Leather goods maker soars 68% after investing US$14 million in tokensation start-up
Hong Kong-listed China International Development Corporation acquires a 20% stake in NVT amid enthusiasm over virtual assets
Leather goods manufacturer China International Development Corporation (CIDC) has invested HK$100 million (US$13.9 million) to acquire a 20 per cent stake in Hong Kong-based asset tokenisation start-up NVT, signalling growing enthusiasm for digital assets in the city.
The partnership would allow CIDC to use NVT’s tokenisation infrastructure, positioning itself as a “global first mover” in converting tangible and intangible assets in the leather goods production ecosystem – such as cash flows, receivables, inventory and intellectual property – into tokens, CIDC said in a filing to the Hong Kong stock exchange on Thursday.
CIDC manufactures and sells leather accessories, apparel and footwear. It is also engaged in industrial hemp cultivation.
Shares of CIDC surged nearly 68 per cent to close at HK$2.03 on Friday.
NVT reported revenues of HK$2.46 million last year and HK$1.1 million for the first half of this year.