Odaily Planet Daily reports that Yunfeng Financial Group announced the issuance of 191 million new shares through a pre-IPO placement at a price of HK$6.10 per share, raising approximately HK$1.17 billion. This placement aims to expand the company's shareholder and capital base and increase market liquidity. The funds raised will primarily be used for system and facility upgrades, talent recruitment, and related capital needs, including but not limited to the launch of comprehensive virtual asset trading and investment management services.

Earlier news reported that Yunfeng Financial used US$44 million to purchase 10,000 ETH as reserve assets, and has been approved by the Hong Kong Securities and Futures Commission to provide virtual asset trading services. The board of directors also appointed Mr. Liang Xinjun, co-founder and executive of Fosun International, as an independent non-executive director.