Bitfire Group Holdings Limited (Bitfire Group, 01611) announced that wholly owned subsidiary Sinohope Digital Service Limited has signed an asset purchase agreement to buy the “AvenirX System” and all related intellectual-property rights from Avenir Investment Management Limited for USD1.58 million (approximately HKD12.35 million). The vendor is ultimately controlled by Bitfire Group’s chairman, Mr. Li Lin, classifying the deal as a connected transaction under Chapter 14A of the Hong Kong Listing Rules.
The consideration will be settled in two tranches: 30 % (USD0.47 million) by 30 April 2026 and the remaining 70 % (USD1.10 million) by 31 July 2026. Pricing was benchmarked against an independent valuation that adopted the depreciated replacement-cost method, which assessed the software assets at USD1.58 million as of 28 February 2026. The original development cost incurred by the vendor totalled approximately USD2.03 million.
The AvenirX System encompasses 42 functional and technical modules covering the entire investment lifecycle, including data warehousing, strategy and portfolio management, multi-asset position monitoring, human-machine trade decision support, institutional-grade OMS/OES functions, multi-layered risk controls, and comprehensive performance analytics.
Management expects the acquisition to accelerate integration of proprietary technology, enhance real-time risk governance, and support long-term expansion of the Group’s assets under management. Internal development of a comparable platform was estimated to require two to three years and a similar investment outlay, while third-party solutions could exceed USD4.00 million over five years and pose data-fragmentation risks.
Completion is subject to customary conditions, including regulatory clearances, accuracy of vendor warranties, receipt of an independent valuation report, and absence of material adverse changes. Upon completion, the vendor will relinquish all interests in the software assets.
As the highest applicable percentage ratio is above 0.1 % but below 5 %, the transaction is reportable and announceable but exempt from circular and independent shareholders’ approval requirements. Mr. Li abstained from voting on the board resolution approving the acquisition; the remaining directors, including independent non-executive directors, consider the terms fair, reasonable, and beneficial to shareholders.
Comments