Domaine Power (HKG:0442) agreed to acquire a 5.56% stake in Hong Kong Virtual Asset Exchange (VAX) from chairman and controlling shareholder So Shu Fai for HK$100 million, according to a Wednesday Hong Kong bourse filing.

Shares rose nearly 47% in Thursday morning trade.

The consideration includes HK$24 million in cash, funded by proceeds from the group's rights issue and subject to adjustment, and HK$76 million in zero-interest, three-year unsecured convertible bonds convertible at HK$2.50 per share.

VAX is licensed by the SFC to conduct Type 1 and Type 7 regulated activities and operates a virtual asset trading platform, the filing said.

The transaction remains subject to an independent valuation of VAX, as well as the necessary regulatory approvals and listing permission for the conversion shares.