Yuxing Technology plans to spend HK$84.18 million to acquire USDC to purchase Bitmain mining machines

Yuxing Technology, a listed company, issued an announcement that on September 14, 2021, the buyer (a direct wholly-owned subsidiary of the company) conducted a series of transactions in the open market to acquire a total of approximately 10,757,635.78 units of USDC (a digital currency pegged to the US dollar, known as a stablecoin) at an average price of HK$7.825 per unit, with a total consideration of HK$84,178,500 (excluding transaction costs). The company intends to acquire USDC for the purpose of payment for the purchase of machines. On the same day, the buyer (a direct wholly-owned subsidiary of the company) and the seller (i.e. Inno Century Limited) entered into a sales and purchase agreement, pursuant to which the buyer agreed to purchase machines (i.e. 10,500 T17E Bitmain mining machines) from the seller at a price of HK$84,178,500, which must be paid by the buyer transferring an equivalent amount of USDC.

The consideration of HK$84,178,500 will be paid by the Buyer at 60% on the date of the sales and purchase agreement and 40% within five business days from the date of the sales and purchase agreement.