The board of directors of Michong Metaverse (China) Holdings Group Limited announced that the Company has established an indirect wholly-owned subsidiary in Hong Kong, namely Morwin Blockchain Technology Limited. The scope of Morwin Blockchain Technology's principal businesses will include providing global customers with customised solutions on virtual asset trading exchanges, solutions on non-fungible tokens (NFTs) trading platforms, as well as consulting services and total solutions regarding matters such as metaverse and cryptocurrencies. For now, the technical team of the Company has successfully developed a blockchain wallet with multi-public chain and multi-currency features, which is mainly applicable in virtual asset trading exchanges.

The development of blockchain and relevant industries all over the world has undergone acceleration for the past few years. There has been a high demand for blockchain technology development services in the market since the issuance of the policy statement by the HKSAR Government on the development of Virtual Assets in Hong Kong on 31 October 2022, which will lead to considerable business opportunities for the development of the relevant business of blockchain technology. The Group has been exploring business opportunities of the relevant business of blockchain Technology.

In response to the market demand in Hong Kong, Morwin Blockchain Technology was established. It will seize the future opportunities, strive to seek the opportunities for investment, development or collaboration in the market, and participate in and promote the development and application of blockchain technology by leveraging on the Company's cumulative advantages in blockchain technology. It will also focus on promoting the applications of blockchain technology services to various sectors, such as the financial service sector.