Jack Ma-Backed Yunfeng Financial Raises HK$1.17 Billion in Share Placement to Accelerate Virtual Asset Push

Jack Ma–backed Yunfeng Financial Group (376.HK) has stepped up its digital finance strategy with a major capital move.

On September 16, the Hong Kong–listed firm completed a top-up placement of 191 million new shares at HK$6.1 each, raising approximately HK$1.17 billion (US$150 million).

Management stated that the fresh capital will broaden the company’s shareholder base, enhance its capital strength, and increase trading liquidity of its stock in the secondary market.

The fundraising is closely tied to Yunfeng’s pivot toward digital assets.

Proceeds will be allocated to upgrading trading and risk management infrastructure, expanding its hiring pipeline, and supporting future capital requirements. A key focus is the rollout of comprehensive virtual asset services, spanning both licensed trading and investment management.

By explicitly linking the placement to digital finance initiatives, Yunfeng is positioning itself as one of the few Hong Kong financial groups scaling aggressively into the sector.

The company has already demonstrated commitment to the strategy. Earlier this month, Yunfeng disclosed that it purchased 10,000 ETH at a cost of around US$44 million (HK$343 million), using internal cash reserves.

The tokens are recorded as investment assets on the balance sheet and serve as a reserve holding, highlighting the Group’s conviction in Ethereum as a core digital asset.

This follows confirmation that Yunfeng Securities, its wholly owned subsidiary, has secured approval from the Hong Kong Securities and Futures Commission to operate as a licensed virtual asset trading service provider. The license gives the firm regulatory clarity at a time when demand for compliant digital asset platforms is rising across Asia.

In parallel, the Group is reinforcing its leadership team. On September 5, Yunfeng appointed Liang Xinjun, co-founder and former executive of Fosun International, as an Independent Non-Executive Director.

Liang’s addition brings long-standing experience in financial services and corporate expansion. The company said his appointment will strengthen corporate governance and strategic oversight as Yunfeng accelerates its integration of digital assets into its broader financial services portfolio.

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