International Business Settlement Subsidiary and Lu Zeng plan to establish a joint venture company in Laos.
IB SETTLEMENT 00147 plans to establish a joint venture in Laos with Lu Zeng, focusing on Bitcoin mining and trading. The equity will be distributed in a ratio of 51% to 49%. The initial capital of the joint venture is $2 million, intended for operational funds. The group believes that cryptocurrency has the potential as a store of value and plans to invest in cryptocurrencies with significant market value and long-term holding value. Bitcoin, as the largest cryptocurrency by market capitalization globally, has been in existence for many years.
Zhitong App news: IB SETTLEMENT (00147) announced that on March 15, 2024, its wholly-owned subsidiary Shousheng Enterprise Co., Ltd. (Shousheng) and Lu Zeng established a joint venture in the Lao People's Democratic Republic (Laos). After the registration of the joint venture, Shousheng and Lu Zeng will respectively hold 51% and 49% equity. The joint venture will mainly engage in Bitcoin mining and trading.
The initial paid-up capital of the joint venture is $2 million, to be contributed by Shousheng and Lu Zeng in proportion to their respective equity interests in the joint venture. The contribution will be mainly used as operating funds for the joint venture.
Cryptocurrency is a digital currency that uses encryption technology to regulate the generation of currency units and blockchain technology to verify fund transfers. Cryptocurrency makes fund transfers between parties easier, and for security, these transfers are done using public and private keys. The group believes that cryptocurrency, as a store of value, has strong support from a public open-source architecture. Therefore, in the long run, it has the potential to resist inflation, increase the stored value, and have long-term value. The group also notes that the price of cryptocurrency may fluctuate significantly. Therefore, the group plans to invest in cryptocurrencies that are more mature, widely recognized, have good market liquidity, large market capitalization, and relatively long-term holding value. Among various types of cryptocurrencies, Bitcoin, launched in 2009, has become the largest cryptocurrency in terms of global market capitalization as of the date of this announcement.