SINOHOPE TECH (01611) surged over 6% in morning trading. As of press time, the stock was up 3.79% to HK$6.85, with a turnover of HK$20.69 million.

On the news front, effective August 26, Mr. Weng Xiaoqi was appointed as Executive Director and Chief Executive Officer. Joining the company alongside him are key executives including former Huobi CTO Guo Wenbin and CFO Zhang Li, along with multiple former Huobi middle management and technical backbone staff.

On August 27, Mr. Weng Xiaoqi delivered a keynote speech themed "New Phase Strategic Release," systematically introducing the business landscape and globalization strategy following SINOHOPE TECH's strategic upgrade. He officially unveiled the company's upgraded management team lineup and announced major business initiatives including the "Star Map Plan" and the "$500 Million DAT Special Plan."

According to research reports, on June 29, SINOHOPE TECH announced a private placement to five investors (Li Lin's Avenir Investment, Weng Xiaoqi's LINEX, TX Capital, Night Wood, and Rosen) for 28.34% equity (representing 22.08% post-completion shareholding), raising a total of HK$270 million. 46% of the raised funds will be allocated to group business development and expansion, with approximately HK$93.6 million designated for Hong Kong VATP licensing plans and approximately HK$31.2 million for upgrading the current Type 1 license and supporting virtual asset license applications or acquisitions in other regions.

The company has completed the acquisition of over 50% of Japan's compliant exchange BitTrade. Upon completion of the acquisition, SINOHOPE TECH will indirectly hold 92.31% of BitTrade's shares. The company plans to obtain licenses in Singapore, the UAE, and potentially Europe.