21 Dec 2021
Readen Holding Corporation (OTC Pink: RHCO) Announce Major Share Transaction with Cocoon Holdings after the Transaction with Tiger Super Fund
READEN HOLDING CORPORATION (OTC PINK: RHCO), a Venture Capital Corporation which is active in the Fintech, Online Payment and E-commerce industries, today announced another major share transaction. Readen Investment Limited, a major shareholder of RHCO, has sold 28,600,000 shares of RHCO to IT Star Limited.
IT Star Limited is fully owned by Cocoon Holdings Limited (0428.HK), a Venture Capital Company listed on the main board of HKEX. Cocoon Holdings held multiple equity investments in Hong Kong and US, including Tencent (0700.hk), Alibaba (9988.hk), China Mobile (0941.hk), SMIC (0981.hk) and AAC Tech (2018.hk), etc. The transaction is part of the synergy between RHCO and Cocoon Holdings, as both parties strongly believe in the unlimited growing capacity of RHCO’s own OkeApp and OkePay. OkeApp is expected to sign up 8,000 and 10,000 new Merchants in 2022 as the continuously growing discount referral app launched earlier this year, and OkePay will be benefited from the 4 million monthly transactions brought by OkeApp. The two make a unique combo in Payment and Fintech sectors, and RHCO is expecting a major breakthrough in revenues. Due to their success, expansion plans are underway for other markets besides Hong Kong.
After the transaction, IT Star Limited would hold 8.6% of total RHCO shares issued. In an earlier announcement, RHCO also announced that Tiger Super Fund SPC has bought 32,703,152 shares of RHCO, holding 9.9% of total RHCO shares issued and would follow up with a loan to RHCO. Both investments have further solidified the funding of OkeApp and OkePay’s development and their expansion to other markets.