Kwong Luen Engineering Dives into Crypto Mining

Kwong Luen Engineering Holdings Limited (HK:1413) has released an update.

Kwong Luen Engineering Holdings Limited is venturing into the cryptocurrency market with the establishment of a new subsidiary aimed at constructing and managing cryptocurrency mining facilities. The move is seen as a strategic attempt to diversify the company’s business and income sources, in light of the growing acceptance of cryptocurrency and supportive government policies worldwide. The Group believes this expansion will mitigate cash holding risks, such as foreign exchange fluctuations, and enhance overall business performance and profitability.

For further insights into HK:1413 stock, check out TipRanks’ Stock Analysis page.