[Hong Kong, 18 July 2023] New Huo Technology Limited (“New Huo Tech”, stock code: 1611.HK) and Bingo Group Holdings Limited (“Bingo Group”, stock code: 8220.HK), are pleased to announce their collaboration to explore the development of intellectual property in Web3.

As one of the market leaders in virtual assets businesses, New Huo Tech and its subsidiary, New Huo Asset Management (Hong Kong) Limited (“NH Asset”), are poised to provide guidance on virtual asset management, leveraging their extensive industry expertise and resources. New Huo Tech has demonstrated its commitment to promoting the adoption of virtual assets through various initiatives. Partnering with Bingo Group, a renowned expert in film, content creation, and IP crossover commercialization, will bring significant value to the collaboration.

According to Du Jun, CEO of New Huo Tech, "As blockchain and virtual assets industries continue to gain momentum, an increasing number of companies are realizing the enormous potential of the technology. They are eager to join and utilize Web3 technology to revolutionize traditional business models and drive innovations. Bingo Group holds an open-minded approach towards virtual assets and Web3 industry. It’s an honour for New Huo Tech to partner with Bingo Group."

Mr. Ignious Yong, Senior Advisor of Bingo Group stated, "With the Hong Kong Government’s initiative to promote and support the development of the Web3 ecosystem in Hong Kong, Bingo is thrilled to participate in this growing industry and explore potential synergies by combining cinematic IPs with Web3 technology and business models. We look forward to exploring the possibilities with New Huo Tech to become one of the first Hong Kong film and entertainment companies to enable Web3 based technologies."

As blockchain and Web3 technology rapidly develop, companies in film and entertainment industry can leverage these technologies to grow, digitize and transform their business models. A fund focused on innovative projects in the Web3 ecosystem, and the development of cinematic IPs will promote mass adoption of Web3 and increase the visibility of Hong Kong’s Web3 ecosystem in the global scale.

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About New Huo Tech

New Huo Technology Holdings Limited ("New Huo Tech", Stock Code: 1611.HK) is a leading one-stop virtual assets service platform. The company is committed to leading traditional finance into the world of virtual assets, with professional, compliant, secure, and efficient services. Currently, the company services cover MPC self-custody platform, virtual asset management, staking services, OTC desk & lending, virtual asset custody and SaaS.

New Huo Tech has a strong point of view about the importance of compliance. The company is actively applying for several virtual assets and finance-related licenses in major global markets. Up to now, New Huo Tech's subsidiaries have successfully obtained: (i) approval from the Securities and Futures Commission of Hong Kong to conduct Type 4 (Advising on Securities) and Type 9 (Asset Management) regulated activities and to manage portfolios that invest 100% in virtual assets; (ii) registered as a Trust and Company Service Provider License and registered a Trust Company in Hong Kong；(iii) registered the Money Services Business (MSB) license from the Financial Crimes Enforcement Network (FinCEN) in the United States.

About Bingo Group

Bingo Group Holdings Limited (“Bingo Group”, stock code: 8220.HK) is an integrated entertainment industry holdings company with business interests in movie cinemas, filmed entertainment, new media businesses, and intellectual property licensing/merchandising.

Company Website：www.newhuotech.com

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