interests of the company and shareholders.