Chinese video game developer Boyaa Interactive International (HKG:0034) has asked its shareholders to approve a proposed $100 million investment in blockchain and crypto-related projects.
In a filing with the Hong Kong Stock Exchange, Boyaa said that its board of directors had recommended the investment and was asking shareholders to evaluate the proposal. The shareholders are expected to consider the proposal at the annual general meeting on August 16, 2019.
The filing did not provide any details as to what projects Boyaa is planning to invest in. However, it said that the board believes that the investment will help the company to “enhance shareholder returns” by tapping into the potentially lucrative and disruptive technology sector.
If approved, Boyaa’s investment would be one of the biggest investments into blockchain and cryptocurrency projects by a Chinese company.
Boyaa is one of China’s largest video game companies, with over 8 million active users and daily revenues of over US$2 million. In 2018, the company declared revenues of US$423 million. In the same year, it joined forces with Hong Kong-based OKEx to promote its blockchain-based digital asset trading platform.