Sidley represented BGX Group Holding Limited (BGX), a progressive leader in cryptocurrency services, in connection with the proposed subscription of 187.6 million new shares from BC Technology Group Limited (BC Technology, HKEX: 863) under the specific mandate. The net proceeds from the subscription are estimated to be approximately HK$710 million (US$90.9 million). BC Technology intends to apply part of the net proceeds to potential merger and acquisition opportunities of companies engaged in the digital assets and blockchain platform business, and also to develop and enhance platform technology of the digital assets platform business. The proposed subscription remains subject to satisfaction of certain conditions precedent including shareholders’ approval before completion.
BC Technology, a leading public fintech and digital asset company in Asia, is the parent company of OSL, the world’s first insured and SFC-licenced digital asset platform. This strategic investment is an endorsement of OSL’s vision to set new standards in digital asset security, compliance, and technological innovation, and to lead the regulated evolution of the digital asset market.
The Sidley team was led by partner Christopher Cheng. Other team members included partner Fatema Orjela, counsels Felicity Wong and Josephine Law, senior associate Selina Wong, and associates Nancy Yang and Sean Sawyer.
