Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) has executed a 1,000-kilogram gold delivery, marking the launch of its gold supply chain business. This follows a framework agreement signed in October 2023 with Macau Rongxin Precious Metals Technology. The purchase price was approximately $66.49 per gram, totaling about $66.49 million. BHAT plans to leverage this gold in its supply chain business, providing gold to refineries, wholesalers, and retailers. CEO Chen Xiaodong stated that this delivery represents an important advancement in the bulk commodity trading sector, underlining BHAT’s commitment to expanding its international market presence and strengthening its financial position.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) ha completato una consegna di 1.000 chilogrammi d’oro, segnando il lancio della sua attività nella catena di approvvigionamento dell’oro. Questo segue un accordo quadro firmato nell’ottobre 2023 con Macau Rongxin Precious Metals Technology. Il prezzo di acquisto era di circa 66,49 dollari per grammo, per un totale di circa 66,49 milioni di dollari. BHAT prevede di utilizzare questo oro nella sua attività di catena di approvvigionamento, fornendo oro a raffinerie, grossisti e rivenditori. Il CEO Chen Xiaodong ha dichiarato che questa consegna rappresenta un importante progresso nel settore del trading di materie prime, sottolineando l’impegno di BHAT ad espandere la propria presenza sul mercato internazionale e a rafforzare la propria posizione finanziaria.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) ha realizado una entrega de 1.000 kilogramos de oro, marcando el lanzamiento de su negocio de cadena de suministro de oro. Esto sigue a un acuerdo marco firmado en octubre de 2023 con Macau Rongxin Precious Metals Technology. El precio de compra fue de aproximadamente 66,49 dólares por gramo, totalizando alrededor de 66,49 millones de dólares. BHAT tiene planes de aprovechar este oro en su negocio de cadena de suministro, proporcionando oro a refinerías, mayoristas y minoristas. El CEO Chen Xiaodong declaró que esta entrega representa un avance importante en el sector del comercio de productos básicos, subrayando el compromiso de BHAT de expandir su presencia en el mercado internacional y fortalecer su posición financiera.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT)는 1,000킬로그램의 금 배송을 완료했습니다, 이는 금 공급망 사업의 출범을 나타냅니다. 이는 2023년 10월에 Macau Rongxin Precious Metals Technology와 체결된 프레임워크 계약에 따른 것입니다. 구매 가격은 그램당 약 66.49달러였습니다, 총액은 약 66.49백만 달러입니다. BHAT는 이 금을 공급망 사업에 활용할 계획이며, 정제업자, 도매업자 및 소매업자에게 금을 제공합니다. CEO 체안 샤오둥은 이번 배송이 원자재 거래 분야에서 중요한 발전을 의미하며, BHAT의 국제 시장 존재를 확장하고 재무 상태를 강화하겠다는 약속을 강조한다고 밝혔습니다.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) a réalisé une livraison de 1 000 kilogrammes d’or, marquant le lancement de son activité de chaîne d’approvisionnement en or. Cela fait suite à un accord-cadre signé en octobre 2023 avec Macau Rongxin Precious Metals Technology. Le prix d’achat était d’environ 66,49 dollars par gramme, totalisant environ 66,49 millions de dollars. BHAT prévoit d’exploiter cet or dans son activité de chaîne d’approvisionnement, fournissant de l’or aux raffineries, grossistes et détaillants. Le PDG Chen Xiaodong a déclaré que cette livraison représente un progrès important dans le secteur du commerce des matières premières, soulignant l’engagement de BHAT à élargir sa présence sur le marché international et à renforcer sa position financière.
Blue Hat Interactive Entertainment Technology (NASDAQ: BHAT) hat eine Lieferung von 1.000 Kilogramm Gold durchgeführt, was den Start seiner Goldversorgungsgeschäftes markiert. Dies folgt einem Rahmenvertrag, der im Oktober 2023 mit Macau Rongxin Precious Metals Technology unterzeichnet wurde. Der Kaufpreis betrug etwa 66,49 Dollar pro Gramm, was insgesamt etwa 66,49 Millionen Dollar ergibt. BHAT plant, dieses Gold in seinem Versorgungsgeschäft zu nutzen und es an Raffinerien, Großhändler und Einzelhändler zu liefern. CEO Chen Xiaodong erklärte, dass diese Lieferung einen wichtigen Fortschritt im Bereich des Handels mit Rohstoffen darstellt und BHATs Engagement unterstreicht, seine internationale Marktpräsenz auszubauen und seine finanzielle Position zu stärken.
Positive
- Executed a significant $66.49 million gold acquisition, marking entry into the gold supply chain business
- Strategic move to diversify revenue streams and establish presence in the gold market
- Potential for increased revenue through gold supply to refineries, wholesalers, and retailers
- Enhanced financial flexibility for further expansion in the precious metals market
- Expansion into the lucrative precious metals market can lead to long-term growth opportunities and risk diversification
Negative
- Substantial capital investment of $66.49 million in a new business venture
- Potential risks associated with entering a new market sector
- Exposure to gold price volatility and market fluctuations
- Greater regulatory scrutiny and compliance challenges
This $66.49 million gold acquisition marks a significant pivot for BHAT, diversifying from its interactive entertainment roots into the lucrative precious metals market. The
BHAT’s entry into the gold supply chain business is a strategic move that could significantly impact its market position. The global gold market, valued at
- Developing strong relationships with refineries and retailers
- Efficiently managing inventory and logistics
- Navigating regulatory complexities in the precious metals trade
Investors should monitor BHAT’s ability to capitalize on this opportunity while managing associated risks.
The gold acquisition raises several legal considerations for BHAT and its investors:
- Regulatory compliance: Entering the precious metals market involves adhering to strict regulations, including anti-money laundering (AML) and know-your-customer (KYC) requirements.
- Contract scrutiny: The terms of the framework agreement with Macau Rongxin warrant close examination to ensure proper risk allocation and performance guarantees.
- Cross-border transactions: Operating between Hong Kong, Macau, and potentially other jurisdictions introduces complexities in tax laws and trade regulations.
Investors should seek assurance that BHAT has conducted thorough due diligence and implemented robust compliance measures to mitigate legal risks in this new business venture.
HONG KONG, Aug. 29, 2024 (GLOBE NEWSWIRE) — Blue Hat Interactive Entertainment Technology (“BHAT” or the “Company”) (NASDAQ: BHAT) announced the execution of a 1,000-kilogram (approximately 2,204.62 pounds) gold delivery, officially marking the launch of its gold supply chain business. This delivery follows the framework agreement signed in October 2023 with Macau Rongxin Precious Metals Technology Co., Ltd. (“Macau Rongxin”), a company registered in Macau with registration number: 86918(SO) registered with the Macau Commercial Register.
The spot price for gold at the time of the October 2023 framework agreement was approximately
Chen Xiaodong, CEO of BHAT, commented, “The completion of this significant gold delivery represents a crucial advancement for BHAT in the bulk commodity trading sector. This milestone not only underscores our commitment to expanding our presence in the international market but also strengthens our financial position. We anticipate that this success will drive further growth and unlock additional opportunities for the Company.”
The Company believes that the proceeds from this delivery will enhance its financial flexibility, enabling further expansion within the precious metals market. BHAT remains focused on innovation and operational efficiency as it continues to explore new market opportunities to bolster its competitive standing.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the Company’s SEC filings, including its Annual Report on Form 20-F. These risks and uncertainties could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements.
Contacts:
Blue Hat Interactive Entertainment Technology
Phone: +86 (592) 228-0010
Email: ir@bluehatgroup.net
IR Website:
FAQ
What is the value of BHAT’s recent gold acquisition?
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