HK Stock Market Move | MOG DIGITECH (01942) opened 15% higher. The company announced its plan to subscribe to the preferred stocks of stablecoin payment platform Kun KUN.

MOG DIGITECH (01942) opened 15% higher and as of the time of writing, it had increased by 15%, trading at 0.69 Hong Kong dollars with a turnover of 10.654 million Hong Kong dollars. On the news front, MOG DIGITECH announced that on July 23, its wholly-owned subsidiary Zhongbao Hong Kong entered into a stock purchase agreement with KUN International Group Limited (the target company) and its related parties. According to the agreement, Zhongbao Hong Kong will invest 6 million US dollars (approximately 47.1 million Hong Kong dollars) to subscribe to 750,000 preferred shares, representing approximately 5.27% of the target company's issued share capital after the subscription is completed. It is understood that the KUN platform operated by the target company is a leading Asian payment and financial infrastructure service platform based on stable coins, providing enterprises with cross-border payments, remittances, and financial services including payment, asset management, and card issuance. This financing will be used to deepen the research and upgrade of KUN in areas such as cross-border transaction security, blockchain infrastructure, wallet technology, and AI intelligent risk control systems, aiming to build a seamless digital payment network connecting Web2 to Web3.