NSAV has recently signed a Binding Letter of Intent (“LOI”) to acquire a 40% stake in a Hong Kong based Virtual Asset Management company. The company, yet unnamed, is headquartered in Hong Kong and holds a Type 9, asset management license and is regulated by the Hong Kong Securities and Futures Commission (“SFC”).
Through this partnership, NSAV will be able to offer asset management services.
Another significant reason that NSAV has chosen Hong Kong for its next major investment, is due to the booming Hong Kong financial market. Market capitalization of the Hong Kong Stock Exchange was $53.4 trillion at the end of April 2021, an increase of 53% from the $35.0 trillion for the same period last year. The average daily turnover in April 2021 was $155.7 billion, an increase of 55% from the $100.5 billion for the same period last year. The numbers speak for themselves.