HONG KONG, Feb. 28, 2023 /PRNewswire/ -- Metalpha Technology Holding Limited (NASDAQ: MATH) (the "Company" or "Metalpha"), a digital asset management service provider, today successfully completed the divestiture of its supply chain management platform and services business in mainland China.
Formerly known as Dragon Victory International Limited, the Company was founded in 2015 focusing on supply chain management in mainland China. With the divestiture announced today, Metalpha closed down the business of its subsidiaries and variable interest entities due to increasing operational difficulties and macroeconomic uncertainty.
The Company now focuses on providing structured derivative products and issues over-the-counter financial products to professional investors, such as crypto miners, crypto funds, and family offices totaling an aggregate notional amount of approximately US$198 million as of August 14, 2022.
"We are grateful to have worked with our business partners in the past few years. The closure of the mainland China business will also allow the Company to devote more resources and time to managing the overseas digital assets business line. I look forward to leading the Company to a brand new direction in 2023, from which we expect to focus exclusively on building and delivering high quality digital assets wealth management products and services from Hong Kong to the world," said Adrian Wang, President of Metalpha.
About Metalpha Technology Holding Limited
Founded in 2015, Metalpha Technology Holding Limited (NASDAQ: MATH) went public on October 20, 2017. The listed Company is dedicated to providing investing and wealth management services with a full-service, institutional-grade platform. With dedicated blockchain expertise, the Company aims to become a leader in the field of crypto wealth management services, bringing robust innovation and transparency to the customers and businesses it serves.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties, including the further spread of the COVID-19 virus or new variants thereof, or the occurrence of another wave of cases and the impact it may have on the Company's operations and the demand for the Company's services, and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to," or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and its other filings with the U.S. Securities and Exchange Commission.
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