Hong Kong-listed Yunfeng Financial purchased $44 million of ETH to support its expansion into Web3, real-world assets and tokenized finance.
Yunfeng Financial Group, a Hong Kong-listed company with ties to Alibaba founder Jack Ma, acquired 10,000 ETH (worth about $44 million) in a move to deepen its Web3 expansion.
The purchase, disclosed in a voluntary announcement on Tuesday, was funded through internal cash reserves. The move follows a recent announcement by Yunfeng outlining its push into Web3, real world assets (RWA), digital currency and artificial intelligence.
According to the company, Ether (ETH) was chosen as a reserve asset to support RWA tokenization, technological innovation and the broader integration of finance with Web3 infrastructure.
