According to online reports, Hong Kong-listed company Bityuan Universe issued an announcement announcing that it has entered into a placing agreement with a placing agent. It intends to place up to 40 million placing shares to no less than six placees through the placing agent, at a price of HK$0.41 per placing share, compared with the closing price of HK$0.510 per share on the day, with a maximum net raise of approximately HK$16 million. The company plans to use all of the net proceeds from the placement to apply for relevant licenses required to operate a virtual asset trading platform.