Social platform 9GAG founder acquires Hong Kong-listed firm to buy Bitcoin, double down on AI

9GAG has reportedly taken control of Hong Kong-listed Howkingtech, which may be rebranded as MemeStrategy to explore AI, cryptocurrencies, and creator economy opportunities.

Ray Chan, the co-founder of 9GAG, a popular meme-sharing and news site, is said to have taken charge of Howkingtech International as part of a plan to expand into AI, cryptocurrencies, and web3.

A regulatory filing with the Hong Kong Exchanges and Clearing Limited reveals that the purchase of Howkingtech involves a maximum cash consideration of HK$79,649,599 (about $10.2 million), assuming all share options are exercised before the close of the offers.

Following the news, Howkingtech’s shares on Hong Kong’s stock exchange surged 3.5%, according to Yahoo Finance data.

“Now is the optimal time to leverage the transparent operating model of public companies to improve market awareness and confidence in web3 while creating long-term value for shareholders. We aim to build the bridge between the new economy and traditional finance, supporting Hong Kong’s development as an international virtual asset hub.”

Ray Chan

While the regulatory filing doesn’t mention any specifics into crypto endevaours, Chan reportedly wants to rename Howtechfirm as “MemeStrategy” and explore investments in Bitcoin (BTC), web3 projects, and decentralized infrastructure, according to The Standard, Hong Kong’s daily newspaper.

An April 1 press release on PR Newswire also states that MemeStrategy will incorporate Bitcoin and “other high-potential virtual assets into the company’s asset allocation to achieve long-term value growth.”