Hong Kong Stock Market Update: BOYAA surged over 20% as Bitcoin hits a new all-time high. The company announced last year its intention to seek shareholder authorization for potential cryptocurrency purchases, with a total investment not exceeding 100 million US dollars.

Zhitong App learned that BOYAA (00434) surged by over 20%, reaching a 22.56% increase at the time of publication, closing at HKD 1.63 with a trading volume of HKD 35.43 million.

On the news front, the company recently released its annual performance for the year ending December 31, 2023. The group achieved a revenue of RMB 395 million (same unit below), a 5.1% year-on-year increase. The company's attributable profit was RMB 117 million, an 82.5% year-on-year increase. Basic earnings per share were 17.74 cents, with a proposed final dividend of 0.0335 yuan per share. The board has adopted a new dividend policy and announced that within the next five years, it will continue to distribute no less than 20% of the annual operating profit to shareholders each year, as well as dividends on the appreciation of purchased encrypted assets at a rate of no less than 5% per year.

Of note, on March 5, Bitcoin hit a historic high of $69,000, briefly touching $69,080. On November 13, 2023, the company announced that the board considered the purchase and holding of cryptocurrencies as an important move for the group's business layout and development in the Web3 field, as well as a crucial part of the group's asset allocation strategy. After careful consideration, the board recommended seeking prior approval from shareholders to grant purchase authorization. This authorization would empower the board to potentially make cryptocurrency purchases during a 12-month period from the date of the special general meeting's formal approval of the authorization and the ordinary resolution on potential cryptocurrency purchases, with a total purchase amount not exceeding $100 million.