Qian Xun Technology eyes Web3 fintech acquisition

Qian Xun Technology Limited announced on September 16, 2025, a non-legally binding memorandum of understanding for the potential acquisition of 100% equity in PUNKCODE TECHNOLOGY CO., LIMITED. The Web3 financial technology company was founded in Hong Kong by a team primarily from Tencent Holdings Limited, including Cai Yige, a former director of Tencent's blockchain business.

The acquisition's consideration is not to exceed HK$25 million, payable through an equivalent share issuance and/or cash, with final terms subject to due diligence and valuation. The due diligence process is expected to be completed within two months from the memorandum date.

PUNKCODE TECHNOLOGY CO., LIMITED has developed blockchain supply chain finance platforms, electronic invoice systems, and applications for digital collectibles platforms. The company also participated in establishing Fusion Bank.

Qian Xun Technology believes this potential acquisition will enable new business development in blockchain wallet applications, expand its customer base, and strengthen its industry position. The move aims to create a customized blockchain payment solution for the second-hand digital industry, focusing on efficient cross-border capital flow and settlement services using compliant stablecoins. The company emphasized that no binding agreement has been entered into, and the acquisition may or may not proceed.