9GAG has reportedly acquired Hong Kong-listed Howkingtech, which may soon be rebranded as MemeStrategy to pursue opportunities in AI, cryptocurrencies, and the creator economy.
Ray Chan, co-founder of the popular meme-sharing platform, is said to have taken leadership of Howkingtech International as part of a strategy to delve into AI, cryptocurrencies, and web3 developments.
A regulatory report with the Hong Kong Exchanges and Clearing Limited indicates that the acquisition could involve a maximum cash consideration of HK$79,649,599 (approximately $10.2 million), contingent on all share options being exercised before the conclusion of the offers.
In the wake of this announcement, shares of Howkingtech on the Hong Kong stock exchange experienced a 3.5% increase, according to data from Yahoo Finance.
“Now is the ideal moment to capitalize on the clear operational model of public companies to enhance market awareness and confidence in web3 while simultaneously creating enduring value for shareholders. We aim to connect the new economy with traditional finance, reinforcing Hong Kong’s position as a global virtual asset hub.”
Ray Chan
Although the regulatory statement lacks details on specific crypto initiatives, it has been reported that Chan plans to rename the company as “MemeStrategy” and investigate investments in Bitcoin (BTC), web3 projects, and decentralized infrastructure, according to The Standard, a daily newspaper in Hong Kong.
A press release dated April 1 on PR Newswire also announced that MemeStrategy will integrate Bitcoin and other promising virtual assets into the company’s asset allocation strategy to foster long-term value growth.