The "Digital Asset Analyst Elite Gathering" online live broadcast, co-hosted by the Hong Kong Registered Digital Asset Analysts Association and Uweb, will make a grand debut on October 9 (Thursday) from 20:30 to 21:30! This session will be hosted by Romeo Wang Hongbin, the Executive Secretary-General of the Hong Kong Registered Digital Asset Analysts Association, with special guest Jennifer, the Chief Financial Officer of Boyaa Interactive (0434.HK), who will engage in an in-depth discussion on the cutting-edge topic of "Boyaa Interactive's Integration of Token and Stock and Corporate Web3 Transformation." During the public segment, Jennifer will share how Boyaa Interactive is transitioning from traditional capital markets to new Web3 strategies, analyzing the strategic pathways for companies embracing Web3, and how team talents need to upgrade and iterate during this transformation. In the analyst-exclusive segment, the focus will be on how Hong Kong-listed companies can achieve innovative breakthroughs through the integration of tokens and stocks, revealing Boyaa Interactive's unique practices in the digital asset field. We look forward to this live broadcast of intellectual collision, bringing you insights into new opportunities for corporate transformation in the Web3 era!

Background and Original Intent of Boyaa Interactive's Web3 Transformation

As the first Hong Kong-listed company to fully transition to Web3, Boyaa Interactive (0434.HK) successfully went public in 2013 and has been deeply engaged in the board game sector for 20 years, accumulating rich experience and resources in the traditional gaming industry. However, after 2018, its domestic business significantly declined due to policy adjustments; although it has expanded into overseas markets, growth has been slow, making explosive breakthroughs difficult and leading to a bottleneck in corporate development.

In August 2023, against the backdrop of the Web3 track still being in its early stages and the overall crypto market being sluggish, Boyaa Interactive resolutely decided to embark on its Web3 transformation, driven by three core reasons:

1. High Industry Compatibility: Elements such as game tokens and props in traditional games are highly similar in logic and attributes to the Token economic model of Web3. Boyaa Interactive aims to leverage its 20 years of experience in the gaming industry, combined with the asset characteristics of Web3, to open up new growth curves for the company.

2. Founder’s Faith-Driven: The company's board chairman, Dai Zhikang, as an angel investor in Huobi, has a profound understanding and firm belief in digital assets like Bitcoin, and this recognition of the Web3 industry has become a key driving force for the company's transformation.

3. Market Opportunities Highlighted: At the beginning of 2023, the regulatory environment for Web3 gradually became clearer (e.g., Hong Kong issued the Web3 declaration). Although the crypto market was in a bear market, it also provided excellent opportunities for early entrants to lay out at low costs. Boyaa Interactive seized this window period and decisively began its transformation journey.

Key Actions and Challenges in the Transformation

Boyaa Interactive's Web3 transformation centers on digital asset reserves as its core strategy, around which a series of key actions have been undertaken, while also overcoming numerous challenges:

Core Strategic Actions

1. Large-Scale Bitcoin Acquisition: In August 2023, Boyaa Interactive announced plans to convert $200 million in cash into digital assets. After four months of communication with shareholders and regulatory coordination, it was finally approved to use $100 million to purchase Bitcoin and Ethereum. In early 2024, the company adjusted its strategy to convert all Ethereum into Bitcoin, establishing "Bitcoin reserves" as its dominant strategy. As of now, Boyaa Interactive holds 4,091 Bitcoins, with an average cost of about $68,000, making it the listed company with the largest number of Bitcoins in the Hong Kong stock market.
2. Multi-Channel Financing Support: To ensure the continuous advancement of its digital asset acquisition plan, the company has raised funds through methods such as share placements and issuing convertible bonds. For example, in September 2024, it successfully raised $60 million, with 90% of the funds used to further increase its Bitcoin holdings; at the same time, it relies on the stable cash flow generated by its traditional gaming business to provide ongoing financial support for its digital asset reserves.

Challenges and Responses

In the early stages of the transformation in 2023, the crypto market was in a bear market, and the regulatory policies for Web3 were still not perfect. Boyaa Interactive faced multiple doubts from lawyers, auditors, and shareholders. To dispel market concerns, the company organized detailed documentation from multiple dimensions, including industry trends, asset logic, and risk control, to substantiate the rationality and feasibility of investing in digital assets, ultimately successfully persuading all parties in the market and completing the initial layout of the transformation.

Market Effects and Valuation Logic of Token-Stock Integration

Boyaa Interactive's transformation not only restructured the company's asset structure but also significantly boosted its market value, showcasing a distinct market effect of token-stock integration:

1. Arbitrage Opportunities Attract Capital Attention: In early 2024, Bitcoin prices surged, and Boyaa Interactive's stock was viewed by investors as a high-quality target for "discounted Bitcoin purchases"—at that time, the company's market value was far below the value of its Bitcoin assets, creating an arbitrage space that attracted a large influx of capital, driving the company's stock price up nearly tenfold.
2. Unique MNAV Valuation System: As a Digital Asset Treasury (DAT) type company, Boyaa Interactive uses the MNAV (Market Value/Bitcoin Market Value) premium rate for valuation, with the current premium rate around 1.2-1.3. This value is lower than that of pure digital asset investment companies like MicroStrategy, reflecting both the market's recognition of its Bitcoin asset value and the stable foundation provided by its traditional gaming business, highlighting the mixed asset characteristics of "token + stock."
3. Positioning in the Global Competitive Landscape: Currently, over 200 listed companies globally hold crypto assets, with a total market value of about $120 billion. Bitcoin, as the most widely recognized asset in the crypto market, has become the first choice for many companies, but this has also intensified competition in the sector—Boyaa Interactive's ranking among global listed companies holding Bitcoin has dropped from 9th to over 20th, reflecting the enthusiasm of global enterprises in laying out digital assets.

Team Talent Upgrade: Transformation Practices in Finance and Audit

The Web3 transformation poses new requirements for team capabilities, particularly in the finance and audit fields:

1. Skill Expansion for Financial Personnel: Traditional financial personnel need to systematically learn Web3 professional knowledge such as blockchain technology, on-chain wallet management, and Gas fee calculation, while also mastering accounting standards for digital assets to adapt to the accounting and management needs of new types of assets.
2. Innovation and Optimization of Audit Processes: Audit firms are introducing IT audit methods, using on-chain transaction verification and other means to conduct transaction tests on digital assets similar to traditional bank deposits, ensuring clear ownership of digital assets, transparent accounts, and enhancing the reliability of audit results compared to traditional models.
3. Cognitive and Faith-Based Underpinnings: The senior management's profound understanding and firm belief in digital assets have become an important foundation for team upgrades. For example, the founder's belief that "Bitcoin will never go to zero" provides stable directional support for the continuous advancement of the transformation strategy and drives the overall team's recognition and investment in the Web3 industry.

Unique Path and Key Factors of Token-Stock Integration in the Hong Kong Stock Market (Highlights from Analyst Exclusive Session)

In the analyst-exclusive session, Jennifer focused on sharing the unique challenges of token-stock integration in the Hong Kong stock market environment and Boyaa Interactive's practical experience:

1. Transformation Logic under Hong Kong Stock Regulation: Unlike the US stock market, the Hong Kong stock market places greater emphasis on the real business attributes of listed companies, requiring enterprises to have a sustainable growth main business. The model of pure "shell companies" accumulating digital assets through financing is difficult to implement. The key to Boyaa Interactive's success lies in "business synergy": leveraging the natural correlation between its board game business and Web3, it combines digital asset reserves with the expansion of main businesses such as Web3 game development, game wallet construction, and public chain development, achieving deep integration of digital assets and real business development.

2. Opportunities, Risks, and Industry Trends of Token-Stock Integration

1. Opportunity Window: Boyaa Interactive's successful transformation benefited from three major opportunities—early entry (Bitcoin prices were at a low of $15,000 to $20,000 in 2023), stable cash flow provided by traditional gaming business, and the founder's firm belief in digital assets; at the same time, the undervaluation characteristics of the Hong Kong stock market provided greater profit space for early investors.
2. Risk Avoidance Points: Jennifer emphasized that token-stock integration is not "risk-free arbitrage," as market fluctuations may lead to "flops" for companies lacking main business support and insufficient understanding of digital assets. Boyaa Interactive mitigated pure speculation risks by deeply binding digital asset investments with Web3 business, ensuring the stability of the transformation.
3. Industry Development Trends: Currently, the Hong Kong stock market's layout in the digital asset field is becoming increasingly diversified. In addition to companies holding crypto assets, applications of blockchain technology, licensed exchange operations, and tokenization of Real World Assets (RWA) are also becoming hot topics, with token-stock integration becoming an important choice for Hong Kong-listed companies' transformation.

Industry Insights and Talent Demand: Opportunities and Support in the Web3 Track

Boyaa Interactive's transformation practice provides multi-dimensional insights for the industry while highlighting the talent gap in the Web3 field:

1. Importance of Cognition and Faith: Investment in digital assets and Web3 transformation must be based on a profound understanding of industry trends, underlying technologies, and asset logic. Only with a firm belief in the industry can one persist in long-term strategies amid market fluctuations and achieve sustainable development.
2. Demand for Cross-Field Talent Integration: As the compliance process of Web3 accelerates, traditional industry talents (lawyers, financial practitioners, tax personnel, technical developers) need to actively integrate Web3 knowledge to achieve capability upgrades. For example, traditional lawyers need to learn the professional logic of Web3 contracts (such as token future equity agreements), and financial and tax personnel need to master tax handling rules related to digital assets.
3. Platform Support for Talent Transformation: The Hong Kong Registered Digital Asset Analysts Association builds bridges for traditional industry talents, practitioners, and university graduates to enter the Web3 track through certification exams, professional training, and industry exchange meetings (such as the offline event in Hong Kong on October 25), providing knowledge empowerment and resource connections to support the construction of the industry talent ecosystem.

Conclusion

As a benchmark enterprise for Web3 transformation and token-stock integration in the Hong Kong stock market, Boyaa Interactive's practice not only provides a reference path for similar listed companies but also reveals the core logic of transformation: "business synergy + faith-driven + talent upgrade." Against the backdrop of the rapid development of the Web3 industry, the Hong Kong Registered Digital Asset Analysts Association continues to empower enterprises and practitioners through live broadcasts, training, and exchanges, promoting the standardized development and value release of the Web3 track. For enterprises and individuals looking to seize opportunities in Web3, a deep understanding of industry logic, enhancement of professional capabilities, and reliance on quality platforms will be key to establishing a foothold in the new track.

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