**Yunfeng Financial** Places 190 Million New Shares, Intraday Drop Exceeds 12%

BlockBeats News, September 16th, Hong Kong-listed company Yunfeng Financial announced a sale of 191 million new shares in a "sell first, buy later" manner, with a sale price of HK$6.1 per share, raising approximately HK$1.17 billion. The purpose of this sale is to expand the company's shareholder base and capital base, as well as to increase the liquidity of the company's shares in the market. The proceeds from this sale will mainly be used for the group's system upgrade, talent recruitment, and related capital needs, including but not limited to the launch of comprehensive virtual asset trading services and virtual asset-related investment management services.

According to market information, Yunfeng Financial's stock on the Hong Kong Stock Exchange opened low today and showed a downward trend, falling by over 12% during the trading session, and is currently priced at HK$6.43.

Previously reported, Yunfeng Financial announced that its wholly-owned securities subsidiary, Yunfeng Securities Limited, has obtained approval from the Hong Kong Securities and Futures Commission to provide virtual asset trading services.