On November 13th, BC Technology Group (00863) will be temporarily suspended from trading starting from November 13th, 2023, waiting for the announcement of a transaction that needs to be disclosed (which constitutes insider information). It is reported that OSL, a digital asset trading platform under BC Technology Group, is a compliant licensed digital asset trading platform that can be traded in Hong Kong. Bloomberg previously reported that BC Technology Group plans to sell OSL, its digital asset platform, for HK$1 billion. However, OSL clarified that the report was not true.

On November 2nd, as reported by Ming Pao, Hu Zhenbang, the Chief Financial Officer of OSL, a licensed virtual asset trading platform in Hong Kong, stated that OSL has completed the development of its app and is awaiting completion of all security tests before launching. It is expected to be launched within November. When the app is launched, it is unlikely to release its platform currency, but will focus on the application of artificial intelligence.

BC Technology Group (00863.HK) announced that the board of directors of the company noted the abnormal changes in the company's share price and trading volume today. After making reasonable inquiries about the relevant situation, the board of directors confirmed that it did not know of any reason that caused the abnormal changes. The board of directors also noted that Bloomberg had published a news report about the company on the Internet on October 16, 2023, claiming that the company was considering selling its virtual asset trading platform OSL business. The board of directors hereby clarifies that the content and statements of the report are not true and highly misleading.

BC Technology Group, the parent company of Hong Kong crypto exchange OSL, is reportedly considering selling the exchange for HK$1 billion ($128 million). While BC has started conversations with potential buyers, there is no guarantee that a deal will be reached. OSL is the company's major source of income, but BC may only sell parts of the exchange rather than the entire company. Hong Kong regulatory guidelines for crypto trading were introduced in June, and OSL's Director and Head of Regulatory Affairs praised the rules as providing robust investor protection.