Ray Chan, co-founder of the popular meme-sharing platform 9GAG, has reportedly taken the helm at Howkingtech International, signaling a strategic move to expand into artificial intelligence, cryptocurrencies, and Web3.
According to a regulatory filing with the Hong Kong Exchanges and Clearing Limited, the acquisition of Howkingtech could reach a maximum cash consideration of HK$79.65 million (approximately $10.2 million), contingent on all share options being exercised before the offer closes. If no share options are exercised, there will be 225 million issued shares, with 67.24 million shares subject to the Share Offer. The total consideration for the cancellation of outstanding share options would amount to HK$2,235, bringing the maximum cash consideration payable by the Offeror to HK$59.78 million.
Speaking on the transition, Chan emphasized the importance of leveraging public companies’ transparent operating models to enhance market awareness and confidence in Web3. He stated,
“Now is the optimal time to leverage the transparent operating model of public companies to improve market awareness and confidence in Web3 while creating long-term value for shareholders. We aim to build the bridge between the new economy and traditional finance, supporting Hong Kong’s development as an international virtual asset hub.”
While the regulatory filing does not specify any direct crypto-related initiatives, reports from The Standard, a Hong Kong-based daily newspaper, suggest that Chan plans to rename Howkingtech as MemeStrategy. This rebranding aligns with his vision to invest in Bitcoin, Web3 projects, and decentralized infrastructure, further strengthening the company’s position in the virtual asset space.
Further validating this shift, an April 1 press release on PR Newswire confirms that MemeStrategy will integrate Bitcoin and other high-potential virtual assets into its asset allocation strategy to drive long-term value growth.
Meanwhile, Hong Kong’s fintech sector is experiencing rapid growth, fueled by innovations in blockchain, digital assets, distributed ledger technology (DLT), and artificial intelligence (AI). As the city strengthens its position as a global fintech hub, Chan’s MemeStrategy appears poised to play a crucial role in shaping the future of virtual assets and decentralized finance.
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